I was supported through university with the help of a student loan. The loan was due to automatically start to be repayed once I was earning a wage above a certain threshold (£14k iirc)
I left University in 2003, and pretty much since then have been earning more than the threshold. Despite numerous attempts to get the SLC to start taking payment they seemed quite happy to do nothing but send me a annual stratement summarising the interest payable (not every year, just occaisional years). Each time I recieved a letter it prompted me to chase them up and see why they still were not taking money. Each time I inquired I was told they would look into it and then hear nothing more.
This morning they have finally caught up with me! and I am glad, to be honest the thought of the debt has always haunted me, and at last I can start paying it off!
I am a bit pissed that I have been lumped with 7yrs of interest charges which would not be quite so much if the SLC had done their job in the first place. :evil:
The repayment works on a percentage of your monthly wage, I am now hit with a £187 per month bill. At this rate it will take me just under 5 years to repay the full amount.
My plan is to now see if I can fully pay off the loan within 3 years of this date... suplementing my standard repayment with additional monies.
First steps, any thing bike related that I sell on hear will be earmarked for the SLC kitty. Slim down on new projects and see where I can make savings etc, I may even try a bit more ebay wheeler dealing to speed up the repayment process!
Lets see how it goes!
I left University in 2003, and pretty much since then have been earning more than the threshold. Despite numerous attempts to get the SLC to start taking payment they seemed quite happy to do nothing but send me a annual stratement summarising the interest payable (not every year, just occaisional years). Each time I recieved a letter it prompted me to chase them up and see why they still were not taking money. Each time I inquired I was told they would look into it and then hear nothing more.
This morning they have finally caught up with me! and I am glad, to be honest the thought of the debt has always haunted me, and at last I can start paying it off!
I am a bit pissed that I have been lumped with 7yrs of interest charges which would not be quite so much if the SLC had done their job in the first place. :evil:
The repayment works on a percentage of your monthly wage, I am now hit with a £187 per month bill. At this rate it will take me just under 5 years to repay the full amount.
My plan is to now see if I can fully pay off the loan within 3 years of this date... suplementing my standard repayment with additional monies.
First steps, any thing bike related that I sell on hear will be earmarked for the SLC kitty. Slim down on new projects and see where I can make savings etc, I may even try a bit more ebay wheeler dealing to speed up the repayment process!
Lets see how it goes!
