UK Student loan

[Nehanda]

For those of you with a student loan you might find the below article of interest.

 

 

For most unsuspecting graduates who are paying back their student loans, the inland revenue takes payments directly from your employer in the same way as they take tax. i.e. the more you earn the more you pay, this includes bonuses etc.

 

However after taking monthly amounts the inland Revenue does not pay this directly to the student Loan company, instead they wait until the end of the financial Year in April and then pay the entire year off to student loans.

 

The effect of this is that the inland revenue hold on to your monthly payments For up to a year earning themselves interest. During the same period, because student loans have not received these funds, they in turn charge the graduate interest on the outstanding amount even though it has been paid to the inland revenue.

 

Bottom line is that for those in this position we pay interest to student loans on money which has been taken from our accounts which the inland revenue keeps and earns interest on. Personally I didn't sign up for this and it makes me MAD!

 

I have researched this and there are others who have become aware of this and I plan to join the fight! As a start I strongly suggest you sign up to the on line petition below. I am looking into the legality of what is being done to us as I can see no other description for this other than THEFT!!!!

 

Sign up now and join the fight. Send this to everyone! I will be forwarding

dates for the march on Parliament!

 

http://petitions.pm.gov.uk/Student-loans/

[Ibtisam]

loool, damn sounds like everyone is trying mess you up! and make some money off u! lool I'm glade i did not go down that road.

[Nehanda]

Say what Ib. Was that by any chance the hagbad route or you are plain loaded .

[Ibtisam]

No i took the slave route, 0 Social Life, and worked 30hrs a week. So now i can Smile coz It would ve sent me to depression if Inland Revenue took anymore of my payment.

[Valenteenah.]

So that's what happens. I had wondered why all my non-direct repayments amounted to almost as much as the interest charged for the year. Waa wada tuug wuxu.

[Abwaan]

The system might have changed but couple of years ago one could pay the money staright back to the loan company, rather than going through this hassle of via inland revenue.

[Blessed]

Saqajaan, ba*sta*ds. :mad:

[Nehanda]

Outrageous kaab ya ladhaca. Of all people to embezzle from they had to target us poor sods! :mad:

 

Abwaan, I think you can still pay directly in one hit to the loan company if you have the means.

[Paragon]

What are the chances of paying them back directly? Say, if someone wants to pay a quater at once? How the current system works is disenchanting. There must an alternative out there.

[Crystal_Clear]

YOu dont mess with student loan iyo IRS

wat IRS WELL DO is Take everything plus your underwear , you will be left w/ your own skin . so what many ppl do is claim SSI or like the rest of somalians move to anther country.

[Blessed]

^You can pay extra on top of the repayment schedule with the ILR. There’s an alternative route for expatriates.

 

The system is not the problem here, it's the calculated way they set about draining every last shilling out of us... allah yaa ingriiska ugu tagoo qanqaniina :mad:

[sheherazade]

^this country needs you. Soo noqo, dammit.

[Dhubad.]

^^If you setup your own Limited Company and do a contracting job(Suitable for IT engineers) you can get away with a lot of things such Student Loan repayments and even Tax but you need to get a Nigerian accouter to do his magic

[Ms DD]

Is there truth in this? I took out a loan in my first year only. After I started working, I started repaying the loan directly to student loan company.

[Complicated]

Wali masaakiinta ma la dhacaa mise sharcigii waa la badalay dadoow?