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Anyone had a very first student loan circa 1990 and it subsequently be written off?

(20 Posts)
Snooks1971 Wed 08-Mar-17 19:42:07

Back in the day I took out 2 small student loans when they were first introduced. About £500 each, the total debt is now (only) about £1300.
I understood that they would be written off iirr in 15 years (?) if my gross income didn't reach a certain level. This level is now a little over £29k and my gross is about half that.
I just defer repayments year after year by providing my last 3 months payslips. No problem, only a small hassle but will I still be needing to be doing this when I'm 60? confused
The loan company since the original loans were taken out has changed a couple of times. Not sure where my original paperwork is - any advice please?

Nicketynac Wed 08-Mar-17 21:32:16

No advice but following on behalf of DH who is in a similar situation

Snooks1971 Wed 08-Mar-17 21:53:23

Thanks Nickety I guessed I wouldn't be the only one in this situation. Might enquire with CAB but I don't want to waste their time tbh!

MeDented Wed 08-Mar-17 21:54:48

I'm sure the deadline was the age of 50.

FlouncingInAWinterWonderland Wed 08-Mar-17 21:57:32

My sister and I both had loans in the early 90's. I paid mine back and had full paperwork, she didn't reach the threshold for the 10 years we both understood were necessary for right off. We couldn't find anything firm in writing that would be accepted. My dad took it up with the new loan company but in the end paid it off himself.

Valeriemalorie Wed 08-Mar-17 22:01:01

Contact the company your loan is now with and ask them. I think mine will be written off at 50.

TwattyMcTwatface Wed 08-Mar-17 22:08:46

I was also one of the first iteration of loans - the deal back then was they'd be written off at 50, but I believe only if you'd never paid any of them off by then, rather than if you'd made some payments but still had a balance outstanding.

I think it's Erudio - mine are about £2k in total (from 3 years) and have grown to about £3k in interest: I set up a DD 6 years ago or so, when I was finally earning enough to start paying them back - they took money for 3 months, and then stopped (presumably about the time they were being sold off): I now get the odd letter to invite me to consider paying, but none of the threats the SLC used to send out.

I figure a) it's not on my credit file b)they shouldn't be so fucking inefficient not to keep taking the DD and c) they aren't threatening me with anything, so it's well down the list. I don't actually object to paying - I borrowed the money, after all: but I've got other debts to get rid of first.

picklemepopcorn Wed 08-Mar-17 22:11:31

I thought it was after 25 years? We paid mine off to get rid of it, but I've never earned enough to have been required to.

elQuintoConyo Wed 08-Mar-17 22:48:24

My last loan was to cover academic year 1996/1997. So this year I should receive my last deferrment letter then 'bye bye Erudio'.

Blatant placemarking on your thread Snooks grin

WatchingFromTheWings Wed 08-Mar-17 22:59:18

I had my loan in '98....it was 25 years then.

Snooks1971 Thu 09-Mar-17 19:40:39

Thanks so much for all the posts - the plot thickens.

My loans (from 1990 &1991) were all with The Student Loans Company (in Glasgow). Their website states that loans taken out prior to 1998 are now owned by Erudio (as mentioned by pp, thanks), Thesis Servicing (DH loans are with them that he is now re-paying) or Honours Student Loans.

My deferment letter states that mine are still with The Student Loans Company confused and so yes I need to ring them I think.

Snooks1971 Thu 09-Mar-17 20:25:12

Boring update: DH delved in the garage in boxes of old paperwork and unearthed this:
Also found that my loans went to Honours for a brief period and then back again to Student Loans Co. No idea why.
Anyway - photographed agreement states that loans will be written off at age 50, or 25 years since date taken out.

picklemepopcorn Thu 09-Mar-17 20:35:56

So a while to go yet then.

KarryHane Thu 09-Mar-17 20:53:47

I too have loans from 1990/91 to 92/93. I eventually established from the Student Loans Co (after having to threaten them with the Information Commissioner as they refused to give me general info about the T&C from 90-93 without me giving them my full details etc), that my loans would be written off 25 years after the last loan had been taken out.

Whether that means the loans will be written off in Oct 17 (25 years since I signed for the last loan) or Summer 2018 (the end of the academic year in which I took the last loan out) I'm not sure.

However, the loans are rolled together, so while it is now more than 25 years since my first loan was taken out, I am still liable for it until 25 years since the last one I took out.

Having said that. I've not had my annual letter requesting I tell them my financial circumstances so far, and IIRC, it tends to come early March?

I suspect it is not clear because they were hoping they wouldn't have to write any loans off when they initially brought them in!

Please keep this thread updated if anyone hears anything about the cancelling of these first loans.

Perihelion Tue 21-Mar-17 11:13:07

Bumping this as I'm in the same position as Karryhane . No deferment yet, which seems later than usual.

897654321abcvrufhfgg Tue 21-Mar-17 15:02:37

My letter came 2 weeks ago. Check as if u miss deferment deadline u r classed as in arrears

Gobbolinothewitchscat Tue 21-Mar-17 15:13:15

If it's an "old style loan" (is taken out pre 1998) and you do not acknowledge or make any payments towards the debt for a period of 6 years (in England), it is statute barred. That means Erudio or whomever has bought the debt, cannot pursue you in court and get a CCJ. The student loan is not written off - it still exists - but the owner of the debt cannot take any enforcement action.

Snooks1971 Tue 21-Mar-17 20:21:50

Gobbolino does that mean that if you do acknowledge the loan (by stating your income and subsequently deferring) the loan will be written off after the time elapses? Or that if you do nothing the debt will sit in limbo somewhere and not show up on a credit search when you apply for a mortgage/loan etc? I would be worried by 'threatening' letters if I didn't defer tbh. confused it's such a grey area isn't it?!

I understand that the best thing would be to contact the SLC and ask them - but it's easier to dash a few photocopies off once a year and send them off rather than sit in a phone queue and argue the toss over the legalities.

Anyway sorry waffling again. I had a deferment letter in March, but I have a feeling that my second loan was taken out in 92-93 (we didn't find all the original paperwork) and therefore 25 years after that would be next year... Plus I'm 47 next year so one way or another hopefully the end is in sight!

Gobbolinothewitchscat Tue 21-Mar-17 20:53:21

Deferring is acknowledging it. You would have to have ignored all correspondence etc and not made any payments.

A debt which is time barred cannot be registered on your credit reference file. Creditors who send threatening letters on time barred debts are in breach of the FCA consumer credit guidance.

There is more info here - www.nationaldebtline.org/EW/factsheets/Pages/time-limits-for-recovering-debts/statute-barred-debt.aspx

Morally, it would be correct to pay the debt but legally no one is obliged to pay a time barred on what.

Gobbolinothewitchscat Tue 21-Mar-17 20:54:05

statute barred debt

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