To keep quiet about incorrect student loan balance?

[sallyshowdog]

Just logged into my student loan account - due to start paying in April. My uni and the student loan company were equally crap, and on many occasions I had to provide duplicate letters to each of them. Because of this, I have always wondered whether my balance would be too high or too low when the time came to repay.

I think my student loan balance should be in the region of £7-9k. Just logged in and my balance owed is only £2k. I think my university has not chased up the payments from the SLC, so I believe the amount I owe the SLC is correct, and it's the university who haven't chased the outstanding funds

I'm desperately trying to get out of (different) debt at the moment and I'm really tempted not to tell anyone about this cock up. I think I know the answer but WIBU to keep schtum?

I would probably ignore it to be perfectly honest. I know it isn't what you should do, but if I was in other debt I'd focus on that while being prepared for the slc to chase the missing debt later.

Absolutely zip it. But the liars will be along soon to tell you they'd ring up and let them know

Wait until April, it may go through before then.

I think I’d claim ignorance on this one

Yep keep quiet! It’s not often positive things like this happen

The debt will turn up eventually. Sock the payment money away for now, and live as if you were paying the debt off. When they come knocking at least you will have some funds to pay it down.

I really, really doubt nobody will notice.

I would keep zipped, providing you have been open and honest with the info you've given. Tbh i think it'll catch up with you in the future but I'd worry about that at the time, focus on higher intrest debt for now x

Ffs don't say anything, but plan as though you do owe more just in case.

I'm not a liar, and I would confirm it's correct. Is there a chance that down the road they will realize the mistake and chase it up? They would here, and they would totally be in the right; if you feigned ignorance, they would direct you to the paperwork you signed accepting the loan.

I'd pay it off and never answer any contact from them again.

Tbh go in it’s the SLC I wouldn’t be surprised if no one noticed.

DH was still paying 2 years after his debt was paid off the idiot didn’t keep on track of it

I'd assume it was going to be added to my owed amount at some point, pay based on what they say I owe for now, and kick the decision as to whether I should say to them I think I may owe more down the road.

I have no clue what my student loan ballence is. I'm from the very first year of fees and loans and stuff (becasue i am old) so i don't know if its all different now but my loan just gets taken from my salary when i earn enough. I've been under the earning threshold for most of my working life so I've paid very little off and I'm unlikely to ever pay it all unless i suddenly get a killer pay rise but i couldn't even guess at what i owe.
It's their mistake and they're useless so they probably wouldn't sort it even if you did query it. I'd leave it and let them fix or not in their own sweet time.

I'd chip away at the £2k and assume at some stage you'll be chased did the rest. But I wouldn't highlight the mistake to anyone. Then again.. I'd hate to have it hanging over me forever.

SLC are unashamedly absolute imbeciles

They probably forgot

My experience is that they tend to be a year behind with how much you owe.

That said I have been underpaying for the last few years and every year they say I am paying enough each month that I am not trying to avoid it entirely and not to worry.

Keep quiet. It’s the SLC.

Well, personally I wouldn't own up, but be prepared for the debt to appear in your account at some point . It could show up at any time up to the end of the financial year, or following an audit at some point in the future. I would definitely be prepared to get a phone call one of these days ... On the other hand, you may get away with it - who knows? And if you do it's not because you stole money - it's because they are so shit at record keeping - which makes it their fault.

As someone who is about to finish paying off £1000s and £1000s or student loan debt after years and years is also say keep quiet, although my balance only updates every April so it still looks like I owe loads, it might catch up with you and balance next year.

Be aware it may catch up to you.

But I can imagine that getting them to acknowledge and fix a mistake (even one in their favour!) would be like banging your head into a brick wall while handing the wall thousands of pounds.

Ooh I am pleasantly surprised by the answers. Perhaps it will catch up with me, but I'll keep my fingers tightly crossed for now.

Do they go out of their way to tell people who’ve overpaid about that?

No.

If it was anyone else, I'd say fess up in the interests of honesty and because it would eventually catch up with you.

But the SLC are the biggest crowd of incompetent numpties on planet, so in this case ignore, ignore, ignore.

They'll probably never notice and they don't deserve to be told.

Totally ignore. To be honest if you called them up and said they’d made a mistake they probably still wouldn’t sort it out! So I would stick with keeping quiet

On this one I would keep quiet!