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Original poster

desperately need help

42 replies

nomorestudent · 02/07/2012 10:43

I have today received a letter from Link financial outsourcing, saying I owe £5K from a student loan I had from 1994 - 1997. I called them straight away to say i will pay monthly and they are saying that isn't acceptable and that unless I pay it all immediately, they will be round to repossess things etc. WTAF??? How can this be so? Please help!

OP posts:

Original poster

nomorestudent · 02/07/2012 12:40

oh right. I'm really confused now, cos the chappie on the consumer forum tells me it's still 6. Bollox, it must have recently changed then or something. SOd it sod it sod it

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whatinthewhatnow · 02/07/2012 12:43

i'm interested in why you didn't defer this loan all along. anyway, you could always try speaking to the student loans company and agree a repayment plan with them to see if they'll call off their attack dogs? please don't panic. this horrid company are trying to scare you. that's how they all work.

LadySybildeChocolate · 02/07/2012 12:47

No, it's only 6 for a 'normal' loan/credit agreement, which is covered by the consumer credit act. The time constraints for a student loan depend on when it was taken out, there's a different piece of legislation for a student loan, it's not covered by the consumer credit act as it's for education (if I remember correctly).

It's easier to deal with the student loans company. I'd give them a call, and set up a payment plan or defer it if you can't afford to repay it. I'd also contact the Office of Fair Trading about the collections agency, their tactics are illegal.

Original poster

nomorestudent · 02/07/2012 12:47

I'm going to sound like a complete moron here, but after a few years, after I'd moved house a few times, changed my name etc, I just pretty much forgot about them I have had no contact whatsoever with anyone from students loans or anywhere else about this since probably 1999! It's a stupid excuse I know but serioulsy, it just didn't enter myhead. they've literally only just found me after what, 14 years?

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LadySybildeChocolate · 02/07/2012 12:53

Loads of people do that, nomorestudent. Life takes over sometimes.

Try not to worry, it's best to get it sorted directly with the SLC though. They will be happy to hear from you, as they will get less money back if you go through the collections agency. The SLC would have offered them a % of the loan once you've re-payed, the longer it takes, the less the collections agency receive (hence why they want it all now). The collections agency want you to pay them, so will tell you all sorts. There's a line as to what they can say to make you pay, and they have crossed it.

Original poster

nomorestudent · 02/07/2012 12:59

they certainly have. I was imagining all sorts - the house being taken away, the kids going into care . Honestly, I'm not easily worried but that was just horrible

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HappySunflower · 02/07/2012 13:03

If you owe the money, then I suppose you have been expecting to hear from them at some point.

Hopefully you can set up a payment plan :)

LadySybildeChocolate · 02/07/2012 13:04

The CAB used to collect information on collection agencies like this. I'm not sure if they still do (lack of funds). You can report them, the SLC have overall responsibility for the agencies which they use to collect, so they will be liable also. There's contact details on the OFT web site also, so you can report them there as well. A lot of people panic and pay up, this is why they do it. It's a good job you came on here.

whatinthewhatnow · 02/07/2012 13:06

definitely get back in touch with the student loans company. then you can do what i do and defer it every year. 15 years and counting.....

FioFio · 02/07/2012 13:11

I thought you had to earn a certain amount before the repayment plan could be made? I am having problems as well atm (with student loans though rather than a credit agency) and I earn way under what they say is the threshold before repayment and have only been employed since february this seems to fall on deaf ears though

Original poster

nomorestudent · 02/07/2012 13:12

thanks I will. You've all been brilliant. I'll keep you updated < off to go back to normal name >

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LadySybildeChocolate · 02/07/2012 13:14

I'm not sure about that, Fio. They usually don't mind so you should be able to start repayments at any time. Just defer if they don't want your cash, then put the money you were going to give them into a high interest account.

LadySybildeChocolate · 02/07/2012 13:15

Best of luck, nomorestudent.

bakingaddict · 02/07/2012 13:29

FioFio I deferred my student loans for a long time after uni

It depends when you took out your loan, they lowered the threshold for the more recent student loans to about £14000 but previously when I took student loans out you had to be earning the national average salary think about £26,000 before they collected repayments. If you can defer you just need to get the correct form from student loans and send off 3 months worth of payslips

whatinthewhatnow · 02/07/2012 16:26

I think it's about £2500 p/m before you start paying for the older loans.

FioFio · 03/07/2012 08:42

My loan was taken out in 2006 I think

eminemmerdale · 02/04/2013 14:23

Coming back to this to update as I know people may still be worried about these debt collectors. Basically, this was me - I sent all sorts of letters to them, including a template one which I found on a amazing Consumer forum and recently received a letter back saying yes, the debt is statute barred - and I am no longer liable. So student loans before a certain date are SB -If anyone else was worried.

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