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Original poster

Bloody Student Loan Company!

13 replies

anyname123 · 19/12/2016 16:18

Why do they take so long to update your balance?! I've had a statement today for the tax year that ended in April, but none of my payment's in that tax year have shown -over £1200! I called them and they said HMRC haven't let them know yet what my contributions were, why is the system so inneficent? They add interest every month, but apparently that's just the way it is and I have to sick it up. Gaaargh!

OP posts:

Notreallyhappy · 20/12/2016 07:11

Just deduct what's not shown (£1200) from your current total and add in the appropriate interest. You'll get a basic balance then

Original poster

anyname123 · 20/12/2016 10:35

Thanks notreally, reading my post back I realise it's a major first world problem and I sound like a brat. What it means though is that I've cleared my balance, but because they won't accept that I have they are going to keep taking deductions the swines. But I'm on mat leave so they aren't getting anything off me anyway, so I should probably just chill

OP posts:

ellesbellesxxx · 20/12/2016 17:33

I had this and I ended up sending them copies of all my payslips to prove I had paid it!

AndNoneForGretchenWieners · 20/12/2016 17:39

why do they take so long to update your balance

Because their computer system has been changed which has meant lots of glitches and problems, and they are low paid, over worked and as fed up of the system as their customers (a lot of them are SLC customers as well as staff).

Blueroses99 · 20/12/2016 19:35

I sent them all my payslips for the last 6 months or so before it was going to end - that way they could instruct my payroll to stop taking more payments and I didn't over pay. It is a pretty rubbish system that you can't get an up to date balance and by the time the statement turns up at the end of the year, it's already 8 months out of date!

Original poster

anyname123 · 20/12/2016 19:44

I really do feel for the people who work there, it must be he'll to have people moaning at you all day every day. I know I had the oprion to take the loan and wasn't forced to, but for a company who have the monopoly on student loans they seem to think they can treat you however they want and you'll have to suck it up, which stinks IMO.

OP posts:

EagleIsland · 20/12/2016 19:48

SLC are useless. I live overseas and haven't been able to make a payment for 2 years. I send them the form, and I get a notification saying they will respond in 90 days!.....then they don't and the whole cycle begins again! Beyond useless!

AyeAmarok · 20/12/2016 19:54

Someone mentioned the SLC were on Watchdog on BBC the other week for this because they have been taking the money but not deducting it off the total of people's outstanding loan.

greathat · 20/12/2016 19:59

Yes if they were any other financial institution I'm sure they'd be in a world of trouble, but it seems they can do anything they want

ClarissaDarling · 20/12/2016 20:08

I got a letter recently advising me to switch to a DD to avoid extra money being taken as am nearly at end of my loan. This has reminded me to pull finger out!

LongtimeLurkerNowPokemonHunter · 21/12/2016 19:37

I tried to move onto direct debit, and they wouldn't let me. It's complicated by having a self employed income and a PAYE income. I know that by the new tax year I'll have a balance around 500 quid. However, they won't answer how I work it after then as I'll pay that off in the first four months of the new tax year from PAYE, but the tax return will only calculate me owing a full year and will hammer me. I'll need to call them again to ask, as they seemed to think I couldn't do anything until they got up to date totals but couldn't tell me when that would be.

Costalot1 · 23/12/2016 22:52

I frikkin hate student finance! Firstly I thought their loans were interest free... apparently not.
Secondly they supposedly overpaid me 😡
If they weren't so incompetent in the first place then that wouldn't have happened

JohnHunter · 26/12/2016 01:34

It's an awful system. I tried to pay off my loan in August but they could only report my balance up until April. I had to check all my payslips to work this out myself. I then paid the balance but my employers have continued to deduct loan repayments every month up until December. Every single month I have had to send my payslip to the SLC for them to reimburse the amount by BACS payment. The saga continues.

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