Thread: Student Loan
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Unread 2 Apr 2007, 21:55   #1
Ste
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Student Loan
I'm sure at least a few of you have received this recent email about student loans:

Quote:
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.
http://petitions.pm.gov.uk/Student-loans/
Has anyone here looked into this?

Is it legal? It's pretty ****ing annoying I must say.

I could end up paying back an extra grand or two over the course of the loan.
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