Student Debt
Dec 8th 2003, 8:32 am
#46
I like kittens.
Joined: Oct 2003
Location: In my own little world
Posts: 1,457
Originally posted by Kentish Man
And still he rages on! I haven't dodged any debts thank you very much, never used a credit card and pay for things with the money I've earnt. The reason I have no problem with people ripping off loan companies is that I think they're a bunch of bastards and if anyone can beat the system then fantastic.
Ever downloaded a music file then? Do you condemn this activity as vigourously as dodging a loan. Same thing isn't it?
And still he rages on! I haven't dodged any debts thank you very much, never used a credit card and pay for things with the money I've earnt. The reason I have no problem with people ripping off loan companies is that I think they're a bunch of bastards and if anyone can beat the system then fantastic.
Ever downloaded a music file then? Do you condemn this activity as vigourously as dodging a loan. Same thing isn't it?
They CAN'T beat the system - it's set up that way. They WILL be caught, and then have a record.
Well, I'm fed up with talking to a brick wall. Maybe someone else is prepared to spend their valuable time teaching you. I've got better things to do. Have a nice life.
Dec 8th 2003, 8:32 am
#47
Kiwified member
Joined: Oct 2003
Location: New Plymouth, NZ
Posts: 1,647
Originally posted by jonx8814
What a lot of bitter people!
so my options are
1)Run to oz.
2)Stay in England and pay off the student debt for the next 10 years assuming I'll be able to find a good enough job...
3)Run to oz and pay debt from there (probably take a lifetime with the AU$)
4)defer,defer,defer to my dying day...
suggestions dagboy et al?
What a lot of bitter people!
so my options are
1)Run to oz.
2)Stay in England and pay off the student debt for the next 10 years assuming I'll be able to find a good enough job...
3)Run to oz and pay debt from there (probably take a lifetime with the AU$)
4)defer,defer,defer to my dying day...
suggestions dagboy et al?
Or, like me, pay off my student loan and other debts before I go.
I am having to take equity out of my house to do so, which is a shame, but I borrowed the money, I have to pay it back.
And I too could defer, defer, defer until my dying day under the 'old' rules, very easily.
2 and 3 are your options, jon, if you can't pay it in a chunk.
It is simply the right thing to do.
Dec 8th 2003, 8:39 am
#48
AWOL
Joined: Oct 2003
Location: Victor Harbor, SA
Posts: 1,256
Originally posted by downunderpom
You STILL don't get it, do you?
They CAN'T beat the system - it's set up that way. They WILL be caught, and then have a record.
Well, I'm fed up with talking to a brick wall. Maybe someone else is prepared to spend their valuable time teaching you. I've got better things to do. Have a nice life.
You STILL don't get it, do you?
They CAN'T beat the system - it's set up that way. They WILL be caught, and then have a record.
Well, I'm fed up with talking to a brick wall. Maybe someone else is prepared to spend their valuable time teaching you. I've got better things to do. Have a nice life.
If you want to rage about bloody ungrateful, parasite students phone up Jeremy Clarkson.
Dec 8th 2003, 8:46 am
#49
Joined: Aug 2003
Posts: 11,149
Originally posted by Pollster
Or, like me, pay off my student loan and other debts before I go.
I am having to take equity out of my house to do so, which is a shame, but I borrowed the money, I have to pay it back.
And I too could defer, defer, defer until my dying day under the 'old' rules, very easily.
2 and 3 are your options, jon, if you can't pay it in a chunk.
It is simply the right thing to do.
Or, like me, pay off my student loan and other debts before I go.
I am having to take equity out of my house to do so, which is a shame, but I borrowed the money, I have to pay it back.
And I too could defer, defer, defer until my dying day under the 'old' rules, very easily.
2 and 3 are your options, jon, if you can't pay it in a chunk.
It is simply the right thing to do.
With a 4,000 GBP of student loan the repayment is 90 GBP a month or 220 AUD. I would hate to think what the repayments would be like for 15,000 GBP.
The deferment threshold also works on gross pay so does not take into account different tax treatments.
The good news is that with the revivial of the Aussie peso loan repayments are lower than they have been for a long while. Hopefully by next Novmeber my pay puts me above the threshold and I will have 2 years repayments giving me enough time to save another 2 years.
Dec 8th 2003, 10:06 am
#50
Just Joined
Joined: Feb 2003
Posts: 23
Re: Worth a go
Look Mrs. Dag - as I said I'm really not too worried about it, maybe they will 'rock up' maybe they won't, we'll cross that bridge if we come to it. Either way what they are likely to do first is contact my dad (who has power of attorney over my partner's account) and ask him where we are - to which he will tell them somewhere travelling in australia - so we'd have a fair warning before it got to the point of them coming knocking. But to be honest I'd be surprised if they managed to get it together enough to contact the Inland Revenue, get them to contact the Australian Tax Office and finally contact us. In fact I'd be surprised if they managed to organise themselves out of a paper bag...Maybe I'll be proved wrong, we'll see but I'm certainly not going to lose sleep over it
Originally posted by MrsDagboy
Oh btw, you obviously havent realised that the Inland Revenue & Australian Tax Office have reciprocal rights with each other & they have total transfer of information between the 2. Its been posted about many many times before on this forum.
You might want to think about what it will be like to have someone rock up on your doorstep to "see" your partner if he just happens to *forget* to repay his loan. Not sure what effect it will have on you both, but Im betting that it probably wont be good.
Oh btw, you obviously havent realised that the Inland Revenue & Australian Tax Office have reciprocal rights with each other & they have total transfer of information between the 2. Its been posted about many many times before on this forum.
You might want to think about what it will be like to have someone rock up on your doorstep to "see" your partner if he just happens to *forget* to repay his loan. Not sure what effect it will have on you both, but Im betting that it probably wont be good.
Dec 8th 2003, 10:16 am
#51
Joined: Aug 2003
Posts: 11,149
Re: Worth a go
Originally posted by JTowers
Look Mrs. Dag - as I said I'm really not too worried about it, maybe they will 'rock up' maybe they won't, we'll cross that bridge if we come to it. Either way what they are likely to do first is contact my dad (who has power of attorney over my partner's account) and ask him where we are - to which he will tell them somewhere travelling in australia - so we'd have a fair warning before it got to the point of them coming knocking. But to be honest I'd be surprised if they managed to get it together enough to contact the Inland Revenue, get them to contact the Australian Tax Office and finally contact us. In fact I'd be surprised if they managed to organise themselves out of a paper bag...Maybe I'll be proved wrong, we'll see but I'm certainly not going to lose sleep over it
Look Mrs. Dag - as I said I'm really not too worried about it, maybe they will 'rock up' maybe they won't, we'll cross that bridge if we come to it. Either way what they are likely to do first is contact my dad (who has power of attorney over my partner's account) and ask him where we are - to which he will tell them somewhere travelling in australia - so we'd have a fair warning before it got to the point of them coming knocking. But to be honest I'd be surprised if they managed to get it together enough to contact the Inland Revenue, get them to contact the Australian Tax Office and finally contact us. In fact I'd be surprised if they managed to organise themselves out of a paper bag...Maybe I'll be proved wrong, we'll see but I'm certainly not going to lose sleep over it
I have avoided the moral arguments here but there are practical reasons for you to keep up to date with the loans. My other piece of advice is not to burn ones bridges with the UK. Defaulting and not paying a 15,000 GBP debt is a good way to do that.
I wonder how giving your father power of attorney over accounts that are defaulting affect his credit position.
Dec 8th 2003, 10:53 am
#52
Cheesy Member
Joined: Jul 2003
Location: Brisbane
Posts: 1,033
Originally posted by jandjuk
I could care less with jonx8814 succeeds or fails in is attempt to escape his student debt. I doubt he will, I wouldn't (and haven't) attempt to.
However, if the NZ govt came to be tomorrow said: " okay, we're going to write off your debt - even though you do have a moral obligation to pay the money we loaned you, if you want it to be written off, the we will. Let us I remind you again that by not paying this back, you are stealing from the NZ tax payer - but that it is up to you, if you want to live knowing you have ignored your moral obligation, the that is up to you"...
what would I say - YES! Of course....
Why?
Well because when I started university when I was 18. At that age I was drifting - I had no idea what I wanted to with life, I certainly had absolutely no inclination to get a job. Without borrowing all that money from the govt I wouldn't have gone to university.
So then I got to university. If I'd gone a few years earlier I would have been eligible for a student allowance from the govt (everyone got one), but the law changed and it was now 'means tested' - ie my parents earnt over the NZ$50K combined income (not a lot really) threshold so I got nothing from the govt, and my parents couldn't afford to support me any more than a token amount.
So who did get the student allowance?? I'll tell you who... all the kids who had loaded parents - parents who could afford good accountants and had dodgy morals - parents who had businesses and farms - parents who could obscure their income so they always came out below the 'threshold'.
Who else? Well all those students who had sham marriages or arranged other fiddles to get an allowance from the govt.
I didn't do any of that. Instead a got a bulk sum of money from the govt and went out and bought a stereo, Cds, and loads of beer. I was 18! And rich.... I gave no thought to paying it back.
Now I have no one but myself to blame for that - and later I got a part time job (which wasn't enough to cover everything btw).
Yes I should have been more mature - yes I should have worked harder - but at least me and my parents were honest.
So, I don't blame anyone for looking for loopholes. I feel absolutely no moral obligation to pay back my loan. I will eventually pay it back, but only because there is no way to escape it, and it's annoying. These are selfish reasons - not moral reasons.
If there was a risk free 'loophole' or way out - I'd take it. Unfortunately there is no such thing....
I could care less with jonx8814 succeeds or fails in is attempt to escape his student debt. I doubt he will, I wouldn't (and haven't) attempt to.
However, if the NZ govt came to be tomorrow said: " okay, we're going to write off your debt - even though you do have a moral obligation to pay the money we loaned you, if you want it to be written off, the we will. Let us I remind you again that by not paying this back, you are stealing from the NZ tax payer - but that it is up to you, if you want to live knowing you have ignored your moral obligation, the that is up to you"...
what would I say - YES! Of course....
Why?
Well because when I started university when I was 18. At that age I was drifting - I had no idea what I wanted to with life, I certainly had absolutely no inclination to get a job. Without borrowing all that money from the govt I wouldn't have gone to university.
So then I got to university. If I'd gone a few years earlier I would have been eligible for a student allowance from the govt (everyone got one), but the law changed and it was now 'means tested' - ie my parents earnt over the NZ$50K combined income (not a lot really) threshold so I got nothing from the govt, and my parents couldn't afford to support me any more than a token amount.
So who did get the student allowance?? I'll tell you who... all the kids who had loaded parents - parents who could afford good accountants and had dodgy morals - parents who had businesses and farms - parents who could obscure their income so they always came out below the 'threshold'.
Who else? Well all those students who had sham marriages or arranged other fiddles to get an allowance from the govt.
I didn't do any of that. Instead a got a bulk sum of money from the govt and went out and bought a stereo, Cds, and loads of beer. I was 18! And rich.... I gave no thought to paying it back.
Now I have no one but myself to blame for that - and later I got a part time job (which wasn't enough to cover everything btw).
Yes I should have been more mature - yes I should have worked harder - but at least me and my parents were honest.
So, I don't blame anyone for looking for loopholes. I feel absolutely no moral obligation to pay back my loan. I will eventually pay it back, but only because there is no way to escape it, and it's annoying. These are selfish reasons - not moral reasons.
If there was a risk free 'loophole' or way out - I'd take it. Unfortunately there is no such thing....
Yes it pissed me off that some students seemed to be eligible for full grant and also got heaps from their parents due to the loopholes in the system, but I was basically brought up to be honest and that seems to have stuck.
Of course I would have loved it if the bank had told me I did not have to pay, but they did not - so I paid. I cannot help it - it is how I am - if I borrow money I pay it back.
Originally posted by jonx8814
What a lot of bitter people!
so my options are
1)Run to oz.
2)Stay in England and pay off the student debt for the next 10 years assuming I'll be able to find a good enough job...
3)Run to oz and pay debt from there (probably take a lifetime with the AU$)
4)defer,defer,defer to my dying day...
suggestions dagboy et al?
What a lot of bitter people!
so my options are
1)Run to oz.
2)Stay in England and pay off the student debt for the next 10 years assuming I'll be able to find a good enough job...
3)Run to oz and pay debt from there (probably take a lifetime with the AU$)
4)defer,defer,defer to my dying day...
suggestions dagboy et al?
So, welcome to the grown up world where you have to make choices and live with the consequences. No one can make the decision for you but at the end of the day you will probably go for the "easiest' option - most people do. The hard thing is to assess all the factors that make a choice easy. And you missed some other options
5) Mug people for the money
6) Rob a bank
7) Stage your own "suicide" (like Reggie Perrin) and start again
etc.
They are all options, but most of us would see enough difficulties with each to put us off.
I do not really care what you end up doing - just do not expect respect from me if you state that you intend to deliberately cheat the system.
My serious suggestion would be to defer, move to Oz, work hard, try and save up some money and pay off part of the debt when you can (much like BondiPom describes).
Cheers,
DagBoy
Dec 8th 2003, 11:45 am
#53
Rocket Scientist
Joined: Aug 2003
Location: Dreamland AKA Brisbane which is a different country to the UK
Posts: 6,911
What gets me is that if you think that paying back $15K at 3% interest is bad, WTF are you going to do if you ever get a mortgage or some other loan from a bank (which will be a hell of a lot more than $15K!) & they charge 2 or 3 times the interest rate? 
Or I suppose its ok to default on that loan as well & try to get away with not paying for your house, but still own it?
BondiPom, some people are just too stupid to realise that they cant get away with things. JTs great assertion that they "couldnt organise their way out of a paperbag" rests on a conversation that she had with someone who probably is nothing but a penpusher. Of course, when she asked about how they would chase a debt like that, the person from the SLC gave her as much detail as possible precisely so that JT could work out how to avoid it. Yeah, Im sure they are really stupid like that . Also too stupid to realise that it affects your credit rating so if you ever apply for a loan of any sort, have to apply for a job or any other circumstance where you need a police check, want to become a citizen etc, firstly you will be turned down & secondly, any debt company can come get you! Its called skip tracing.
As for not being able to trace her, does NO-ONE whos thinking that they can just *disappear* from debt collectors, the ATO & inland revenue etc REALISE that it takes 2 mins on a computer to know EXACTLY where someone is & what they are doing? If you think that they wont find you, think about the fact that you need a taxfile number to open a bank account, to claim any sort of benefit, when you get a job etc etc & your taxfile number is linked to your social security number, your medicare number & your passport #. So if the ATO wants to find you, its simply a matter of getting your current address from your employer, the bank, from the medicare office, centrelink etc.
I have a friend who does skip tracing, if you listened to some of the stories shes told me & the ways shes found people for the most measly amounts you'd be too scared to not pay for a 2c lolly LOL.
Or I suppose its ok to default on that loan as well & try to get away with not paying for your house, but still own it?
BondiPom, some people are just too stupid to realise that they cant get away with things. JTs great assertion that they "couldnt organise their way out of a paperbag" rests on a conversation that she had with someone who probably is nothing but a penpusher. Of course, when she asked about how they would chase a debt like that, the person from the SLC gave her as much detail as possible precisely so that JT could work out how to avoid it. Yeah, Im sure they are really stupid like that
. Also too stupid to realise that it affects your credit rating so if you ever apply for a loan of any sort, have to apply for a job or any other circumstance where you need a police check, want to become a citizen etc, firstly you will be turned down & secondly, any debt company can come get you! Its called skip tracing.As for not being able to trace her, does NO-ONE whos thinking that they can just *disappear* from debt collectors, the ATO & inland revenue etc REALISE that it takes 2 mins on a computer to know EXACTLY where someone is & what they are doing? If you think that they wont find you, think about the fact that you need a taxfile number to open a bank account, to claim any sort of benefit, when you get a job etc etc & your taxfile number is linked to your social security number, your medicare number & your passport #. So if the ATO wants to find you, its simply a matter of getting your current address from your employer, the bank, from the medicare office, centrelink etc.
I have a friend who does skip tracing, if you listened to some of the stories shes told me & the ways shes found people for the most measly amounts you'd be too scared to not pay for a 2c lolly LOL.
Dec 8th 2003, 12:05 pm
#54
Joined: Aug 2003
Posts: 11,149
Do search someone whack their name in www.whitepages.com.au and the rough area you think they are in and bobs your uncle. Otherwise anyone with access to Baycorps records should be able to find you. Other methods I used were looking at where withdrawls had been made or expenditures and then looking up the surname in the area.
I worked for an Aussie bank in an area following up overdrafts that customers were avoiding repaying. Pretending to be a long lost friend normally did the trick. I got fired quickly because my heart was not in the job and having your birthday hangover on the second day was not a winner.
It was no loss as I got a much better higher paid job 2 days later with an employer who was upfront with the job description.
If you have the brains to go to Uni to better your life you do not want it as a noose holding you back later on. You can be found and dragging family into things can make life hell for all.
I worked for an Aussie bank in an area following up overdrafts that customers were avoiding repaying. Pretending to be a long lost friend normally did the trick. I got fired quickly because my heart was not in the job and having your birthday hangover on the second day was not a winner.
It was no loss as I got a much better higher paid job 2 days later with an employer who was upfront with the job description.
If you have the brains to go to Uni to better your life you do not want it as a noose holding you back later on. You can be found and dragging family into things can make life hell for all.
Dec 8th 2003, 12:19 pm
#55
Rocket Scientist
Joined: Aug 2003
Location: Dreamland AKA Brisbane which is a different country to the UK
Posts: 6,911
Originally posted by bondipom
Do search someone whack their name in www.whitepages.com.au and the rough area you think they are in and bobs your uncle. Otherwise anyone with access to Baycorps records should be able to find you. Other methods I used were looking at where withdrawls had been made or expenditures and then looking up the surname in the area.
I worked for an Aussie bank in an area following up overdrafts that customers were avoiding repaying. Pretending to be a long lost friend normally did the trick. I got fired quickly because my heart was not in the job and having your birthday hangover on the second day was not a winner.
It was no loss as I got a much better higher paid job 2 days later with an employer who was upfront with the job description.
If you have the brains to go to Uni to better your life you do not want it as a noose holding you back later on. You can be found and dragging family into things can make life hell for all.
Do search someone whack their name in www.whitepages.com.au and the rough area you think they are in and bobs your uncle. Otherwise anyone with access to Baycorps records should be able to find you. Other methods I used were looking at where withdrawls had been made or expenditures and then looking up the surname in the area.
I worked for an Aussie bank in an area following up overdrafts that customers were avoiding repaying. Pretending to be a long lost friend normally did the trick. I got fired quickly because my heart was not in the job and having your birthday hangover on the second day was not a winner.
It was no loss as I got a much better higher paid job 2 days later with an employer who was upfront with the job description.
If you have the brains to go to Uni to better your life you do not want it as a noose holding you back later on. You can be found and dragging family into things can make life hell for all.
.
Dec 8th 2003, 12:31 pm
#56
Just Joined
Joined: Feb 2003
Posts: 23
Re: Worth a go
Yes, I do understand the practical reasons and I agree that being in 'default' with the SLC is not advisable. However, my defaulting is perfectly within their rules as I did (as I think you mentioned doing) supply them with payslips etc. to prove I was under the repaying threshold and so was granted deferment until April next year when I will have to come up with evidence to defer again.
I'm just interested to see what they will do about my partner's newer-style loan because he is not in default (as they define it) as he is not earning in the UK. Obviously if they decide he must be working somewhere, find out where and want him to start repayments he will comply to avoid the account being put in default. As for my dad having power of attorney - that would not affect his credit position in any way whether the accounts are in default or not.
Jesse
PS - Mrs. Dag - my 'paper bag' comment was based on nothing more than my own personal and professional dealings with the SLC. I have no idea what their average 'pen pushing' employees think
[QUOTE]Originally posted by bondipom
JTflowers the point is from now on any credit application you make you will have that worry that you will be traced. They do use an external internation tracing company which is probably a damn site more efficient than the SLC.
I have avoided the moral arguments here but there are practical reasons for you to keep up to date with the loans. My other piece of advice is not to burn ones bridges with the UK. Defaulting and not paying a 15,000 GBP debt is a good way to do that.
I wonder how giving your father power of attorney over accounts that are defaulting affect his credit position. [/QUOTE
I'm just interested to see what they will do about my partner's newer-style loan because he is not in default (as they define it) as he is not earning in the UK. Obviously if they decide he must be working somewhere, find out where and want him to start repayments he will comply to avoid the account being put in default. As for my dad having power of attorney - that would not affect his credit position in any way whether the accounts are in default or not.
Jesse
PS - Mrs. Dag - my 'paper bag' comment was based on nothing more than my own personal and professional dealings with the SLC. I have no idea what their average 'pen pushing' employees think
[QUOTE]Originally posted by bondipom
JTflowers the point is from now on any credit application you make you will have that worry that you will be traced. They do use an external internation tracing company which is probably a damn site more efficient than the SLC.
I have avoided the moral arguments here but there are practical reasons for you to keep up to date with the loans. My other piece of advice is not to burn ones bridges with the UK. Defaulting and not paying a 15,000 GBP debt is a good way to do that.
I wonder how giving your father power of attorney over accounts that are defaulting affect his credit position. [/QUOTE
Dec 8th 2003, 12:58 pm
#57
Good to be back in UK
Joined: Oct 2003
Location: Back in UK
Posts: 750
When they catch up with you, your £15k debt may well be £30k - court fees, baliff fees, everytime the loan is sold it will go up. 
The original loan will be sold onto a company for £x so the original body the money is owed couldnt care where you are or where you go as they will have cut there losses and sold it on.
Which is where written off debts will appear on there accounts, they may well have sold the debt on for 10k and therefore write off £5k.
The position you are left in is the company buying the loan want £15+ additional costs. Most of these companys don't care how they get it and as they are already potentially £5k in profit have the money to pay the resources to trace you.
Everyone will end up paying for those robbing the system with increased taxes, higher education costs etc.
The original loan will be sold onto a company for £x so the original body the money is owed couldnt care where you are or where you go as they will have cut there losses and sold it on.
Which is where written off debts will appear on there accounts, they may well have sold the debt on for 10k and therefore write off £5k.
The position you are left in is the company buying the loan want £15+ additional costs. Most of these companys don't care how they get it and as they are already potentially £5k in profit have the money to pay the resources to trace you.
Everyone will end up paying for those robbing the system with increased taxes, higher education costs etc.
Last edited by Jirrupin; Dec 8th 2003 at 1:10 pm.
Dec 8th 2003, 1:21 pm
#58
Joined: Aug 2003
Posts: 11,149
Re: Worth a go
http://www.slc.co.uk/frames/lr/fset.html
Looks like they screw you over more if you move overseas and do not inform them. The repayments look fairer than the old style loans as they take into account your income rather than an all or nothing trap that I am in. I am up for 90GBP a month when my deferrals are over. At least you can chip away at the debt.
Looks like they screw you over more if you move overseas and do not inform them. The repayments look fairer than the old style loans as they take into account your income rather than an all or nothing trap that I am in. I am up for 90GBP a month when my deferrals are over. At least you can chip away at the debt.
Dec 8th 2003, 2:25 pm
#59
Just Joined
Joined: Feb 2003
Posts: 23
Re: Worth a go
Thanks for that link - found something I hadn't seen there before:
'Borrowers Outside Tax System
If your income is above the threshold but you are outside the UK tax system (for example, because you are working abroad for a non-UK employer) you will have to make your repayments direct to SLC. The mechanism for collecting repayments will, in broad terms, require you to declare your total annual income to the SLC, who will calculate the repayment due, mirroring some of the rules applying to borrowers within the tax system. You will be sent further details in due course if this applies to you.'
Well this does apply to my partner and he informed them that he would be outside the UK tax system when he made my dad power of attorney and he hasn't been sent any 'further details'. This has reinforced my decision on this which is to wait and see if they do manage to make contact with either us or my father. Apart from anything my partner hasn't yet worked a full year here so wouldn't be able to declare his total annual income to them anyway. We'll see what happens...
Borrowers Outside Tax System
'Borrowers Outside Tax System
If your income is above the threshold but you are outside the UK tax system (for example, because you are working abroad for a non-UK employer) you will have to make your repayments direct to SLC. The mechanism for collecting repayments will, in broad terms, require you to declare your total annual income to the SLC, who will calculate the repayment due, mirroring some of the rules applying to borrowers within the tax system. You will be sent further details in due course if this applies to you.'
Well this does apply to my partner and he informed them that he would be outside the UK tax system when he made my dad power of attorney and he hasn't been sent any 'further details'. This has reinforced my decision on this which is to wait and see if they do manage to make contact with either us or my father. Apart from anything my partner hasn't yet worked a full year here so wouldn't be able to declare his total annual income to them anyway. We'll see what happens...
Originally posted by bondipom
http://www.slc.co.uk/frames/lr/fset.html
Looks like they screw you over more if you move overseas and do not inform them. The repayments look fairer than the old style loans as they take into account your income rather than an all or nothing trap that I am in. I am up for 90GBP a month when my deferrals are over. At least you can chip away at the debt.
http://www.slc.co.uk/frames/lr/fset.html
Looks like they screw you over more if you move overseas and do not inform them. The repayments look fairer than the old style loans as they take into account your income rather than an all or nothing trap that I am in. I am up for 90GBP a month when my deferrals are over. At least you can chip away at the debt.
Dec 8th 2003, 2:40 pm
#60
Joined: Aug 2003
Posts: 11,149
Re: Worth a go
Originally posted by JTowers
Thanks for that link - found something I hadn't seen there before:
'Borrowers Outside Tax System
If your income is above the threshold but you are outside the UK tax system (for example, because you are working abroad for a non-UK employer) you will have to make your repayments direct to SLC. The mechanism for collecting repayments will, in broad terms, require you to declare your total annual income to the SLC, who will calculate the repayment due, mirroring some of the rules applying to borrowers within the tax system. You will be sent further details in due course if this applies to you.'
Well this does apply to my partner and he informed them that he would be outside the UK tax system when he made my dad power of attorney and he hasn't been sent any 'further details'. This has reinforced my decision on this which is to wait and see if they do manage to make contact with either us or my father. Apart from anything my partner hasn't yet worked a full year here so wouldn't be able to declare his total annual income to them anyway. We'll see what happens...
Borrowers Outside Tax System
Thanks for that link - found something I hadn't seen there before:
'Borrowers Outside Tax System
If your income is above the threshold but you are outside the UK tax system (for example, because you are working abroad for a non-UK employer) you will have to make your repayments direct to SLC. The mechanism for collecting repayments will, in broad terms, require you to declare your total annual income to the SLC, who will calculate the repayment due, mirroring some of the rules applying to borrowers within the tax system. You will be sent further details in due course if this applies to you.'
Well this does apply to my partner and he informed them that he would be outside the UK tax system when he made my dad power of attorney and he hasn't been sent any 'further details'. This has reinforced my decision on this which is to wait and see if they do manage to make contact with either us or my father. Apart from anything my partner hasn't yet worked a full year here so wouldn't be able to declare his total annual income to them anyway. We'll see what happens...
Borrowers Outside Tax System
I had 2 accounts which I had asked to be merged. They failed to merge the accounts. I deferred the loan but the SLC only deferred one account. I went into default on the other. I had an almighty battle with them but eventually got my way.
