Moving with your student loan
Jun 15th 2006 | 7:21 am
#1
Thread Starter
Forum Regular
Joined: Jul 2005
Posts: 151
From: Lethbridge, AB
Moving with your student loan
Hi
Just after peoples experience with the above topic. I know what is expected of me (ie have to pay the conversion rate etc) but have people had an easy time/bad time sorting it out??
Just don't want a nasty shock one day :scared: :scared: (Like Man Utd winning the title or Scotland doing well)
COME ON ENGLAND
Just after peoples experience with the above topic. I know what is expected of me (ie have to pay the conversion rate etc) but have people had an easy time/bad time sorting it out??
Just don't want a nasty shock one day :scared: :scared: (Like Man Utd winning the title or Scotland doing well)
COME ON ENGLAND
Jun 15th 2006 | 12:19 pm
#2
BE Enthusiast
Joined: Jul 2002
Posts: 846
From: Toronto, Ontario
Re: Moving with your student loan
Which kind of student loan do you have? I have the kind that they started in 1998 where they set an income threshold and if you are in the UK Tax system they automatically deduct payments via PAYE equal to 9% of whatever you earn above the threshold.
Once you leave the UK Tax system you have to provide them with proof of income once a year. Just write to them and tell them you are leaving the country and provide an address. Then they send you a form once a year where you declare your income for the year and attach proof. I usually send a photocopy of my T4 showing the last years income and a copy of a pystub showing what I earn. If you earned less than the threshold then you don't pay and wait until next year, otherwise they tell you what you owe them. So far I haven't gone over the threshold the last 3 years so I'm not entirely sure what happens if you owe them money, like whether it's all due at once or you can make payments etc. It says you have to pay from a UK bank account which I don't have any more so I am hoping a money order drawn from a UK bank will work when I do owe them money.
The main thing though is to make sure you inform them because if you don't they put you on a default repayment plan which is something silly like £250/month which would be over $500/month which would be madness.
Drew
Once you leave the UK Tax system you have to provide them with proof of income once a year. Just write to them and tell them you are leaving the country and provide an address. Then they send you a form once a year where you declare your income for the year and attach proof. I usually send a photocopy of my T4 showing the last years income and a copy of a pystub showing what I earn. If you earned less than the threshold then you don't pay and wait until next year, otherwise they tell you what you owe them. So far I haven't gone over the threshold the last 3 years so I'm not entirely sure what happens if you owe them money, like whether it's all due at once or you can make payments etc. It says you have to pay from a UK bank account which I don't have any more so I am hoping a money order drawn from a UK bank will work when I do owe them money.
The main thing though is to make sure you inform them because if you don't they put you on a default repayment plan which is something silly like £250/month which would be over $500/month which would be madness.
Drew
Jun 16th 2006 | 2:25 am
#3
BE Enthusiast
Joined: Mar 2003
Posts: 643
From: UK
Re: Moving with your student loan
Originally Posted by wizzard
Which kind of student loan do you have? I have the kind that they started in 1998 where they set an income threshold and if you are in the UK Tax system they automatically deduct payments via PAYE equal to 9% of whatever you earn above the threshold.
Once you leave the UK Tax system you have to provide them with proof of income once a year. Just write to them and tell them you are leaving the country and provide an address. Then they send you a form once a year where you declare your income for the year and attach proof. I usually send a photocopy of my T4 showing the last years income and a copy of a pystub showing what I earn. If you earned less than the threshold then you don't pay and wait until next year, otherwise they tell you what you owe them. So far I haven't gone over the threshold the last 3 years so I'm not entirely sure what happens if you owe them money, like whether it's all due at once or you can make payments etc. It says you have to pay from a UK bank account which I don't have any more so I am hoping a money order drawn from a UK bank will work when I do owe them money.
The main thing though is to make sure you inform them because if you don't they put you on a default repayment plan which is something silly like £250/month which would be over $500/month which would be madness.
Drew
Once you leave the UK Tax system you have to provide them with proof of income once a year. Just write to them and tell them you are leaving the country and provide an address. Then they send you a form once a year where you declare your income for the year and attach proof. I usually send a photocopy of my T4 showing the last years income and a copy of a pystub showing what I earn. If you earned less than the threshold then you don't pay and wait until next year, otherwise they tell you what you owe them. So far I haven't gone over the threshold the last 3 years so I'm not entirely sure what happens if you owe them money, like whether it's all due at once or you can make payments etc. It says you have to pay from a UK bank account which I don't have any more so I am hoping a money order drawn from a UK bank will work when I do owe them money.
The main thing though is to make sure you inform them because if you don't they put you on a default repayment plan which is something silly like £250/month which would be over $500/month which would be madness.
Drew
That’s why I keep on telling people when you move abroad, make sure you keep your UK Bank account!!! Do not close it when you leave!! Even if you go back to the on vacation and try to open another account it isnt easy, I had debts when I left the UK and I used to send Bankers Draft in GBP every month ( you can get them from any Canadian Bank) and get my mum to just despoit them into UK bank account and I would pay my debt via my UK account……..easy!
