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Paying back a UK Student Loan from New Zealand

Paying back a UK Student Loan from New Zealand

Old May 13th 2014, 8:16 am
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Default Paying back a UK Student Loan from New Zealand

Hi All,

I've been living in New Zealand now for 6 years. Came home from work today to a letter from the Student Loan people saying that my latest application to defer payment has not been granted, so they want me to start paying it back.

Is there anybody else on here already paying back a UK student loan?

I'm wondering about the logistics of it all. In the letter they're saying that they will start taking the money out of my UK account by Direct Debit each month. The problem is, there's no money in that account - I haven't used it since I left - and I don't know how I would transfer funds into it from here.

Can anybody shed any light?
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Old May 13th 2014, 8:45 am
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Default Re: Paying back a UK Student Loan from New Zealand

you can transfer funds. Just use a international money transfer company like HiFx, Forex, Travelex or similar and rather than transferring here just transfer into your bank account there
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Old May 13th 2014, 8:51 am
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Default Re: Paying back a UK Student Loan from New Zealand

Thanks for replying MrsFychan.

What are the types of costs / charges associated with using those sorts of services?

Say if I transfered $300 a month into a UK account, how much of that would actually hit the account?
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Old May 13th 2014, 10:26 am
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Default Re: Paying back a UK Student Loan from New Zealand

Hi,

I have had this same issue for the past 3 years....

i had been paying off my loan ever since graduating through income tax. When i moved to nz i did nothing student loan wise for 3 months (until id earned my first pay cheque). Low and behold student loans had been sending threatening letters to my perm address in that 3 months, including a warning of bayliffs unless i began making payments. I immediately contacted them and was told to complete an overseas assessment form.

as i was in employment, student loans wanted 6 weeks of pay slips so they could calculate my monthly payments for the next 12 months. As we are overseas, they will want 9% of you salary each month, give or take 50 quid based on exchange rate at the time. I have been paying back on average 250 quid a month for the past 3 years.

I pay using my nz visa debit card each month via the uk student loans website.


I have to say that given the grief I have had from them, i never wish anyone to take out a student loan. I somewhat annoyed that you have managed to get away with it for over 6 years! But hey, you got lucky.

Hope the above helps.

Last edited by davros1984; May 13th 2014 at 10:31 am.
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Old May 13th 2014, 10:27 am
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Default Re: Paying back a UK Student Loan from New Zealand

on HiFx who I use to transfer money from UK to here you would end up with a $12 transaction fee for each transaction. You could see what your bank here would charge
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Old May 13th 2014, 6:30 pm
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Default Re: Paying back a UK Student Loan from New Zealand

I am.

I filled out an assessment form and they calculated it. Davros, I'm not sure how you wound up paying that much!! It shouldn't be 9% of your salary, its 9% of whatever is left over after they take off your earnings threshold. I think its about 40000 odd dollars before you pay anything and 9% of whatever you earn over that.

I agree they cause eternal grief. They gave me a choice of paying the year in full or out of a UK acct. I just transfer money every couple of months, it probably costs me $30 a time.

If it helps I pay £59 a month and earn about $3500 a month.
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Old May 13th 2014, 8:47 pm
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Default Re: Paying back a UK Student Loan from New Zealand

Laura - that is not how they calculated mine. I lose approximately $500 a month to student loans. I take home (after tax) roughly $6000 a month. Thanks for sharing, but yes - they are a very stressful company, can't wait to have the SL paid off.
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Old May 13th 2014, 9:12 pm
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Default Re: Paying back a UK Student Loan from New Zealand

Thanks all, for your replies.

Davros - it's been much longer than 6 years. I left University 13 years ago, but I've just never earned over that monthly gross income threshold (until now). My problem now is that we're on one wage and we have two small kids at home.

They SLC has always been fine up to now - in terms of allowing me to defer. I've also stayed in contact with them and updated them constantly when I changed my address.

The loan has been bought out by another company recently (it used to be with The Student Loans Company, but now it's owned by Erudio Student Loans), so I wonder how aggressive / helpful this company is.

I'll contact them and see if I can do this overseas assessment thing, or at least change the payment method.
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Old May 13th 2014, 10:32 pm
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Default Re: Paying back a UK Student Loan from New Zealand

Or you could just make voluntarily repayments

A colleague of mine in the Australian office pays 125.00 a month voluntarily. She just set up a direct debit on the slc site and it's on-going for about 72 months but she can change it if she wants.

I do believe though that you need a UK account to do this. If you're paying from a foreign account, they hit you quite hard with extra charges. What she does is transfer 2000AUD over to her UK account a year and allow it to be paid from there.
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Old May 14th 2014, 1:37 am
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Default Re: Paying back a UK Student Loan from New Zealand

I will echo previous sentiments about the SLC. Quite possibly the most useless and incompetent company I've ever dealt with. They can get quite arsy with you. They sent me a letter saying that if I didn't respond within 28 days they would charge me 125 GPB knowing full well I live in NZ and they posted the letter to a UK address!

I left a bit of money in my UK account before leaving for NZ and the repayments come out of that. Once the money runs out I will transfer over one lump sum to continue payments. I have my eye on exchange rates and will transfer when at a good rate instead of transferring every month otherwise I would end up paying $$ per every transaction.

Davros - that does seem high for repayments. It seems they have put you on the generic amount if you haven't declared how much you earn? I remember getting a letter saying that if I didn't fill in an overseas assessment form with proof of earnings they'll charge me 250 GPB/month regardless of what I earn. My other half also got the same letter..
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Old May 14th 2014, 1:54 am
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Default Re: Paying back a UK Student Loan from New Zealand

Originally Posted by Pom_Chch View Post
I will echo previous sentiments about the SLC. Quite possibly the most useless and incompetent company I've ever dealt with.

Davros - that does seem high for repayments. It seems they have put you on the generic amount if you haven't declared how much you earn? I remember getting a letter saying that if I didn't fill in an overseas assessment form with proof of earnings they'll charge me 250 GPB/month regardless of what I earn. My other half also got the same letter..
It is based on my salary/earnings, I submitted the payslips and they made a calculation based on that, even called them and asked. The good news is that in 3 years I've cleared more than 50% of my loan. Just frustrating that they can be so inflexible and there are so many people who seem to get away with not repaying it!
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Old May 14th 2014, 2:09 am
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Default Re: Paying back a UK Student Loan from New Zealand

Originally Posted by davros1984 View Post


It is based on my salary/earnings, I submitted the payslips and they made a calculation based on that, even called them and asked. The good news is that in 3 years I've cleared more than 50% of my loan. Just frustrating that they can be so inflexible and there are so many people who seem to get away with not repaying it!
I know, right!? Some of my uni friends heard nothing from SLC until two years after they graduated. They were right on my back since my first day of work after graduating! Luck of the draw maybe. Who knows? They seem to do their own thing, make up the rules as they go along. Wish I could do the same
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Old May 16th 2014, 2:42 am
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Default Re: Paying back a UK Student Loan from New Zealand

My wife is a kindergarten teacher so will probably never reach the threshold for needing to pay it back. We do intend to pay it, but have some other stuff we want to clear first.

The paperwork says they won't consider a deferral request unless you supply a UK bank account as a method of payment, and to call for details if overseas. When she called to ask what to do they said it would be fine and to post it without the details. Still waiting for a reply.

It'll be interesting to see what Erudio are like to deal with. The SLC was always pretty useless.
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Old May 16th 2014, 3:50 am
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Default Re: Paying back a UK Student Loan from New Zealand

I haven't read the above replies, but I filled in an Overseas Income Assessment Form, posted it to them and was assessed for a minimum repayment which I make by visa debit each month - this was as easy as entering the details in for the regular payment online. I have since voluntarily raised that amount.

They are very helpful at the SLC if you call their overseas line.
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