cwooloff

All,

I did a serach and found a couple of things similar but not quite the same so i thought i would ask....

So basically, i have been paying my student loan back based on my base salary of $40,000.00 but have now moved into a commission based role where i can earn a lot more on top of that base.

Do i submit my contract of employment that shows the gaurenteed 40K or should i submit the amount I put on my tax return last year?

The calculation that they do is based on Gross Annual Income which doesnt include any deductions for tax, insurance etc so they amount they would charge me is pretty damn high, more than i can afford each month if i dont get paid commission....

I dont want to commit fraud by saying i just earn 40K gaurenteed but i also cant gaurentee my income.

I called and spoke to SLC and they send either send in my contract of employment which shows the 40K.....or three paychecks and if my earnings drop then do a ressassement....but that would be a massive pain the backside if i am honest...

Anyone else in a similar position or heard something like this before?

Carl

robin1234

British student loan?

cwooloff

Yes.

Andrew_365

When I moved abroad I did not tell the SLC company after seeing that using the manual calc they provide as a significant monthly lump sum that I didn't want to do. Given the low interest rates the money could be better used in an investment account.

What I did was just set up a direct debit of $x dollars and the SLC have not bothered me. In fact the only time they bothered me was when I changed my address to the US they sent a letter telling me to do the self assessment which I did not.

I have figured that because I pay an amount every month they haven't chased me. So my advice to you is just to continue to pay the same amount.

TimandRae

My guilt recently caught up with me an I got in touch to start making repayments again after a three year 'holiday'.

I needed to complete their assessment form and send in three months' worth of payslips (which was a pain as I get paid weekly). They then came back with an assessment that means I pay 40gbp a month.

The alternatives were a copy of my bank statements for the same period or, as I recall, a letter from someone saying that I hadn't been working and that they were supporting me, along with evidence. They pay slips worked out easiest.

For what it's worth, I'm on the income-contingent loan and have found the SLC surprisingly easy to deal with.

slices

Had a nice surprise when I contacted SLC to tell them I was over here, apparently I'd actually paid it off in March and they owed me a refund.

cwooloff

Thanks All...

I sent in a copy of my employment contract which shows my base and states that i 'can' earn commission....

I fully expect them to accept that and charge me a resonable amount based on my base and not my potential earnings.....