Had no contact with SLC for 6 years - now I want to repay

[Ricard]

Hi,

I left the country after University (1998-2002) and had no contact with the SLC since 2004 when I called them to give them my new address and asked how to go about making repayments.

I received no paperwork and frankly forgot about it as even though I earn over the threshold - I still can't afford to make the payments they ask monthly.

So now it has been nearly 6 years since I left university and I have received zero communications from them and apart from that one call in 2004, they have received nothing from me.

However I have always intended to pay back the loan once I sell my house later this year.

I am now worried about the amount of interest as I am aware (although again, I have never received any official communication) that the interest rates seem to have gone up. (another story - entirely unfair in my opinion).

If I were to phone the SLC later this year when I am in a position to pay - is it possible to negotiate a compromise whereby some or all of the interest fees are waived in return for quick settlement of the loan?

The other option of course is to stay incognito as it were as they seem not to be on the ball at all!!!

[noomill060]

Why not write to them and ask how much you owe them?

[master woody]

If they haven’t obtained a CCJ against you ( This will be on your credit file)

Then you owe them NOTHING! The loan becomes statue bared after 6 years

Send them the statue bared letter, they will try and collect

Be careful:

1 always refer to the debt as alleged when writing

2 make sure it’s longer then six years since you acknowledged the debt

3 don’t talk on the phone to them EVER

4 they only know what you tell them ie don’t give them you home phone or where you work. Tell them to mind their own business

[JonCris]

Unlike other forms of consumer credit the 6 year rule may not apply to the SLC

[master woody]

Qutoe

6 year rule may not apply to the SLC


It applys to all student Loan pre 1999 also know as
Mortgage style as they are regualted by the 19973 CCA.

The only thing i can think of which is different is student loans can no longer be written off in a Bankruptcy. post 2002

Special legislation was need to implement this, basically some students were going Bankrupt straight after uni when they had no assets.


Debt avoidance at its worst

[tiglet]

Mortgage style loans are post 1997, and so they have 12 years to pursue from theat date, not 6.

[master woody]

Ok I found the relevant act:


I see from Law relating to debts: statute-barred debts that

Under the Limitations Act 1980 the time limits are

• in simple contracts, 6 years
• in contracts under seal, 12 years.

Sorry I was getting confused and my terminology wrong. I graduated in 1998 and know nothing about the new style loans.




This thread says six years too, pre 1998 I think it's six years but I would seek professional help?

Good info here: can i use statute barred on a 1998 student loan

[tiglet]

Even if you graduated in 1998, your 97 and 98 loans would come under the old style loans. If your first loan was from 97 inwards, it would come under the new rules.

[master woody]

my loans are 94,95,96,97 as in pre 1998, they all look the same.

they all have loan agreement regulated by the 1973 CCA in big letters


I might scan one in if that would help.

[tiglet]

They would all be the old style loans and so would become statute barred under the 6 year rather than the 12 year rule.

[JonCris]

Originally Posted by master woody

my loans are 94,95,96,97 as in pre 1998, they all look the same.

they all have loan agreement regulated by the 1973 CCA in big letters


I might scan one in if that would help.

Forgive me I may be wrong but shouldn't that be 1974

[master woody]

haha thats my birth year opps,

tiglet reread the thread sorry its me not being clear making things confusing