can student loan company add interest without telling me?

[choctuesday]

I've been paying my student loan off dating back from 1994. My calculations showed that it would be paid off in September. On noticing that I had not received a statement since 2004 I called tham to check that we agreed figures. They informed me that they had put £500 or more of interest onto the account. they insisted that they did not have to tell me as in 1994 when I signed the loan agreement, it did state that it was an interest bearing loan, they had merely not chosen to add interest until recently and then changed their minds!!!!Are they obliged to send me a statement every year? Should they have informed me of the changes in the charges? I f they had informed me I could have made a decision whether to pay it all off there and then.I can't seem to find any answers. There's no question that I'm going to fight it, I just want to be infomed and factual before I do!!!Hope someone can helptuesday

[Jetflex]

The one thing I have learnt so far in dealing with SLC is to format your concerns in a complaint as it took me 4 months to find out what was happening. Your loan dates to 1994 which means they are covered by the Consumer Credit Act (something I found out today). But the obligations of the company seem to include annual statements. I would also guess 'if' the interest is based on an inflation formula, it changes each year and they also have an obligation to inform you of that. As I say, I got nowhere until I initiated the complaints proceedure. You need to get things in writting from this weasle outfit.