Student loans

[woody1066]

Just got this in my email:

 

"

Student loans to go on credit reports

 

The Student Loans Company (SLC) is set to get more aggressive with people who regularly miss repayments on their outstanding loans.

Until now, student loans have not appeared on credit files, mainly because the SLC does not have the specific consent of all students to send payment history information to the agencies, one of the basic requirements of sharing account performance data.

The SLC is to send letters to an estimated 60,000 borrowers considered as consistent ‘bad payers’, advising them that they have 28 days to bring their accounts into line. Anyone who fails to respond will be deemed to be in default. Defaults can be registered without the consent of borrowers, so the SLC has found a way to use credit reference agencies as a means of pressure to aid collection attempts.

This new move is likely only to affect those who took out student loans prior to 1998 and the SLC estimates that 30,000 people could see their credit ratings damaged. Defaults stay on credit files for a period of six years and can seriously damage an individual's hopes of getting other lines of credit, such as mortgages or personal loans.

[veester]

I thought the principal of law was that they could not apply something like this retrospectively - i have at no stage agreed in any of my SLC agreements for them to share date with or look at my credit file.

[count orlok]

interesting, if they want the student loans to be treated the same as 'normal' loans they will have to allow them to be considered in BR or DROs!

 

I owe a few grand on half a dozen student loans, and don't have to pay anything off unless i am earning over 25K, will I be considered as a bad payer if i keep defering because i earn less?

[master woody]

No only defaults and late payments....

[Tartan Barty]

Surely everyone that has late / missed payments has charges therefore making the defaults notice rubbish???

[Tartan Barty]

Had a spare 30 minutes last night so went SLC baiting!!!

 

They have been ringing me daily for months but we just ignore them. I have been paying every month what I can afford but they want me to fill out an I&E form so that they can check and challenge it!!! I told the girl my total debt and what percentage of that was SLC I then allocated that percentage of my money left over and told her that figure. She just kept saying 'but who has authorised that percentage'.....I think pro rata was lost on her!!! Needless to say I won't be filling out her form unless a judge requires me too!

 

Anyway I asked her where I had signed to say that SLC could share my data with CRA's and she said it was on my agreement. I pointed out that I had already SAR'd them and had my agreements in front of me and there was nothing on them. She then said that the CCA changed in 2006 so they could do it. I pointed out that my pre-1998 agreements were covered by the CCA 1974 so that didn't apply. She kept saying that they had sent stuff out changing the contract to allow them to do it. I told her that nothing had arrived and it would be unlawful to share my data. After about 5 minutes of her trying every avenue but finding some big road blocks at the end of each she then declared that she had just moved offices and hadn't had time to unpack her stuff, and the info she needed was in a box somewhere. She said when she found it she would send a copy out.........I won't holding my breath!!

 

It would appear that they are trying their luck with this and if pushed haven't got any legal back-up so just keep challenging them.

[alfwithhair]

Had a spare 30 minutes last night so went SLC baiting!!!

 

They have been ringing me daily for months but we just ignore them. I have been paying every month what I can afford but they want me to fill out an I&E form so that they can check and challenge it!!! I told the girl my total debt and what percentage of that was SLC I then allocated that percentage of my money left over and told her that figure. She just kept saying 'but who has authorised that percentage'.....I think pro rata was lost on her!!! Needless to say I won't be filling out her form unless a judge requires me too!

 

Anyway I asked her where I had signed to say that SLC could share my data with CRA's and she said it was on my agreement. I pointed out that I had already SAR'd them and had my agreements in front of me and there was nothing on them. She then said that the CCA changed in 2006 so they could do it. I pointed out that my pre-1998 agreements were covered by the CCA 1974 so that didn't apply. She kept saying that they had sent stuff out changing the contract to allow them to do it. I told her that nothing had arrived and it would be unlawful to share my data. After about 5 minutes of her trying every avenue but finding some big road blocks at the end of each she then declared that she had just moved offices and hadn't had time to unpack her stuff, and the info she needed was in a box somewhere. She said when she found it she would send a copy out.........I won't holding my breath!!

 

It would appear that they are trying their luck with this and if pushed haven't got any legal back-up so just keep challenging them.

 

I have just check my agreement/s from 1992/93/94.

Although they have now been written off under section 12, no where does it state they are entitled to share information with CRA or anybody else.

[Colz]

Hi All.

Since leaving University in 1996 I have been in debt and have finally managed to clean up my credit file and am waiting for some old defaults to be removed because of the Six year clause.

 

However, I have just recieved a letter from The Student Loans Company and this is one debt that I had not serviced and in total amounts to £5000. Do not get me wrong, I have not ran away from them but I have until now not had any contact with them since around 2001 and I have had various sadness since that period when my Mother died very young and had children - therefore as they had never contacted me I never contacted them.

 

The Letter states that they want £5000 within the next 28 days from the date of the letter or they intend to mar my Credit File with a default, this is the last thing I need as I am just in the process of buying my first house with my wife (whom does not earn and looks after our two children) as her Father is helping us with the deposit.

 

Question is, I took this loan in 1993 and not heard from them since 2001/2002 - Is this now statute barred and if so do they still have the right to mark my credit file with a default and should I either

 

1 - Arrange to pay what I can afford on a monthly basis in order to get the mortgage

2 - Write a Statute barred letter and ensure that they do not mark my credit file

3 - Ignore the situation

 

Any help would be gratefully recieved

 

[[email protected]?subject=Reporting post http://forums.moneysavingexpert.com/showpost.html?p=21106613][/email]

[noomill060]

Putting this matter aside- has anyone noticed that the interest rate that SLC apply to our loans is governed by the Retail Price Index (check your agreements) and that RPI is now negative - we are now in deflation)

 

This means that SLC will soon have to start paying US!!!

[fermi]

I find it interesting that the SLC are threatening to default people where loans are clearly statute barred.

 

Student Loan Company Default Letter

 

But then the SLC have never had a clear grasp of the law, let alone anything else.

Edited April 29, 2009 by fermi
remove the stupid auto link. :P

[alfwithhair]

Hi All.

Since leaving University in 1996 I have been in debt and have finally managed to clean up my credit file and am waiting for some old defaults to be removed because of the Six year clause.

 

However, I have just recieved a letter from The Student Loans Company and this is one debt that I had not serviced and in total amounts to £5000. Do not get me wrong, I have not ran away from them but I have until now not had any contact with them since around 2001 and I have had various sadness since that period when my Mother died very young and had children - therefore as they had never contacted me I never contacted them.

 

The Letter states that they want £5000 within the next 28 days from the date of the letter or they intend to mar my Credit File with a default, this is the last thing I need as I am just in the process of buying my first house with my wife (whom does not earn and looks after our two children) as her Father is helping us with the deposit.

 

Question is, I took this loan in 1993 and not heard from them since 2001/2002 - Is this now statute barred and if so do they still have the right to mark my credit file with a default and should I either

 

1 - Arrange to pay what I can afford on a monthly basis in order to get the mortgage

2 - Write a Statute barred letter and ensure that they do not mark my credit file

3 - Ignore the situation

 

Any help would be gratefully recieved

 

 

Right I am no expert on this matter but will pass on what I was told regard SLC.

 

The statue barred limitation does not apply to the newer (morgage type) loans, think it is post 1998, so this would not apply in your case.

 

If you have not made contact, made payment or acknowleged the debt since 2001/2002, then the statue barred limitation should apply, but if you have defered payments from that date, this would effect this claim. The 6 year limit starts from your last payment, contact or acknowlegemnt of the debt.

 

Hope this is of help

Alf