British Student Loans Repayments. (advice needed)

[Goonerview]

So, like, I'm living in Japan now and have no plans on going back to England ... EVER (seriously). Don't ask why, cuz it's a long ass story and real personal issues.

Anyway, my mum recently forwarded on a letter from the British student loans company saying I still owe them a lot of money and they are asking for my details in Japan.

I don't want to pay the loan by monthly repayments from Japan, because the transaction fees alone will increase the amount I would be sending ... coupled with the interest added on the loan ... I would be repaying much more than I borrowed in the first place. Seriously, f**k that!

The British system of student loans works like this, when you graduate university, if you don't earn over 15,000 GBP a year, you don't pay anything back. But, as soon as you start earning over 15,000 GBP, you start paying back a small % of your income. When I was living in England, I was either unemployed or earning measley 18,000 GBP a year ... so basically, I haven't been able to even make a dent in this loan. I have since emigrated to Japan and don't want to go back nor pay the loan back.

I read on the website, the loan gets written off completely when I turn 65. However, I do feel responsible for this loan and would like to negotiate like a one off payment to have the loan written off at a discount. Has anyone ever tried this??? I did it with a credit card debt one time, but don't know if I can do it with a student loan.

If not, I might just say f**k 'em and wait till I'm 65 years old.

Basically, I got two questions.

1. Are the British student loans company open to negotiating deals with one-off payments at a discount??

2. What happens if I just don't tell them where I am and don't pay them back, they are not going to go hunting my family??? Are they??

I ask cuz I know the American system are ruthless and don't stop till they get every last cent that you owe them. But, the British system is a little bit more flexible and understanding.

Thanks in advance.

 

[M o A]

2 places you can get better answers: Martin Lewis' Money Supermarket, and thestudentroom.

 

[RoryFan]

From what I hear, move house twice and you're golden.

 

[INeedARemedy]

Tell them if they send a debt collector, you'll hit up Saku for protection

 

[Dolomite]

You can't afford to pay off a few bucks a week? This will bug you for the rest of your life, and they'll probably continue to harangue the living shit out of your "mum" until she drinks herself to death.

 

[Goonerview]

You can't afford to pay off a few bucks a week? This will bug you for the rest of your life, and they'll probably continue to harangue the living shit out of your "mum" until she drinks herself to death.

look, the transaction fees to physically send money from Japan to the UK is a large percentage of what I will be sending.

I will end up paying back a whole lot more than what I borrowed ... I could put that money into property or invest it into something better.

The British system is different to the American system, they ain't gonna harass my mum.

I just broke my arm recently too and have to pay some hefty medical fees and my job in Japan aiin't the greatest paying job in the world.

 

[UL]

The pay is only a little bit back at a time , it isn't going to cripple you

Go to the student room like someone said above, you will get better answers then


If your in Japan I say fuck them

 

[michal001]

Borrow money to do whatever you need to do.

Choose not to pay it back.

Make excuses as to why you shouldn't have to pay it back.

This is why societies break; due to deadbeats who refuse to repay what they borrow and then justify why they don't want to pay it back.

I can understand the hardships, the transaction fees, the personal losses. However, there are ways around it like sending money to your parents/friends/family to pay off the loan for you. Negotiating your loan terms.

I know banks and lending agencies can be shady; but borrowers can be just as shady with defaulting.

 

[Goonerview]

This is what I got from that money advice website:

-It's repaid through the income tax system
-You only repay it if you earn over a certain amount
-The amount repaid increases with earnings
-It does not go on credit files
-Debt collectors will not chase for it
-Bigger borrowing doesn't increase repayments
-Many people will continue to repay for the majority of their working life

 

[Goonerview]

Borrow money to do whatever you need to do.

Choose not to pay it back.

Make excuses as to why you shouldn't have to pay it back.

This is why societies break; due to deadbeats who refuse to repay what they borrow and then justify why they don't want to pay it back.

I can understand the hardships, the transaction fees, the personal losses. However, there are ways around it like sending money to your parents/friends/family to pay off the loan for you. Negotiating your loan terms.

I know banks and lending agencies can be shady; but borrowers can be just as shady with defaulting.

LOL, getting all deep with me.

I'd love to tell you my personal story, but it's a really long story and would open emotional wounds that I would end up smashing my door in like Rampage on TUF 10.

I think I'm going to call up the students loan company and see if we can negotiate something. This company also said in the letter that they are going to charge me more money because I didn't notify them that I left the country ... which makes me more inclined to think f**k em!! and not pay them back at all.

I think it's unfair to pay back this loan in drips and drabs ... where I will be paying transaction fees through the nose ... paying back way more than I initially borrowed. It's bullshit.

 

[Smashandgrab]

Pretty scummy, TS.

You borrowed money and entered an agreement to pay it back. Be a man and keep your word.

 

[Goonerview]

Pretty scummy, TS.

You borrowed money and entered an agreement to pay it back. Be a man and keep your word.

Partly True.

But, also part of the agreement was that if I didn't earn enough to pay it back, I don't pay it back. Technically, that's part of the contract.

After leaving uni, being unemployed and then getting lame salaries when I do get a job, coupled with high rent and food prices ... I sometimes feel like everyone is trying to checkmate me. The pressure can sometimes get overwhelming and I can understand why some people might find it too much and kill themselves ... but, I ain't going down like that, that's not my style.

Look, I feel responsible for the loan, but I don't want to get fleeced by paying back way more than I borrowed either with no end in sight because of the interest.

 

[Phlog]

Pretty scummy, TS.

You borrowed money and entered an agreement to pay it back. Be a man and keep your word.

Fuck that. Education should be free and was up until the year I went to uni, it became payable by the student because the government was scared to raise the taxes required. My parents got free education so should I.

This is why the student loan doesn't chase you, why it doesn't go on your credit record, why you never pay it off if you don't earn enough. They ask for students to pay in name only, it's a tax on conscientiousness.

They get back the money from the higher taxes paid by graduates and the higher productivity of the nation.

The real effect is it puts off the working class from going to uni in the first place.

TS. Don't worry about it. There are no reprisals. it's a stain on our country that your asked to pay this in the first place.

 

[ElKarlo]

Get a couple of your diplomas printed up. Grade transcripts too. That way you have em even if they are looking for you.

 

[Goonerview]

Get a couple of your diplomas printed up. Grade transcripts too. That way you have em even if they are looking for you.

The British system are not like that.

TBH, I have no real reason to feel stressed by this, but I am ... for some reason.

Just don't like feeling in debt to someone.

 

[NAKMUAY18]

Fuck em, I have less of a problem with people not paying student loans that the council scum that "can't possibly work because they have 4 kids". Tell them they can take it out of the 20years I paid and didn't get a penny back from.



Except if you did Drama, inwhich case pay it back dosser.

 

[wlu29]

Be a man, keep your commitments

 

[Big Jack]

So you reap the rewards from a good university education (That student loan divisions kindly pay upfront to increase our nations intelligence) and then decide because you move abroad you don't have to pay what you owe. Classy bloke.

 

[Goonerview]

So you reap the rewards from a good university education (That student loan divisions kindly pay upfront to increase our nations intelligence) and then decide because you move abroad you don't have to pay what you owe. Classy bloke.

I'm weighing up my options and trying to get the facts before I do anything.

I have almost made my decision. I might call them and ask if I can pay them back about 1,000 pounds a year/every 6 months ... I can manage that and this would minimise the transaction fee and allow me to pay back close to what I actually f**king borrowed.

I need to call them up and talk, thanks for your comments and advice everyone, it's been helpful .

 

[Big Jack]

Hey, you can moan about these 'transaction fees' all you like but at the end of the day it was your choice to move away.