British Student Loans Repayments. (advice needed)

Discussion in 'Mayberry Lounge' started by Goonerview, Sep 18, 2013.

  1. Goonerview

    Goonerview Gold Belt

    Joined:
    Nov 19, 2009
    Messages:
    19,177
    Likes Received:
    11,086
    Location:
    England
    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.
     
  2. M o A

    M o A Banned Banned

    Joined:
    Apr 8, 2008
    Messages:
    6,148
    Likes Received:
    18
    Location:
    On my throne.
    2 places you can get better answers: Martin Lewis' Money Supermarket, and thestudentroom.
     
  3. RoryFan

    RoryFan Wears Hats

    Joined:
    Mar 31, 2011
    Messages:
    10,851
    Likes Received:
    4,871
    Location:
    Albion
    From what I hear, move house twice and you're golden.
     
  4. INeedARemedy

    INeedARemedy GOAT

    Joined:
    Jun 10, 2013
    Messages:
    17,792
    Likes Received:
    13,085
    Location:
    grapin it up with the Daredevil himself
    Tell them if they send a debt collector, you'll hit up Saku for protection
     
  5. Dolomite

    Dolomite Red Belt

    Joined:
    Nov 10, 2005
    Messages:
    9,149
    Likes Received:
    3,999
    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.
     
  6. Goonerview

    Goonerview Gold Belt

    Joined:
    Nov 19, 2009
    Messages:
    19,177
    Likes Received:
    11,086
    Location:
    England
    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.
     
  7. UL

    UL no more yellows Double Yellow Card

    Joined:
    Jul 26, 2011
    Messages:
    49,428
    Likes Received:
    51,067
    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
     
  8. michal001

    michal001 Brown Belt

    Joined:
    Apr 15, 2010
    Messages:
    3,562
    Likes Received:
    2,483
    Location:
    In an Egg McMuffin
    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.
     
  9. Goonerview

    Goonerview Gold Belt

    Joined:
    Nov 19, 2009
    Messages:
    19,177
    Likes Received:
    11,086
    Location:
    England
    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
     
  10. Goonerview

    Goonerview Gold Belt

    Joined:
    Nov 19, 2009
    Messages:
    19,177
    Likes Received:
    11,086
    Location:
    England

    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.
     
  11. Smashandgrab

    Smashandgrab Red Belt

    Joined:
    Jul 27, 2006
    Messages:
    9,556
    Likes Received:
    1,742
    Pretty scummy, TS.

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

    Goonerview Gold Belt

    Joined:
    Nov 19, 2009
    Messages:
    19,177
    Likes Received:
    11,086
    Location:
    England
    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.
     
  13. Phlog

    Phlog Dad Belt

    Joined:
    Oct 11, 2012
    Messages:
    11,787
    Likes Received:
    11,015
    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.
     
  14. ElKarlo

    ElKarlo Steel Belt

    Joined:
    May 1, 2005
    Messages:
    25,897
    Likes Received:
    4,443
    Location:
    Chiba Japan
    Get a couple of your diplomas printed up. Grade transcripts too. That way you have em even if they are looking for you.
     
  15. Goonerview

    Goonerview Gold Belt

    Joined:
    Nov 19, 2009
    Messages:
    19,177
    Likes Received:
    11,086
    Location:
    England
    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.
     
  16. NAKMUAY18

    NAKMUAY18 Brown Belt

    Joined:
    Dec 9, 2011
    Messages:
    2,644
    Likes Received:
    581
    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.
     
  17. wlu29

    wlu29 Banned Banned

    Joined:
    Nov 14, 2005
    Messages:
    19,697
    Likes Received:
    2,187
    Be a man, keep your commitments
     
  18. Big Jack

    Big Jack Green Belt

    Joined:
    Oct 3, 2010
    Messages:
    1,076
    Likes Received:
    3
    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.
     
  19. Goonerview

    Goonerview Gold Belt

    Joined:
    Nov 19, 2009
    Messages:
    19,177
    Likes Received:
    11,086
    Location:
    England
    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 .
     
  20. Big Jack

    Big Jack Green Belt

    Joined:
    Oct 3, 2010
    Messages:
    1,076
    Likes Received:
    3
    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.
     

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.