90s student loan borrowers to get refunds

23 April 2014

Did you go to university in the 90s? Did you wear tie dye and bad combat trousers and skin up on a copy of Dodgy’s first album?

90s raver

WELL, here’s some good news for this generation of frazzled ravers. Due to a long running paperwork eff-up, thousands of student loan borrowers will be getting money taken off their loans, and in some cases are actually getting REFUNDS. Hurray!

58,000 former students with debts from before 1998 were affected by this long term correspondence error by the Student Loans Company, which was technically a breach of the Consumer Credit Act.

They sent letters to borrowers who missed two or more repayments saying their account was in arrears. They also should have sent individual statements of arrears to people with multiple loans, but instead combined their overall arrears in one document. This is against the Consumer Credit Act of 2008.

Since 2013 the SLC has been under the auspices of Erudio Student Loans, and there’s a lot of sorting out to do in order to rectify the mistake. So, if you’ve been affected, the SLC will write to you before the end of May. And if you were in arrears between 2008-13, you’ll be refunded any interest and charges paid since you received your arrears letter from the SLC. One person has already been refunded a staggering £816.

YAY! Let’s all pile into a camper van, go to Glastonbury and buy some acid off a guy called Spud!

TOPICS:   Consumer Advice   Investments   Debt   How To Guides

1 comment

  • God
    Yes. No. Yes. NO WAY!! When should I expect my refund?? I paid off my debt, despite qualifying to defer it forever.

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