J Tourettes asked:
ie if I don’t make any repayments for six years and they never chase me for it, does the debt get written off?
It’s not for me, it’s for my gf. She was originally paying it back a few years ago but has had a new job for over 2 years (being paid above the 15k threshold) and no deductions have been made and she has not heard from the SLC.
ie if I don’t make any repayments for six years and they never chase me for it, does the debt get written off?
It’s not for me, it’s for my gf. She was originally paying it back a few years ago but has had a new job for over 2 years (being paid above the 15k threshold) and no deductions have been made and she has not heard from the SLC.
Simple answer…no
Oh no! Just like not reporting income dear! The government will get their money! They can offset your taxes( take any money you might have recieved for payment) and add it to your credit report . It doesn’t look good ( employers, insurance companies, landlords) that you have defaulted on student loans!
No. After you start earning £15,000 a year they take it straight from your wages before you even see them. After 25 years any arrears are wiped out. This only applies to the student loan got through the Student Loan Company. If you are not paying it because you are not earning enough, it will NOT affect your credit record as it is not the same sort of loan as a commercial loan.