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Apparently Inland Revenue is rather screwing all of us with student loans over, at least a little bit. There's a petition against what they're doing here but for an explanation of what's going on I refer to hannah_hinda's post here

EDIT: This has been pointed out.

"If you have been identified as a PAYE or Self-Assessment repayer, interest accrual will be suspended from the start of the tax year until the end-of-year repayment details are received from HM Revenue and Customs (HMRC) (formerly the Inland Revenue). Interest for the previous year will then be calculated and applied to your account retrospectively upon receipt of your repayment details."

Apparently the above explains how we're not being screwed over, though I don't really understand how since all it says is it's suspend until end of tax year when it's then calculated - doesn't say how it's calculated, if we pay less interest each month based on how much the previous month paid off of the loan. I'm still confused personally...



( 7 comments — Leave a comment )
Apr. 14th, 2007 09:58 pm (UTC)
Cheeky bastards!
Apr. 14th, 2007 10:25 pm (UTC)
Apr. 15th, 2007 08:07 am (UTC)
:o Is that for real? how can they even get away with that... the loan insterest is a joke anyway: £30 a month is not inflation *wankers*
Apr. 15th, 2007 10:46 am (UTC)
I'd like to think it isn't but I'm inclined to go with the fact I can see them doing this. If it's not real then that'd be good but I went with signing that petition incase it really is happening.

It's £30 a month interest? Frak. I could pay off most of my loan in theory since my parents have money for me to, but they seem to be under the impression the interest rate on the money in savings will likely make more profit than the amount the loan goes up by... now i'm wondering if that's true or not.
Apr. 15th, 2007 11:27 am (UTC)
Apparently the loan insterest should be something like 2.7% - which works out just under £30 a month - and they do do it monthly - it should say how much on your statement you get yearly from them :(
So as long as your savings program exceeds the yearly interest... like £300?ish which most ISAs will if you have enough in there :)
Silly Student Loans >:|
Apr. 18th, 2007 03:32 pm (UTC)
God I had no idea! That is theft! I'm amazed it's allowed! :O

The link to the petition doesn't work anymore so maybe it's finished (wouldn't surprise me if quickly filled up).
Apr. 18th, 2007 09:07 pm (UTC)
The petition link works fine for me, but anyway, I've just updated this post since there's more on the issue, something that suggests everyone was overreacting, though personally I don't feel what's going on is much clearer for the info in the extra link.
( 7 comments — Leave a comment )

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