Viewing 14 posts - 1 through 14 (of 14 total)
  • Student Loans… I've been sold!
  • Northwind
    Full Member

    Just got a letter through from one of the companies that have bought parts of the loan book, and my soul has been sold! But wait, what’s this…

    “Dear customer,

    We bought your loan and now we regret it. As everyone already knows, the Student Loans Company are the worst company in the world, and on inspecting your account all of the alarms we have went off simultaneously, as they’ve applied wrong and illegal charges to you, filed away paperwork that they then claimed to have not received, and used that as a justification to hit you with charges and interest, and to take payments from you they were not entitled to, and all of the letters they’ve written you since 2008 have failed to meet the requirements of the Consumer Credit Act.

    Accordingly, have £800 off your total. You now owe us practically nothing. WTF SLC, we hate you.

    Yours, Capitalism”

    I think I may have to buy something expensive for my bike!

    thekingisdead
    Free Member

    What’s your point caller? 😀

    matt_outandabout
    Full Member

    You jammy…

    Fresh Goods Friday 696: The Middling Edition

    Fresh Goods Friday 696: The Middlin...
    Latest Singletrack Videos
    user-removed
    Free Member

    More real world details please… My account has a few hundred quid of charges on it after late return of deferment forms.

    Northwind
    Full Member

    No worries User- the main thrust is this:

    “As part of the sale and transfer of loan accounts, SLC discovered issues with some of the correspondence that has been sent to you in the past.This correspondence could be interpreted as having not been made fully compliant with the CCA 1974, as amended in 2006 and certain regulations made under it which came into effect in 2008. Further to this we reviewed your previous complaint <sniP> as a result you will receive an overall loan balance reduction”.

    I’ve removed a bit of personal stuff there but that’s the gist. This is an old mortgage style loan, I don’t know if it’ll apply to newer ones. FWIW my unsuccesful complaints were both related to deferments where the forms “conveniently” vanished, and in one of those cases they’ve now found the original form that they claimed not to have!

    I just got this letter today; if you’ve got a loan that’s been sold it might be worth sniffing about re the correspondence issue. The amount I’ve been credited is way in excess of the charges they levied on me.

    New Pikes please!

    CHB
    Full Member

    Graduated in 1995. What are these loans of which you speak. 🙂

    user-removed
    Free Member

    Lovely, ta! Will have a dig around.

    zokes
    Free Member

    The slc still wanted me to keep my direct debit with them after I’d finished paying it off. That alone justified my paranoia which led me to ensure that I cancelled it…

    Phil_H
    Full Member

    I suspect I’ve been sold too but so far no one has bothered to tell me.
    The SLC used to cock up my deferment every year, so I’m not surprised.

    Tracker1972
    Free Member

    CHB, first time I was at uni was 1990 and I got a loan so let’s have a bit less of this “it were different in my day” stuff! 🙂
    Might have been means tested, or it was available to top up your grant…

    Northwind
    Full Member

    It got to the point that it’s pretty obvious they slow process/don’t process deferments just as a matter of policy… I’ve told this story before but when I worked for bank of scotland, we launched a huge effort to get their business- lots of transactional costs so in theory a great customer.

    After about a year of constant fannying about, it got passed up the chain to a director who phoned them up and said, basically, “You guys are a joke, we’re the worst bank in the world but we’d still rather eat our own arses than have to deal with you on a day by day basis, so you can stay where you are” and called the whole deal off- only time I ever heard of us rejecting business.

    All the BACS teams talk to each other all the time so all we heard from their old bank (I forget who it was) for ages after was “You BASTARDS! We thought we were getting rid of them” :mrgreen:

    Saccades
    Free Member

    Nice…

    SLC appear to have forgotten about me, I went abroad and sent everything off correctly to defer payment but was then told me employer was in breech of UK law as certain details were not on the payslip…

    Went around in circles for 6 months as I tried to explain I was no longer in the EU, then gave up.

    I dunno if i’m off the hook as it’s over 12 years since I heard from them at my registered address (still fully functioning), or i have to wait 3 months to be off the hook as I’m 40 (unless that was unilaterally changed?).

    Phil_H
    Full Member

    Sorry to urinate on your parade but I think it’s 50 before it’s written off.

    burnsybhoy
    Free Member

    Lets hope I get a letter….

    This is the explnation from SLC.

Viewing 14 posts - 1 through 14 (of 14 total)

The topic ‘Student Loans… I've been sold!’ is closed to new replies.