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Student Finance - Payment Failed! Incorrect Bank Details!

So I've been wondering when I'm going to get my loan paid in, 'cause a lot of my friends have received their payments over a week ago, so I waited patiently until today and I decided to see what was wrong.

I logged into my Student Finance account, and clicked payment details. The loan payments for this term have 'Status - Failed' beside them, so I began to worry.

I then went over my bank details to double check they were right, turned out I had entered an additional 2 digits to my account number, and that my bank details were incorrect...

I've changed my bank details to the correct one, however will these failed payments end up in my bank or not? I'm worried and confused...
Reply 1
Avatar for cl_steele
cl_steele
2
Id ring SFE and ask them to find out whats going on and if theyll resend the payment :smile:
Reply 2
Avatar for Spogg
Spogg
5
Hello Mayzed,

Just so you realise, a failed payment is a good sign. Although you may not think so, a failed payment means we'll be able to reschedule your payment.

What I would suggest is to contact SFE, asked if you could confirm that the bank details are correct, even if you've updated them already, and if everything is correct, ask the agent to reschedule a payment. Rescheduling of payments can only occur when the payment comes back as failed, which is why I said it was not such a bad thing after all. That should be resubmitted the same day, once this has been done, expect a payment to be made within 3-5 working days.

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