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Just got a letter from student loans. I'm screwed. Need help. because there is no wa

Hi everyone,

I changed courses last year and shortly into the new one I decided to leave. However, not really being too good with student finance they continued giving me the money for the next term but then finally cutting it off for the third payment.

Anyway today I recieved a letter saying I now have 7 days to pay back 2461.70 (my pound sign doesnt work). Now I really should only be charged I believe for one term as the first term I attended and I never got the money for the third. So does this sound too much?

Also I'm now very nervously walking around panicking because there is no way I have this money nor will my parents be able to get it. I'm currently looking for work and it says I should phone them if I'm unable to pay it. So what the hell do I do?

Edit - Ignore the title I messed it up
(edited 9 years ago)
Reply 1
Did you spend the money they continued giving you?

Posted from TSR Mobile
Call them and arrange to pay it gradually in smaller instalments that you can afford.


Posted from TSR Mobile
Reply 3
Stupidly yes I did continue spending it. I didn't get much as it was as it barely covered rent (after taking out rent I had literally about 70 pounds left) and I had no other money incoming. So yes it's all gone.

I was thinking of doing it gradually but didn't know if they would do it. Would they do it? How much would they take a month?
Original post by CM12
Stupidly yes I did continue spending it. I didn't get much as it was as it barely covered rent (after taking out rent I had literally about 70 pounds left) and I had no other money incoming. So yes it's all gone.

I was thinking of doing it gradually but didn't know if they would do it. Would they do it? How much would they take a month?




This happens every year, don't worry. It's unreasonable of them to expect you to pay it back within 7 days. The world doesn't work like that.


The best thing is to talk to someone.

In all honesty; you really did mess up. But as someone who has struggled with SFE for many years, I know that it's a daunting prospect to contact them.


TSR Has an official SFE Rep here. I'll quote him in because he might be able to help better than anyone, and his day in is Wednesday. It's also worth flagging this to a mod to move to the right place.


Original post by Mark Lee - SFE Official Adviser
Hello



Sorry to be cheeky and quote you in but thought you might know best when responding tomorrow. :h:
Original post by CM12
Stupidly yes I did continue spending it. I didn't get much as it was as it barely covered rent (after taking out rent I had literally about 70 pounds left) and I had no other money incoming. So yes it's all gone.

I was thinking of doing it gradually but didn't know if they would do it. Would they do it? How much would they take a month?


I've definitely heard of this happening to people in the past and them being allowed to pay it back gradually


Posted from TSR Mobile
Reply 6
Phew okay that makes me feel a little bit better.

The only other issue I have is that it says I have 7 days of receipt of the letter to contact them but the date at the top is the 23rd. Does that mean I have till today?!

Also what does gradually mean? Is that something I talk with them about? Anybody know how much money they take a month?
(edited 9 years ago)
Original post by CM12
Phew okay that makes me feel a little bit better.

The only other issue I have is that it says I have 7 days of receipt of the letter to contact them but the date at the top is the 23rd. Does that mean I have till today?!


I believe so. :frown:

Also what does gradually mean? Is that something I talk with them about? Anybody know how much money they take a month?


Gradually = you making smaller repayments instead of all the money being paid back at once. You need to discuss this with them.
Original post by CM12
Phew okay that makes me feel a little bit better.

The only other issue I have is that it says I have 7 days of receipt of the letter to contact them but the date at the top is the 23rd. Does that mean I have till today?!

Also what does gradually mean? Is that something I talk with them about? Anybody know how much money they take a month?


I've worked in debt collection on and off for a few years, and while I don't know SFE's policies, I'd be very surprised if they took issue with you over being a day late contacting them.

Generally, when it says 'Please contact us within 7 days' all they're actually saying is to not put it off for weeks/months/or even years.

Regarding an instalment offer, if I were you, I'd figure out how much you can afford to pay per week/month (or whatever your income frequency is), and offer about 25% less, to give you some room to negotiate if necessary.

Debts can feel very daunting, but as long as you don't bury your head in the sand it shouldn't be a huge burden. :smile:

Citizens Advice Bureau is usually a good source of free, impartial information and advice.

Disclaimer: This advice is purely from my experience working for a debt collection agency - SFE could give you different advice, and theirs is the advice that'll obviously take precedence.

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