Student loan went into closed bank account! :(

Hi I was wondering if anyone could help me, for some unknown reason Student Finance decided to change my bank account details to the account I originally signed up with... despite that bank account now being closed and me updating my new details in September. My first installment even went into the correct new account.

I rang SFE earlier and they said they'll update the details, and if it's wrong the money should bounce back... but she was very vague on time-scale, and as my rent is due out in 2 weeks I was wondering if anyone could be more specific? Need to know whether to go have a meeting with my accommodation officer! Thanks!

Reply 1

melonhead12

I'd say have the meeting anyway and tell them what's happened. The mistake is due to rubbish Student Finance not you so any other costs you incure such as interest from acruing the accomodation debt should be paid by them as well.

Reply 2

hypocriticaljap

It could be worse than you think because banks reallocate bank account details believe it or not, so someone else could be enjoying the money! I'd get in touch with the bank as well if I were you.

Reply 3

neo_2009

I have dealt with this problem before. If you applied on paper this year it could be that the person inputting the form did not check your bank details properly and reused last year's details in error.

Anyways, currently your payment has to bounce back to SLC (this is known as a failed payment) and they will attempt a second payment to the new bank details.

You should get a payment about a week later than you should have (i.e. 3 days for the payment to be returned plus another 2-3 days for the new payment to schedule and clear)

You should call SFE call centre or your LEA four working days after the original payment was due to be made and ask them to check 'view payments screen' and see if the status is 'failed'

If so, ask them to see if a second payment has been 'submitted' yet

Just waiting is OK as this procedure is fairly routine but calling every other day to chase it up is also a very good idea

With any luck you should definitely get the payment within 2 weeks.

Reply 4

aliphatic

Thanks! The payment has now finally registered as 'failed' online, so hopefully they'll get on with re-trying the payment again with the right bank details. If not I'll just do what you suggested and ring in a few days and try and hurry them along, would rather not postpone rent payments if I'm honest.

Reply 5

neo_2009

Ot should be rescheduled by tomorrow so check in the morning and if it is not I would ring them up

Once scheduled, it should only be 2-3 days later you are paid.

Reply 6

Melonknee44

Original post by neo_2009

Ot should be rescheduled by tomorrow so check in the morning and if it is not I would ring them up

Once scheduled, it should only be 2-3 days later you are paid.

Exactly the same thing happened to me! They've resubmitted payment now(I had to call to get that done) and they've said new bank details will show in morning and payment in 3 working days xx

Reply 7

IWMTom

Original post by Melonknee44

Exactly the same thing happened to me! They've resubmitted payment now(I had to call to get that done) and they've said new bank details will show in morning and payment in 3 working days xx

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