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    I recently left university due to being unhappy there. The problem I have is that I was payed finance 2 weeks ago and didn't know at the time I wanted to quit.

    Because of this I've spent a fair bit on a new computer and other items and I was told by finance I would need to pay my latest payment back straight away. I have less than half of the payment left and was hoping to use it till I find a job.

    Would it be possible to pay say £500 of it now and keep a bit of it till I find a job then pay the rest in instalments?
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    (Original post by Rockman294)
    I recently left university due to being unhappy there. The problem I have is that I was payed finance 2 weeks ago and didn't know at the time I wanted to quit.

    Because of this I've spent a fair bit on a new computer and other items and I was told by finance I would need to pay my latest payment back straight away. I have less than half of the payment left and was hoping to use it till I find a job. Can anyone please help?
    Give them a call, explain that you are unemployed and then ask to set up a repayment plan.
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    (Original post by claireestelle)
    Give them a call, explain that you are unemployed and then ask to set up a repayment plan.
    I apologize I forgot to mention that I have spoken to a finance officer in my university and she's the one who came up with the idea of paying just £500 now and the rest later, I just want to make sure I can do this because I have to wait 3-4 weeks to receive a letter from finance to set it up but right now I need to start paying for rent and other things so I just want to make sure and wandering a worse case scenario in case they want the whole £2700 back straight away.
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    (Original post by Rockman294)
    I apologize I forgot to mention that I have spoken to a finance officer in my university and she's the one who came up with the idea of paying just £500 now and the rest later, I just want to make sure I can do this because I have to wait 3-4 weeks to receive a letter from finance to set it up but right now I need to start paying for rent and other things so I just want to make sure and wandering a worse case scenario in case they want the whole £2700 back straight away.
    If you haven't got the money, they can't have it. They could try to take you to court, but if they do that it will take a lot of time and they'll have to spend their own money chasing it, so it's easier if they can agree a sensible repayment plan with you.
    However, they are going to want you to show an ongoing commitment. They will want a regular weekly/monthly payment. You might be better to say £400 now then £25 a month (for example) because by the time you've given them the £500 you can spare you'll have a job and be able to continue to afford the repayments. If you just say £500 now and then don't find a job you won't be able to give them anything next month.

    You might not need to pay the whole £2700 back straight away. They only want the overpayment back asap - the part you were entitled to for the time you were at uni is repaid under the usual conditions, so from next April.
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    (Original post by Juno)
    You might not need to pay the whole £2700 back straight away. They only want the overpayment back asap - the part you were entitled to for the time you were at uni is repaid under the usual conditions, so from next April.
    I'm sorry I don't really know alot about finance what do you mean by overpayment? I havn't had any extra money off them if that's what you mean?
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    (Original post by Rockman294)
    I'm sorry I don't really know alot about finance what do you mean by overpayment? I havn't had any extra money off them if that's what you mean?
    You have had extra money, you just don't realise it.

    You've been given the finance for completing the whole uni year, ie staying until June (obviously dependent on term dates). This is approximately 33 weeks. You've only completed about 24 weeks so far (again dependent on term dates). So the overpayment you have received is the difference between the time you should have been at uni and the time you were at uni - approximately 9 weeks, dependent on term dates.

    The SLC will only want the money for this 9 weeks back straight away. The 24 weeks you were there was legitimately spent during higher education so you keep that and pay it back from your wages when you're earning over the threshold.
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    (Original post by Juno)
    You have had extra money, you just don't realise it.

    You've been given the finance for completing the whole uni year, ie staying until June (obviously dependent on term dates). This is approximately 33 weeks. You've only completed about 24 weeks so far (again dependent on term dates). So the overpayment you have received is the difference between the time you should have been at uni and the time you were at uni - approximately 9 weeks, dependent on term dates.

    The SLC will only want the money for this 9 weeks back straight away. The 24 weeks you were there was legitimately spent during higher education so you keep that and pay it back from your wages when you're earning over the threshold.
    Ahh I understand now, So since I can't pay back my overpayment/payment from 2 weeks ago, straight away, they should be fine with me just paying say £400 now and the rest later?
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    (Original post by Rockman294)
    Ahh I understand now, So since I can't pay back my overpayment/payment from 2 weeks ago, straight away, they should be fine with me just paying say £400 now and the rest later?
    They will want some kind of agreement from you, so that they know you are sticking to it. You'll need to agree to a regular payment as well as the initial £400 lump. That's why I suggested £25 a month - if you can afford to pay back £500 now, you can "save" the other £100 and use this to pay for the next 4 payments. You then have 4 months to find a job before you need to worry about being able to afford repayments, and £25 is a fairly low sum that should be easy to afford.
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    (Original post by Juno)
    They will want some kind of agreement from you, so that they know you are sticking to it. You'll need to agree to a regular payment as well as the initial £400 lump. That's why I suggested £25 a month - if you can afford to pay back £500 now, you can "save" the other £100 and use this to pay for the next 4 payments. You then have 4 months to find a job before you need to worry about being able to afford repayments, and £25 is a fairly low sum that should be easy to afford.
    Ah Thank you very much, I have £900 left so I'll take your advise and pay £400 upfront and agree to £25 a month, thanks again.
 
 
 
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