Student Loan Paid - but still no money Watch

Trotsky13
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Hi everyone,

I wonder if anyone else has had this problem?

My maintenance loan status says it has been paid. My bank have said they have not received the money. Student finance say we have to wait until the bank sends the payment back - my bank says they cant send the payment back because they
have not received it. Student finance say they have sent it and i am going around in circles. It has been nearly a month and i have still not received my maintenance loan. My mum has had to pay for my accommodation on her credit card and i have to keep borrowing money to live.

I cant seem to get anywhere with Student finance as all they keep saying is it has been paid and they will have to wait until the bank sends it back which of course will never happen because they didn't receive it!!! I am pulling my hair out and the phone calls to student finance are costing me a fortune. What can i do?
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Nadile
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Well, this has to be asked. Did you give the correct bank account info? Check if you didn't type your account number in wrong or something
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Trotsky13
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Yes the last two digits on the sort code were originally wrong. As soon as i realised i changed the sort code to the correct one. Student
finance have confirmed they have sent the money to the correct bank details. The bank says they have not received the money and if it was sent
to the incorrect bank details it wouldn't have even gone through because that is an invalid account. I cant just write off this amount the money must have gone somewhere. I just want student finance to investigate but all they keep saying is we will have to wait until the bank send it back. It is so frustrating.

I just wondered if this had happened to anyone else and how they resolved it.
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murpo
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(Original post by Trotsky13)
Yes the last two digits on the sort code were originally wrong. As soon as i realised i changed the sort code to the correct one. Student
finance have confirmed they have sent the money to the correct bank details. The bank says they have not received the money and if it was sent
to the incorrect bank details it wouldn't have even gone through because that is an invalid account. I cant just write off this amount the money must have gone somewhere. I just want student finance to investigate but all they keep saying is we will have to wait until the bank send it back. It is so frustrating.

I just wondered if this had happened to anyone else and how they resolved it.
Sounds like due to your mistake the money has been sent elsewhere.

So what happens is, student finance will recall the payment but there's no guarantee it can be recovered (it most likely will) - should take about 14 working days and then they will ask you to update your bank details and once you do that then they will send the money.

Btw - It would go through to the invalid bank and show as paid but it would bounce and be sent back to student finance. Hopefully it did go to an invalid account and you didn't need put someone else's details down

Edit : and yes if you call up, they will tell you there is nothing that can be done until the money is returned and that is correct. You should make sure the bank details are correct before the money gets paid in the future
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Trotsky13
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Thanks for the reply.

Student finance confirmed they sent the money to the correct bank details that i updated immediately. It wouldnt go to any one elses account because the original details are not a valid bank account so the payment should have failed straight away. It has now been nearly a month - well over 14 working days. Where would the payment be recalled from? It has not gone to my account - it has not gone to the invalid account - where is it?

Thanks I have updated the bank details and they are definitely correct now.
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murpo
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(Original post by Trotsky13)
Thanks for the reply.

Student finance confirmed they sent the money to the correct bank details that i updated immediately. It wouldnt go to any one elses account because the original details are not a valid bank account so the payment should have failed straight away. It has now been nearly a month - well over 14 working days. Where would the payment be recalled from? It has not gone to my account - it has not gone to the invalid account - where is it?

Thanks I have updated the bank details and they are definitely correct now.
They confirmed to you that it was sent to your bank details? That does not sound true at all. They probably confirmed they have the correct details on the system but you probably changed your details to late, well it's not even probable, it's definite. The money is paid to the bank details that are on the account at the time the payment is submitted.

You just have to wait until the payment comes back, maybe call up and ask to speak to a manager then you can get a definite answer to what's going on.
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digitaljunki3
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If it's a closed account or not a valid account like said before it will come back to student finance show as failed then paid to you once all confirmed and updated. If it's an active account and paid but not yours, student finance will have to trace the funds and there is no timescale for that.

As you have said it's been over 14 working days call and ask student finance to provide you with the payment reference number that you can take to the bank if you say it's been paid to the correct account to see if they can help. Once they are there getting the ref number they can see if its the correct bank details you confirm to them.

If payment was already showing as submitted when you updated your details or paid they will only confirm they have the correct details by looking at your account, they would need to be checking the payment system as it will tell them the account it was paid to.
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Klix88
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(Original post by digitaljunki3)
As you have said it's been over 14 working days call and ask student finance to provide you with the payment reference number that you can take to the bank if you say it's been paid to the correct account to see if they can help. Once they are there getting the ref number they can see if its the correct bank details you confirm to them.
Unfortunately it was the sort code which was incorrect, not the account number. It won't have gone to the OP's bank, so they won't be able to do anything other than confirm that it would never have been sent to them.

If the sort code is valid for a different bank, the waters get very muddy. Unfortunately they are unlikely to co-operate with someone who isn't a customer and will only deal with SF. If the money has gone into a valid account, the account holder is under no obligation to return it.

If the sort code is invalid (i.e. no bank has that sort code) then the OP can only wait until the money is sent back to SF and hope that they have systems in place which can link it back to his application.
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digitaljunki3
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(Original post by Klix88)
Unfortunately it was the sort code which was incorrect, not the account number. It won't have gone to the OP's bank, so they won't be able to do anything other than confirm that it would never have been sent to them.

If the sort code is valid for a different bank, the waters get very muddy. Unfortunately they are unlikely to co-operate with someone who isn't a customer and will only deal with SF. If the money has gone into a valid account, the account holder is under no obligation to return it.

If the sort code is invalid (i.e. no bank has that sort code) then the OP can only wait until the money is sent back to SF and hope that they have systems in place which can link it back to his application.
That paragraph quoted was referring to the OPs reply stating that student finance confirmed to him that they had 'sent the money to the correct bank details that i updated immediately'.

If it's not an existing account the money will be back as failed payment within the 14 working days. As bank details will have been updated after the payment was made it should then be set to approved on the payment system and updated online with a new payment date to be submitted.

I strongly suggest OP if you say it's been longer than 14 working days, student finance have your correct bank details and it's still showing as paid and not failed on the system that the only way forward, after all options explored, will be a trace memo. They will investigate to trace the funds and try to recover that way if possible.
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