The Student Room Group

Student Finance Into Business Account

Hi

Hope this thread finds you well. Basically I'm in a big pickle as my bank account got closed a week before my postgraduate student loan payment for this term was set to be paid and due to trusting a "friend" who was going through some hardship, ive ended up on the CIFAS database (I know I'm a stupid **** who clearly doesn't have a brain and should jump off the closest bridge). While I can't get a high street account, I do have accounts with a few prepaid cards and fintechs that allow you to have UK bank details however, they have limits on them so the only way I'd be able to have the loan paid into there is if sfe would pay the installment in 2 chunks.

I do have a business account however which I use for my freelance work in Radio, podcasting and presenting so I was just wondering since this account has a UK sort code and account number, will it be able to receive the payment? I've confirmed with the bank that it would have no problem accepting the payment into the account buy just wondering if anyone here has used a business account to receive their student loan.
Original post by NE1
Hi

Hope this thread finds you well. Basically I'm in a big pickle as my bank account got closed a week before my postgraduate student loan payment for this term was set to be paid and due to trusting a "friend" who was going through some hardship, ive ended up on the CIFAS database (I know I'm a stupid **** who clearly doesn't have a brain and should jump off the closest bridge). While I can't get a high street account, I do have accounts with a few prepaid cards and fintechs that allow you to have UK bank details however, they have limits on them so the only way I'd be able to have the loan paid into there is if sfe would pay the installment in 2 chunks.

I do have a business account however which I use for my freelance work in Radio, podcasting and presenting so I was just wondering since this account has a UK sort code and account number, will it be able to receive the payment? I've confirmed with the bank that it would have no problem accepting the payment into the account buy just wondering if anyone here has used a business account to receive their student loan.


I suspect it isn't possible but you could ask on the Ask SFE forum if they can make payments to a business account:

https://www.thestudentroom.co.uk/forumdisplay.php?f=910
(edited 5 months ago)

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