Scholar mortgage overpayments: 'I were given £1,one hundred again in simply 5 mins'

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A MoneySaver has reclaimed £1,one hundred in simply 5 mins after finding she’d began repaying her scholar mortgage too early, following MSE’s overpayment caution.

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Mekila Kelly, who studied on the School of East Anglia, started paying again her scholar mortgage while she began a role in July 2008 immediately after completing her direction.

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She realised she’d began paying 9 months too early after studying our caution this month that new graduates, and people who have left school phase-means thru their direction, should not have to pay off their mortgage till the April when they depart school, without reference to what they earn.

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Mekila is one among ratings of MoneySavers to touch us within the couple of weeks when you consider that we first exposed the payments factor. See our one hundred,000+ school leavers most probably owed £100s as they began repaying their scholar mortgage too quickly MSE Information tale.

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Assume you could have paid again your scholar mortgage early? See our Scholar Mortgage Overpayments information for complete main points.

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‘I assumed – oh my God! What an advantage’

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Mekila emailed us on 6 December, the day when we revealed our article, to let us know she had controlled to reclaim £1,one hundred. The typical payout is on a regular basis approximately £three hundred.

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Mekila stated: “It took actually 5 mins, it used to be so fast.

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“The individual at the telephone appeared me up and informed me how so much I used to be due, and all I wished have been my financial institution main points for them to switch the cash throughout.

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“I am shifting space subsequent week and might be desiring new carpets. I assumed – oh my God! What an advantage. I will be able to’t consider it.

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“Thank you such a lot for placing up the object.”

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Different MoneySavers’ good fortune tales

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Ratings of alternative MoneySavers have contacted us by the use of social media and e mail to let us know concerning the cash they have got reclaimed. See our the way to reclaim segment under to test if you are owed money.

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Here is a number of their tweets:

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Tips on how to reclaim

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To test if you are due money back, you wish to have to first figure out whether or not or now not you started repaying your scholar mortgage ahead of the April when you left school.

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  1. Test your payslips for this era – Those will frequently display whether or not or now not deductions have been made for scholar mortgage payments. In case you shouldn’t have those you’ll be able to ask the Scholar Loans Corporate (SLC) to test.
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  3. Ring the SLC – Name 0300 one hundred 0611 (or +forty four 141 243 3660 from in another country) and say you assume you repaid early and want to reclaim the cash. Preferably have your payroll quantity, PAYE reference quantity and payslips in a position – this may make the method so much smoother.

    Then again, in case you shouldn’t have those, you’ll be able to nonetheless ring the SLC and ask it to test when you paid early – a large number of individuals are reporting successes thru doing this with no need any bureaucracy handy.

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Is there a closing date for reclaiming?

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A couple of of you have got tweeted us asking if there’s a time limit to reclaim the cash.

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As we defined in our preliminary article, the quick solution isn’t any. You’ll be able to reclaim the cash on every occasion, so long as you repaid early.

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If you are informed via the SLC customer support workforce that there’s a closing date, that is almost certainly an errors.

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Martin Lewis

Get Our Loose Cash Guidelines E-mail!

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