Korean Job Discussion Forums

[ceadem]

Do you pay anything back whilst in Korea?

[Michael_75]

33 quid a month. Barely worth it to be honest. But I would recommend you tell them you are living abroad and submit an overseas payment form.

If you don't and they find out they can issue some penalties, the worst being demanding the entire amount to be paid back immediately (I doubt they ever do that though). I don't have 20,000 rods to spare so I sent the form.

[ceadem]

Thanks for the reply. �33 does seem a little pointless, I was hoping there was some kind of loophole about living abroad for a certain amount of years and then they clear the debt

[whitebeagle]

The living abroad/cancelling the debt thing is a myth. Although they'd have a hard time chasing you up for it if you did decide to ship out permenantly. Just means there'd be a giant bill waiting for you back in UK. Not sure if theyd chase up your nearest and earest if they remian in UK...

The rate of inflation they use on the loan is the retail index so its bloody high so the debt will steadily grow like a fungus!

[ceadem]

According to the statement I've just received monthly interest is �90! this seems extraordinary high but it may just be the interest accumulated whilst still receiving my loan as I only finished uni this year I don't start repaying till next, hopefully the interest won't be as severe. But if I'm paying �33 a month then I don't really see this debt ever disappearing...unless I'm declared bankrupt

I can't believe that leaving the country thing is a myth! damn...what about the one if I get myself a teaching certificate, pga is it called? There must still be some cards to play

[Michael_75]

You're right, 33 quid is pointless as the interest is higher.

To be fair there is probably no way of getting rid of it. I looked into it and there seems to be only a few ways of getting out of it. 1. Die. 2. Hold off getting a job paying over 15000 until you're 65.

Otherwise just see it as another tax you have to pay for a long time. Doing a PGCE will not write off the loan, nor will living abroad for a number of years.

[valkerie]

I haven't paid back anything in the 8 years have been in Asia. I just keep deferring it. I had a chuckle when I realised that with the crap exchange rates I earn much less now than I did in 2000 when I first left the UK.

When I graduated the cut off rate for it being wiped was 50 years. Hanging on for that lol.

[Big_Bird]

This thread is rather depressing.