Korean Job Discussion Forums

rhian · Joined: 22 Jan 2004

This is a question concerning repayments of student loans. Has anyone heard about a clause that says that if the loans company doesn't hear from you or have any details of you for three years then they cancel your records and therefore your debt? I have heard this rumour from a few different sources. However, having checked the student loans website I am still none the wiser. If anyone has any further info on this, please post. Also if anyone has suffered penalties for not contacting the company wit change of details etc.
Thank you. Have a nice day!

Crois · Posted: Thu Mar 11, 2004 1:57 am Post subject:

Wasnt there a clause in our contract that said that if we dont pay it our parents or guardian had too? I think they would rather hunt you down.

harryh · Joined: 16 Jan 2003 Location: south of Seoul

This is what happened to me when I missed a single payment.

They sent three letters to my parents address at 12 quid a pop.

Then they sent letters to other students who were on my course, asking if they knew where I was.

Then they sent letters to my parents and grandparents asking for payments.

I was a little annoyed as all this happened whilst I was in contact with the Student Loans Company by telephone, in order to get the relevant forms to fill in, for a deferral of payment (unemployed at the time).

You will find that there is little or no communication between departments at the Student Loans Company and that they will continue to persue you.

I believe that if you are earning less than 85% of the national wage over a period of years (I think it is ten) they will write off the debt. This will mean that you have to defer payment every year providing proof from an employer, of your yearly earnings.

rok_the-boat · Joined: 24 Jan 2004

They don't forget you, but if you earn less than the average wage in the UK (which you likely will if you work in Korea) then you fill out a deferrment form, and you don't have to pay for the next year - then you do it again. I have done that for the last ten years. So, I hope the above poster is correct with that ten year thing - but something tells me not ...

Swiss James · Joined: 26 Nov 2003 Location: Shanghai

what is the national wage then?

eamo · Joined: 08 Mar 2003 Location: Shepherd's Bush, 1964.

C'mon, of course they don't forget!!!!

If they wrote off your debt after 3 years of non-contact then everyone would do it.

rok_the-boat · Joined: 24 Jan 2004

The average wage in the UK, I think, is about 14,000 a year.

Swiss James · Joined: 26 Nov 2003 Location: Shanghai

I don't believe it's true- but it's not just a matter of pretending you're not in when the phone rings. To avoid them I'd guess you'd have to not pay National Insurance- i.e. work outside the UK, or off the books.

bulgogiboy · Joined: 12 Nov 2003

Regarding the original post.

Who gives a sh*t about a clause. Just forget about it until you return home, or do my approach, stay in Korea and tel them to sod off! Along with all your other debts.

OR change your middle name when you go home and none of the credit searches/creditors will find you!

BB

bulgogiboy · Joined: 12 Nov 2003

And regarding the non-contact. In England it's 6 years and Scotland 5 years. If they have no contact with you whatsoever for this time period then they will write it off. I spoke to a lawyer and a debt expert about this .

It isn't 3 years but it is true, if you are willing to be outside the UK for that length of time.

BB

bulgogiboy · Joined: 12 Nov 2003

I made a mistake

When I said 6yrs and 5yrs no contact that's just for regular debt, which is what I mostly have. I'm sorry to say that the Student Loans Co doesn't forget.

Sorry!

BB

Crois · Posted: Fri Mar 12, 2004 2:39 am Post subject:

Earn less than 10,000 grand and you dont pay anything. Earn more and you pay 40 quid a month. Well that was last time i checked and that was 2 years ago.

eamo · Joined: 08 Mar 2003 Location: Shepherd's Bush, 1964.

baldrick · Joined: 03 Feb 2004 Location: Location, Location

Yeah I'm playing a game of wait and see.
I was away from home for a year after graduating and when I got back I had a letter saying they had no record of me in the tax system. Nice. They also included a form about living abroad and your earnings. Unfortunatly I had to put myself back into the tax system for 2 months before coming to Korea, but the last contact I had with them was nearly a year ago now, in April 2003.
If they start giving my parents hassle then i'll have to come forward but for now I'm looking the other way and whistling quietly.