Hi,
I am the proud owner of a large new style student loan. I started repayments on this in late '04. In mid '06 I moved jobs, and ceased PAYE on the loan (HR didn't tick the box on my P45 and I didn't chase). At one stage I phoned SLC about this to find out how to start this up again and enquired about my balance (this was in late '06). They told me they had received nothing from HM Rev and customs. I know I have paid at least £2800. The other weird thing is that they have sent me nothing, not even a statement since my final statement when I left uni in '03.
Disillusioned, I made no effort to re-start my PAYE, choosing instead to save the money. However as the interest rate on the loan has now risen to 4.8%, I am now considering restarting payment.
If I phone them, will they demand full payment for the time I have lapsed, and will they have just cause to do so? Is it worth me holding out 12 years to try and get rid of it?!
Thanks