He has been working for 2 years and earning over £15,000. He only ever took out 1 loan. I heard there was a limit of 5 yrs if you don't make any payments they write it off is that true????
2006-11-14 19:33:41 · 9 answers · asked by FS Man 3 in Education & Reference ➔ Financial Aid
There is a limit for claiming back a civil debt - I think it's 6 or 7 years. If no demand for payment has been made or the person has not admitted liability.
Check with CAB or Debt Counselling service. It's under the limitations rule
2006-11-14 20:00:19 · answer #1 · answered by Dee 3 · 0⤊ 0⤋
I have a student loan too. i'm fantastically constructive it is way better than your associates $one hundred forty,000, or $250,000 through the time that's paid off. they gained't stop searching for you, it would not count number if s/he quits or ever use the coaching. they'll take it out of income tax REFUNDS. i don't have self assurance they take it out of your paycheck, yet they are going to damage your credits so that you may't purchase a house or motor vehicle on credits. you may't declare bankrupcy for a student loan. they are going to have pcs call your pal once per week. after I first discovered all this, i replaced into scared to lack of life, yet enable me inform you some thing you would not understand- they are going to provide you with 30 years to pay it off- I initially concept it replaced into 10. Plus, there are as a lot as 5 years (60 months) of deferment- meaning you may delay the starting up of the fee once you've some variety of monetary worry. although, in case you commence paying and keep paying, they decrease the pastime. in the journey that your pal can, end college, and verify with the student loan human beings- there's a putting forward: once you owe the monetary agency $5,000, you've a subject matter- once you owe the monetary agency $50,000, the monetary agency has a subject matter. reliable good fortune.
2016-11-24 20:31:41 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Unfortunately not. I believe that they don't start taking payments until the person earns 15,000. If he is not earning this much yet then they will probably wait a few more years before they contact him to start taking the money.
They will only write off the debt if it has not been paid in full 25 years after completing his course or if he turns 65.
2006-11-14 19:43:41 · answer #3 · answered by Carrie S 7 · 0⤊ 0⤋
Your friend needs to talk to his company and tell them he has a Student Loan to pay off, they will then sort out the paperwork.
2006-11-14 19:45:27 · answer #4 · answered by ehc11 5 · 0⤊ 0⤋
If that was true we'd all have loans like that and never have to pay them off, and the country would go bankrupt...... Well, the first part of that statement sounded fun didn't it?!
2006-11-14 19:54:27 · answer #5 · answered by rabbitPIE 1 · 0⤊ 0⤋
NOOOOOOOOOO!!!! I was at university 7 years ago and i've only just started to pay back my loan. They never forget ... if they don't catch you now they will when your seventy and get £30 in pension money!!!!
2006-11-17 10:59:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
not written off until you are 65 or become permenantly disabled. Unless you were permenantly disabled at the start of your course in which case you have to pay.
2006-11-16 17:51:26 · answer #7 · answered by sashs.geo 7 · 0⤊ 0⤋
nope i think they will catch you the next time you go for a loan. otherwise it is fine . generally the banks are lenient on student loans.
2006-11-14 20:02:00 · answer #8 · answered by srini 3 · 0⤊ 0⤋
before he gets deeper in debt get some financial help you don,t want to be wondering the of your life will you get a knock on the door BANG it the bay-lifts
2006-11-18 10:46:29 · answer #9 · answered by elflett 1 · 0⤊ 0⤋