http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3866911&_dad=portal&_schema=PORTAL

Expect a lot more hounding from the 'private equity' company. Yet to be announced, who will buy your loan.

They assure us that it will be a UK owned company. Until that company decides to sell to to foreign owned company..........

This is soooooo going to happen to the newer style loans that more recent graduates have too in the future!

What's this for?  Brits who didn't pay their loans?  Surprised, it's not written off by now.  It's been long enough.

You are not a Brit, correct? So don't worry.

NO it hasn't been long enough for the loans to be written off.

Only English Loans.

Most countries dont write student loans off. I know people who have them from the late 90s.

Really?  You mean they just defaulted and it never got written off as bad debt expense?  In Canada, it happens after 6 years from your last payment.  If they can't track you, it's gone.  If they can track you down, you get a summons before a judge and ordered to pay something. It use to be 10 years you had to wait, now it's seven to declare bankruptcy. 

Anyways, I heard Britian, Australia, and NZ really weren't hardcore about you paying?  Just take a small per cent off your paycheck if you live and work there?

Quote from: zola on April 26, 2017, 11:43:13 AM

Most countries dont write student loans off. I know people who have them from the late 90s.

Really?  You mean they just defaulted and it never got written off as bad debt expense?  In Canada, it happens after 6 years from your last payment.  If they can't track you, it's gone.  If they can track you down, you get a summons before a judge and ordered to pay something. It use to be 10 years you had to wait, now it's seven to declare bankruptcy. 

Anyways, I heard Britian, Australia, and NZ really weren't hardcore about you paying?  Just take a small per cent off your paycheck if you live and work there?

You can declare bankruptcy and all that entails, I guess.
But I mean otherwsie it doesnt go away. After a certain amount of years they don't just say, "well thats long enough, dont worry about it".
Yes they garnish your wages. In NZ I think it's 10% once you earn over a certain (low) threshold. Interest free if you stay in the country. If you leave for longer than 6 months it's 7% interest. My loan is now 13 years old and the governemnt is getting way more aggressive in going after people who now live overseas. I pay mine off drip by drip.

I paid my student loan back in about 18 months.

Running away from your loans is dangerous especially if you get married outside of your home country. In Canada it's like 5+ years after you declared bankruptcy that you can even apply for a permanent residence for your spouse so running from your loan and declaring bankruptcy could keep your family out of Canada.

I paid my student loan back in about 18 months.

Running away from your loans is dangerous especially if you get married outside of your home country. In Canada it's like 5+ years after you declared bankruptcy that you can even apply for a permanent residence for your spouse so running from your loan and declaring bankruptcy could keep your family out of Canada.

We know you're in the Commonwealth but this is thread about the UK so I'm not sure why you would think it relevant to comment on Canadian student loans or how to get a spousal marriage visa for Canada.

I guess its just from a simple minded perspective, but why wouldn't you pay back your loans?  Isn't it pretty messed up if you didn't?

You took the loan knowing the fact that its a "loan" and not free money.  A loan is a loan, and a grant is a grant.  And if the loan is specific to getting an education for potentially a better job in the future, whatever stuff that went on in your personal life has no real relevance to changing the fact that its still a loan.  And if you don't pay it back, that's effectively stealing money.  Even if you can only set aside an extra hundred bucks a month out of your budget for the next hundred years, its only ethical to pay it back, even if its slow.  From my understanding, education based loans don't incur interest for ages, so people got quite some time to pay it back without getting caught in an infinite spiral of interest payments.

Or, people could always just work a bit first instead of going straight to uni with ridiculous loans.  Its good life experience and a huge motivation for you to work harder in education if you feel unsatisfied with that lifestyle.  At the same time, you'd be saving up some side change to help pay for your education instead of taking such huge loans.