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Student loan! has this been missold?
When I took out my student loans (96'97'&98') I was told that after 10 years deffering then it would be wrote off. Now it would seem that what it was is that if you were under 40 years old then it would be settled when you reach 50. This has me thinking that this was mis-sold as it was only related to us by the senior lecturer.
What do you think i could do about this?
Libby - no reason to disbelieve what we were told.
I'm sure that there are certain rules that should be followed when selling loans, eg, the person should not be under the influence of alcohol, or it is invalid if sold in a pub.
6 Answers
- Anonymous1 decade agoFavorite Answer
"Loans pre-1998 that haven't ever been in arrears are wiped clean 25 years after your repayments started (even if payments have previously been deferred), if you reach the age of 50 (60 if you were over 40 when you started the loan), if you become permanently unfit to work or if you die.
If post-1998 loans haven't been repaid, possibly due to consistently earning less than the payments threshold, once you reach 65 (for loans taken before September 2006) or 25 years from the first April of graduation (for loans after September 2006) debts are wiped clean. They are also cancelled if you become permanently unfit to work"
No you weren't miss sold the loan - sorry
Source(s): Money saving expert site - Anonymous1 decade ago
Wait... you were told that if you deferred for 10 years, then you didn't have to pay it back? And you BELIEVED that?
Hopefully you still have your original loan paperwork that you signed, so you can review the terms you agreed to with your loan holder. If indeed it does say that after 10 years of deferment you don't owe the remainder (which I highly doubt), and you didn't sign any new agreements since then (for example, loan consolidation), then I wold suggest taking your paperwork to an attorney who specializes in these matters for legal counsel.
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- parsnipiannaLv 71 decade ago
You were told that if you deferred payment (in other words did not pay, ) for ten years the debt was wiped out?
And now that's not true? Sue! Sue for fraud!! Sue for emotional distress!
- exactdukeLv 71 decade ago
It make NO DIFFERENCE what you were told. What you were told, means zip. What is written, is what counts & will hold up in court.