Don't pay back til your working?? It's a lie! (Student Loans Co.)

Member Name: jellybaby76

Product:	Student Loans Co.
Date:	29/04/06 (318 review reads)
Rating:

Advantages: money to help with study

Disadvantages: They demand repayment even though NOT working!

Took my loan out only in my final year of study. Was able to manage without it til then as I worked. Had to give up the job to cope with the amount of study I had to do.

I did work for a while after graduating, but was well below the threshold for repayment so was able to defer it.

Apparently they are allowed to change the rules to suit themselves and now I am NOT working, they are demandng I pay.

Would love to know where they think I am going to get that sort of money at this point in time!

So when they tell you that you don't need to pay it back til you are working.....don't believe them!!



In response to a comment left for my review: I know I owe the money, I know I have to pay it back. But when I took out the loan (about 8 years ago) part of the agreement I signed was that it was paid back only when working, and only when earning equal to or above the national average wage. The repayments could be deferred on an annual basis if you did not meet the criteria.

When I was in employment I was able to defer payments as I was being paid below the national aveage. I am currently NOT working, and they now demand I pay it back. It's me that does get THAT! Once I am working again I will have no problem with paying it back.

Summary: Once you signed on the dotted line they can change the agreement to suit themselves!