Student Loans

[The L J Monk]

UK Government in 'giving investors a better rate of return on their investment, at the expense of tax-payers' shock:

http://www.guardian.co.uk/money/2013/jun/13/raise-interest-rate-student-loans-secret-report

[big fat yorkshire pudding]

Given how much my debt is and how the repayment schedule is set up, it's pretty much irrelevant anyway unless you end up earning big big sums of money.

In effect it's basically going to effect the very well off, not those at the bottom of the scale.

[The L J Monk]

In effect it's basically going to effect the very well off, not those at the bottom of the scale.

There are some people in the middle of the scale of course. It would also affect them.

It would be interesting to see if anyone would seek to challenge this legally, should it happen. The Government would have to demonstrate that the small print about them being able to change the interest rate as and when they choose was clearly communicated, and  that all parties were aware of it when entering into the contract.

I wouldn't fancy the Government's chances.

[Filo]

Nothing surprises me with the Tories, they`d sell their own Granny to make a quick buck!


If they change the interest rate on existing loans and that is not specified in the T&C`s of the loan, then they`ve mis sold that loan and thus is illegal

[The L J Monk]

I'd be surprised of they ever tried to put this idea into action. It would be political suicide.

[big fat yorkshire pudding]

I'd be surprised of they ever tried to put this idea into action. It would be political suicide.

I'll tell you when I get home I'll check my T&Cs.

[The L J Monk]

I'll tell you when I get home I'll check my T&Cs.

The fact you don't know suggests that the T&Cs aren't particularly clear doesn't it? Or you just have a bad memory?

Either way, as is pointed out in the comments section of that article, the SLC/Government would have a good time trying to argue that 17 and 18 year olds, in receipt of no formal financial advice, borrowing thousands of pounds, were entirely clear about the possible implications of their borrowing.

[big fat yorkshire pudding]

I'll tell you when I get home I'll check my T&Cs.

The fact you don't know suggests that the T&Cs aren't particularly clear doesn't it? Or you just have a bad memory?

Either way, as is pointed out in the comments section of that article, the SLC/Government would have a good time trying to argue that 17 and 18 year olds, in receipt of no formal financial advice, borrowing thousands of pounds, were entirely clear about the possible implications of their borrowing.

I'm an accountant, I'd need the data processing power of GCHQ to remember all the Ts & Cs I read.....