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Annual statement

 

Why has this been sent to me?

Your annual statement provides a summary and details of the transactions on your account for the period shown on the statement.

When are statements issued?

You have a loan(s) that has just entered repayment on 6th April - The statement we send you will show the balance on this loan(s), including interest for the period shown.

You have loan(s) already in repayment and HM Revenue and Customs (HMRC) have now confirmed your total PAYE repayments for a previous tax year- The statement we send to you will show these deductions and your balance, including interest for the period shown.

You are making repayments through Self Assessment (SA) directly to HMRC - The statement we send you will show your SA repayments for a previous tax year, showing your balance, including interest for the period shown.

You are overseas, have a repayment schedule and are making repayments directly to SLC - The statement we send you will show your balance, including interest for the period shown (we will also send you a statement if we’ve confirmed you don’t currently need to make repayments).

You are in the UK and are not required to make any repayments (e.g. you are not working or are receiving benefits) - The statement we send you will show the balance, including interest for the period shown.

Why does my statement not show the full amount I have repaid in the last tax year?

Repaying through PAYE only - this will happen if you have more than one employer in the tax year and HMRC notify us of your repayments from each one at different times. Anytime HMRC send us an update, we will adjust your balance and send you a new statement.

Repaying through PAYE and Self Assessment (SA) - this will happen if you make repayments through PAYE and SA. If your statement only shows SA repayments and you have made repayments through PAYE, then you can expect an updated statement when we receive the PAYE information from HMRC.

If you only had one employer during the tax year, and the statement doesn’t show the full amount you have repaid please contact us. When you call, have your P60 from the relevant tax year to hand.

Why have I received a statement showing an outstanding balance when I have paid my loan off in full?

Check the period shown on the statement. If you’ve contacted us and told us about repayments you’ve made and repaid your loan in full we may not yet have received the most recent repayments from HMRC.

Interest shown on your statement

You're charged interest from the day your first payment is made until your loan is repaid in full or cancelled. The interest rate is based on the UK Retail Price Index (RPI) and can vary depending on your loan plan type and your circumstances. You can find your loan plan type on your statement.

For more information about the interest rate that applies to your loan visit these pages:

Can I obtain a historical record of my statements?

Yes, if you'd like to obtain a statement for a previous financial year or over a longer period, then contact us.

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