Im a UK national living in the US for 9 years. I have a UK student loan which I have been paying for many years.
I’m a UK national but have been living and working in the US for about 9 years. I’ve been doing my best to pay my UK student loans over the years but like everyone I missed a few payments here and there during hard times. I now have a great job and make good money but the UK student loans company are demanding I pay an exorbitant of money each month. In the region of 370 pounds each month which is close to $600 per month! I do alright but I have bills and a mortgage and people to support.
I’m wondering how I can get the student loans company to lower my payment back to a level at which I’m comfortable? Will they do this? Also would it be possible for me to consolidate a UK student loan in the US? It would make things much easier if I didn’t have to deal with the UK system anymore.
I have no problem paying every month, but their demands are excessive and I can’t afford that type of payment right now.”
Is the only debts you have in the UK student loans? Who are the student loans with or through?
How much in total do you owe on the student loans?
Have you looked into or discussed having the loans restructured?
Sorry for all the questions, but it can help in finding a solution.
Unfortunately, depending on the nature of the student loans your options become limited. However, based on where you are now living, outside the UK, and if you complete a detailed and full income and expenditure form, the loan people may have to accept what you can afford to pay.
Meaning you are willing to pay, just not what they are asking. If they were to try and pursue you in any legal form, a judge would probably say, he is paying what he can afford, accept it. And if you have been paying the loans, they probably will leave it be.
You could look at taking out a loan in America and paying off the student loans in the UK, but depending on what you owe, that may not be so easy. Plus, UK loan/debts, are handled in a very different way if you experience difficulties, the courts tend to side more with the borrower or consumer, especially if they are paying.
Let me know and we can look further into this.
Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques.
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