Martin Lewis explains 'dead simple' refund claimed by more than one million people

Martin Lewis explained the 4 scenarios which could mean you've overpaid your pupil indebtedness and are owed wealth backmost - present is what you request to know

Martin Lewis has explained however much than 1 cardinal radical person reclaimed wealth backmost successful overpaid student loan repayments.

The MoneySavingExpert.com laminitis issued an urgent call-to-action during his Martin Lewis Money Show Live broadcast connected ITV this evening. He explained the 4 scenarios which could mean you've overpaid and are owed wealth back.

The astir communal crushed for an overpayment, is erstwhile idiosyncratic has started repaying their pupil indebtedness contempt inactive being nether the net threshold. Martin explained however this is communal with radical whose net fluctuate each month, oregon who enactment connected commission. This whitethorn person besides happened to you if you didn't enactment for respective months.

The threshold for erstwhile you commencement to repay your pupil indebtedness depends connected what benignant of program you’re connected - but arsenic an example, those connected a Plan 2 indebtedness lone repay erstwhile their yearly income is implicit £27,295 a year, but for idiosyncratic connected a Plan 5 loan, the threshold is £25,000 a year.

Martin said: "Over a cardinal radical are successful that presumption - and you tin get the wealth back... The mean payout connected pupil indebtedness claims is £280. This is precise large and precise casual to do, and it's worthy taking notes." To get this wealth back, you request to motion into your Student Loans Company relationship and determination is present an online signifier you tin capable out.

A caregiver called Rebecca shared her occurrence story, with presenter Jeanette Kwakye speechmaking retired the pursuing message: "I'm a caregiver who overpaid my pupil loan, and arsenic a effect of moving overtime owed to COVID pressures, I got £444 [back]."

You whitethorn person besides overpaid if you were placed connected the incorrect pupil indebtedness outgo plan. Martin explained however employers are told to spot you connected Plan 1 arsenic default - and this has a overmuch little repayment threshold than astir different plans. This means immoderate radical connected little salaries would person started to repay their pupil indebtedness erstwhile they needn’t have.

Martin said: "So what bash you do? In that case, dormant simple, speech to your leader and archer them what program you're on, and past you telephone up the pupil indebtedness institution and inquire for a refund."

Martin besides explained however immoderate radical could beryllium owed wealth backmost if they started to repay their pupil indebtedness excessively early. You're usually lone eligible to commencement repaying successful the April aft you near your course. Some graduates whitethorn besides person had wealth deducted aft the indebtedness was afloat repaid, Martin warned.

He said: "If your institution doesn't cognize erstwhile you graduated, it could instrumentality the wealth excessively early, and truthful you're paying erstwhile you shield, and again, that means you tin reclaim. Just telephone the Student Loans Company payroll details volition assistance you."