Martin Lewis has explained that many people could be owed money by the Student Loans Company if they wrongly received early repayments.
The finance wizard, who founded MoneySavingExpert.com, tells his viewers in a video he shared on TikTok: “Can you reclaim your student loan?
“Surprisingly you may be able to. Not if you chose to overpay, but if you paid more than you need to by accident.
“And the biggest way that happens is if you started paying too early.”
He continues: “You see the Student loan rules state you should only start repaying in the April after you left university which, for most people, is around nine months after graduation.
(Image: TikTok / @martinlewismse)
“But of course, lots of you will have started working before that point and student loans are repaid through PAYE, repaid through the payroll, and many employers because you’ve given them the wrong information or they’ve got the wrong information start deducting too early.
“They deduct before the April after graduation and, if that has happened to you, you can get in touch with the Student Loans Company.”
Martin Lewis said it was a good idea to have your payroll details ready when you called them.
(Image: Getty Images/iStockphoto)
His helpful video has been watched more than 15,000 times and many people were quick to thank him for the advice, with one saying they’d managed to get back loads of money.
One commented: “Got over £300 back as they took my repayments in September! Thanks, Martin.”
A second viewer wrote: “I’ve done this twice now because they accidentally put me on the wrong plan. Hopefully, they will get it right next time.”
Someone else said: “Yay! Martin is on TikTok what a dude.”
This comes after Martin Lewis gave five bits of advice for people trying to weather the energy crisis and rising prices.
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