Student loan Plan 2 -living abroad
Hi guys,
I am slightly stressed due to the student loan repayments. I moved back to Germany almost exactly one year ago, I have paid GBP 60.00 monthly until they increased it i believe beginning of the year to GBP 97.00. I'm paid 44,000 EUR and get commission pay as well. I told them I can't afford the increase so they allowed me to continue to pay 60.00 however the remaining balance will incur arrears, which need to be paid off in order to get the remainaing balance written off after the 30 years. Anyway, they sent me letters via emails almost monthly, that I should call them etc, I forgot to make payments for last couple of months, and today i received a letter that i have now the fixed payment plan of GBP 325.00 per month from October to september 2027. I uploaded my contract only when I had to submit proof of employment details a couple o weeks ago as it states either contract or 3 last payslips. Obviously they didnt accept my contract and I called student finance immediately to check as I have uploaedd proof. and he explained contract is only valid if you've been employed very recently. I have paid half of my arrears and updated now last three payslips however they include big commission around 8k for may payout etc, I made a note that the gross income is 44k tho monthly payments depend on commission, holiday pay etc. So I assume they will recalculate. I also start a new job in september where I'll be earning 62k plus commission. I've read so much now on reddit, obviously plan 2 sucks and I dont know what was in my naive 20 year old head back then, to signing this scamming variable arrangement I'm in for now for the next 25 years. I dont have enough money to pay it off all at once, i also know i will never pay it off since I only touch the interest with my payments, basically burning money. Some people decide to never pay but I will eventually return to the UK since I have to do another year there for my pension ( left uk after 9 years, 10 years is eligle for pension (silly me again!!)). I guess i only have two options? Either ignore them from this point but then forever ignoring or pay and try to tell them I dont have enough money to make monthy payments). I dont really have a question I would like to open this thread to see your experience, thoughts, approaches and hopefully I feel less like a mess :)!!