Martin Lewis says one million people may be able to claim thousands of pounds back
17.10.2023 - 07:13
/ manchestereveningnews.co.uk
Martin Lewis has issued a warning to his followers on Instagram.
The money-saving expert said that there are millions of people out there who are due some cash back due to being overcharged on their student loans. Mr Lewis told his social media followers that there are a variety of reasons as to why people would be overcharged on their student loan payments.
This can be down to not being on the correct student loan repayment plan or even being overcharged due to your income being incorrectly interpreted. Fortunately, if you do find out you were overcharged on your student loan payment, you can claim it all back, making a nice tidy profit depending on how much you're owed.
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Speaking to his followers on social media, he said: "Do you have an outstanding student loan? If you do, you may be one of up to a million people who overpaid it unnecessarily last year and can claim back hundreds or thousands of pounds.
He added: "Recently my team put in a Freedom of Information request to the Student Loans Company. We do this each year, and it showed over a million people overpaid in the 2022-23 tax year.
"And that adds on top of millions who've overpaid in previous years. And as there's no back-date to how far back you can reclaim, there are a lot of people out there who may be due money."
He added that this only applies to those who have "unwittingly overpaid" instead of those who voluntarily overpaid. He highlighted that 833,000 repaid their student loan even though they didn't meet the income threshold to actually need to pay