Martin Lewis urges millions to get ‘cash in your pocket’ with one single phone call
Martin Lewis urges people to get 'cash in their pocket' with one single phone callThe Martin Lewis Money Show Live, ITV
Transcript
00:00 Now, we did a freedom of information request, my team,
00:02 and over one million overpaid their student loans
00:06 just in the 2022-23 tax year, the last tax year.
00:10 And there's actually no limit on how far back
00:12 you can reclaim student loan overpayments.
00:15 So there are actually millions of people
00:18 who are likely owed money too,
00:19 because it's typically one million a year
00:20 and this has been going on a long time.
00:22 If you paid and you're under the annual threshold,
00:25 this was the reason too, where I did the graphs of,
00:27 the big reason.
00:28 Because someone has been really talking about this a lot
00:31 and lots of people have done it
00:32 and it's gone really, really big,
00:33 they've got a little bit of phone line issues
00:35 and it's all been a bit clogged up.
00:37 So they've come up with a new form,
00:38 which I'm delighted to say,
00:40 the SLC refund request form at gov.uk,
00:42 just for that reason too, is now available.
00:46 Here, you can have a look at it.
00:47 There we go.
00:48 It's really easy to fill in, only for reason two,
00:51 just make sure you fill in every section.
00:53 You say what tax year it's for.
00:54 If you're doing it for more than one tax year,
00:56 you have to do more than one form.
00:58 Really easy to fill in.
00:59 And then you email it to the student loan company.
01:02 Let's get rid of that and let me carry on.
01:04 They should normally hope to process it within 28 days,
01:06 but after this show and after Christmas,
01:09 it's probably gonna take a lot longer.
01:10 So they said, please just, you know,
01:12 stay calm with them 'cause it's gonna be a lot of demand.
01:15 It will contact you if they need further information.
01:18 Please don't call them to check progress.
01:20 There's no need.
01:21 If you haven't got it in six months, maybe,
01:22 but not in the first month,
01:23 and you can't do it for this tax year
01:24 'cause you don't know what your total income is.
01:26 For every other reason,
01:27 you need to call the student loan company.
01:29 Try to check your old pay slips first.
01:31 Make sure you've actually overpaid.
01:33 Gather your documents, your national insurance number,
01:35 your student loan number.
01:36 That's all helpful.
01:37 But if you don't have it,
01:38 just give them a call and see if you'd use some money.