Martin Lewis urges people to get 'cash in their pocket' with one single phone callThe Martin Lewis Money Show Live, ITV
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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.