Martin Lewis tip has saved people up to £2000 through refund many will be owed
Martin Lewis is here to save the day once again, and this is a tip that could benefit a lot of people.
Just in the last tax year, over one million people overpaid a specific loan and The Money Saving Expert has shared exactly how to check if you can be reimbursed.
The loan in question is the government student loan, which students don’t have to pay back if they earn under a specific threshold - with most who paying back from their wages via direct debit every month.
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However, that isn't all that is said and done.
A Freedom of Information request sent off by the MoneySavingExpert.com revealed that 100,000 people have unclaimed money waiting for them from their student loan.
The good news, however, is there is a relatively easy way to check and find out if you’re owed money.
According to MoneySavingExpert.com, you should first go to the government website and sign into your student loan account.
If you have money left to pay, it will show up on your account but it will also tell you if you’re owed any too.
If the case is that you are owed money back, give your student loans provider a call and they will be able to help you out.
It is also recommended to have your old payslips, payroll number and PAYE reference number at hand for a smoother process.
Some of the reasons as to why you could have been overpaying is because you could have made repayments despite not earning enough, being on the wrong payment plan or you started paying out your loan too early.
"There is no backdate to how far back you can reclaim, so there are a lot of people out there who may be due money.” Lewis said.
And this advice has helped others reclaim money they otherwise wouldn't have known they had.
A student called Francesca said that she received a huge refund at a time when she needed it most.
Speaking to The Sun, she said: “I want to say the biggest thank you for your student loan overpayment coverage.
“I've been refunded over £2,000 at a time in my life where both myself and my partner have wound up unemployed and we're really struggling.
“Keep fighting the good fight and thanks so much.”
She managed to claim her refund after seeing The Money Saving Expert’s student loan overpayment video.
And though we have yet to approach the end of the spooky season, Lewis has shared some other tips recently about how you can save money in the run up to Christmas.
Taking to X, Martin said: “Netflix to hike prices by up to £24 a year for some - here's what's happening.
"If you're paying for premium and you don't stream on four screens or download on six devices, it may be worth switching to a standard plan to save £7 a month."
Topics: Martin Lewis, Money
Mia Williams