Student Loan Book: Sale Debate

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Department: Department for Business, Energy and Industrial Strategy

Barry Sheerman

Main Page: Barry Sheerman (Labour (Co-op) - Huddersfield)

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Student Loan Book: Sale

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Foreign Fighters and the Death Penalty
Thursday 11th October 2018

(6 years, 1 month ago)

Commons Chamber
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Sam Gyimah Portrait Mr Gyimah
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My hon. Friend has my categorical assurance that that will not happen.

Barry Sheerman Portrait Mr Barry Sheerman (Huddersfield) (Lab/Co-op)
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The Minister must know that those in the financial services sector—the sort of people who buy these loan books—are the least trusted people in this country. Is it not a fact that there are hundreds of thousands, if not millions, of former students out there with some £50,000 of personal debt who are extremely worried about what will happen to the debt sold to these unscrupulous people?

Sam Gyimah Portrait Mr Gyimah
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The loans we currently have are income contingent and are collected through the tax system, so even when the loans are sold off, the new owner of the loans has no means or mechanism to contact the students or chase them for payment.

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