Dear Claudienne,

I began repaying my Studens’ Loan Bureau (SLB) loan by paying $33,399.75 on September 18, 2024, and $530,000 on October 2. Arrears messages continued, but said they should be ignored if payment had been made.

When I paid another $300,000 on September 8, 2025 a cashier said most of the October lump sum had been applied to the principal instead of future monthly instalments. Nobody had asked how it should be allocated. He said the account was adjusted to show prepayments.

Later that day, my loan officer, confirmed the change and said my next payment was due in August 2026, yet the messages resumed and my Debt Reset application showed arrears. She said there were no arrears and would report the issue, but my November 20 email went unanswered.

On December 5 the SLB again said the account was in arrears and that I had a different loan officer from the one I was told previously. The new online system shows no prepaid balance. I was directed to email the director and await a response as the Debt Reset deadline approaches.

I would appreciate your assistance in resolving this matter with the SLB.

AJ

Dear AJ,

Tell Claudienne has been in communication with the SLB regarding your concerns and notes that the director of the Client Relationship Management Services (CRMS) Branch at the SLB has sent you an email.

The email states:

“Please be advised that we have conducted the requisite due diligence checks and are able to confirm the following:

1. Three payments totalling $863,399.75 were made during the period from September 18, 2024, to September 8, 2025.

2. The first payment of $33,399.75, dated September 18, 2024, covered your expected monthly payment (EMI).

3. On October 2, 2024, you made the second payment of $530,000. Having provided no specific instructions to the cashier, the lump sum would have settled your EMI for October ($33,399.75, of which $13,421.85 represented the monthly principal), and the difference was applied directly to your principal balance, reducing it from $2,372,820.38 to $1,862,798.28. This would have been clearly indicated on your receipt.

4. With no further payment having been made until September 8, 2025, arrears (the accumulation of missed monthly instalments and late fees) accrued on your account.

5. The third payment of $300,000, made on September 8, 2025, was applied as a normal receipt to the arrears balance. This payment cleared the outstanding arrears balance up to July 2025. At the time, prior to the third payment, we were in the process of transitioning to a new system, and the October 2024 payment transaction had been transferred as per the original application.

6. Now that we are aware of the issue, we are in the process of making the relevant update for the excess to be placed on the account instead of being applied to reduce the principal balance. Pending this adjustment, please find enclosed a manual calculation of the loan as it will stand with the required adjustment, which shows zero arrears and an outstanding loan balance of $1,956,443.31 as at July 2026.

7. We wish to assure you that there will be no adverse implications arising from this issue as your data has been excluded from the credit bureaus’ databases.

8. Please be advised that, upon completion of the adjustment to the payment allocation process, we will apply the following benefits to your account:

i. A two per cent reduction in the interest rate under the Good Standing Benefit.

ii. A Debt Reset waiver of $100,000.

Should you require any additional information or supporting documentation, please do not hesitate to contact the undersigned. Be guided accordingly.”

We wish you all the best.

Have a problem with a store, utility or company? Telephone 876-936-9436; call or WhatsApp 876-484-1349; write to Tell Claudienne, c/o Sunday Finance, Jamaica Observer, 40-42 ½ Beechwood Avenue, Kingston 5; or email [edwardsc@jamaicaobserver.com](mailto:edwardsc@jamaicaobserver.com). Please include a contact telephone number.