could student loan be included in an IVA?

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Jenny d

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Post by Jenny d » Tue Jul 29, 2008 2:06 am
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Hi

I was wondering if my student loan could be included in an IVA. Also can I have a debit account which doesn't have an overdraft facility during my IVA if it is already set up with no debts?
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Viki.W

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Post by Viki.W » Tue Jul 29, 2008 2:50 am
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Hey jenny, welcome to the forum. I don't think student loans can be included but I'm sure the experts will be along to advise you. I'm sure your bank account will be fine. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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kallis3

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Post by kallis3 » Tue Jul 29, 2008 6:39 am
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Hi Jenny,

I think student loans can be included in an IVA, but not BR.

One of the experts will confirm (or not as they case may be!)
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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pixie

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Post by pixie » Tue Jul 29, 2008 7:21 am
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Hi Jenny and welcome.

Student loans can be included but they usually expect a very high return. If this is a large proportion of your debt then it may not be viable.
Your bank account will be fine so long as none of your debts are with the same banking group.
Have you spoken to anyone yet regarding this?
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
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MelanieGiles

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Post by MelanieGiles » Tue Jul 29, 2008 9:57 am
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Yes the debt can and should be included in your IVA, but you can expect this company to reject so if they are owed more than 25% of your overall debts then this would force the whole IVA to be rejected.
Regards, Melanie Giles, Insolvency Practitioner
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jennyd

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Post by jennyd » Tue Jul 29, 2008 2:44 pm
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Thanks for your help
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Blair Endersby

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Post by Blair Endersby » Tue Jul 29, 2008 3:50 pm
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If they are over 25% of the debt you could look to exclude them as long as this is detailed in your proposal along with how you will deal with them. eg if you are currently paying them and you still can afford to pay your other creditors this shouldn't be an issue.
Just remember if you do exclude them you need to give full dsiclosure to other creditors and the student loans company and you must ensure full provision has been made to pay the student loan.
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