Credit Agreement

[superstupid]

I've just started college and I have to pay for my course.
It's a few hundred pounds so I can't pay for it in one go, but the college lets you pay in installments.
Basically like a pay as you go kind of thing. You cant get your next assignment unless you pay.

Ive had a letter saying I need to sign a credit agreement so thay can let me pay monthly.

Will this affect my IVA??

[kallis3]

If you can afford to pay it alongside the IVA then I don't think there will be a problem.

I would class it as being similar to monthly insurance payments.

If you're not sure then you could run it past your IP.

[superstupid]

My partner has paid a large deposit for me on the course so the monthly payments are quite reasonable.
I was thinking too its like insurance.
If you don't pay it gets cancelled.

[jtomo64]

The only downside to this is that if you are being asked to sign a credit agreement, they may carry out credit checks and on that basis the credit could be refused due to you being in an IVA.

Hopefully this will not be the case and all will work out for you.

Good luck!!

[kallis3]

Hopefully you will be ok.

However, your partner could always do the payments and you pay them back?

[IRHR]

I teach in a college and the agreement isnt a credit agreement as such as in consumer finace or banking etc, it is an agreement to pay the fees in instalments. I would say the only downside would be that with the cost cutting and bdgeting in colleges etc at the moment they are far more likely to chase you fully for the total amount even if you dont finish the course. You are usually agreeing to pay on this basis.

[IRHR]

I also meant to add they dont usually do a credit check.

[kallis3]

That's good news.

Let us know.

[Shining]

I teach in a college too and we don't credit check. x