IVA and degree course

[Andrea.M]

I am thinking of entering the IVA scheme but i am due to start University on a degree course in October. Would the IVA affect my entitlement to getting a student load or Maintenance loans? The course runs for 4 years so every year i will be looking to get the financial help through the Uni. Could an IVA against my name stop me from being entitled to anything?

[Viki.W]

Hey andrea, welcome to the forum. An expert will be along shortly to advise you. Do you have a regular income to fund an IVA (not including any student loans) ? Viki X

[facingittogether]

hi andrea and welcome!

like vicki says, there will be an expert along to answer your questions, it does seem quiet on here wit it being the bank holiday weekend - but rest assured there will be a way forward for you!

good luck in getting things sorted and with your degree at uni!

keep posting to let us know how you go on and this site is also good for support and advice - we are a friendly non judgemental lot who are all in or have been in smilar situations!

love barb x

[MelanieGiles]

Unless you have an independent income to fund ongoing IVA payments, it is unlikely that this is going to be a viable option for you - and if you are going to borrow regular money from the Student Loans company you will have to disclose that you are in an IVA and this may affect the funding.

[Andrea.M]

The broker i am dealing with has said that i can include my intentions regarding Uni in the IVA proposal and the creditors have the option to block it if they want to.
If they dont, where do i stand in relation to the student loan companies themselves? Would i still qualify for the student loan despite the IVA, if my creditors have prior full knowledge about it and have given me the green light??
I am soooooo confused!!

[MelanieGiles]

I am concerned that you are referring to a "broker"! Why are you not talking directly to an IP, qualified to provide you with the advice you need on all of the available options.

What is the point of spending all that time putting an IVA proposal together which is likely to fail? Unless someone is charging you for that process I suppose?

You will need to check with the Student Loans company as to their policy of lending money to people in IVAs, which is then to be used to fund ongoing payments to other creditors. It doesn't make much sense to me, I am afraid unless you have other income to offer to creditors.