live off Student Loans, part time work to pay IVA

[efective]

I've been giving some serious thought to entering an IVA. I have a debt of circa £17,000 and I plan on returing to Higher Education next year.

Here's my question:

Being a Full-Time student (in an IVA) will I be eligible to apply for Student Loans and Grants?

An IVA in its simplest form is a contract between you and your Creditors. Correct?

If I take a Part-Time job (whilst at university) and earn the amount that has been agreed in my IVA - so I can use that money to pay my IVA, will that be okay?

Therefore, in essence, I will live off my Student Loans and Grants but will use my Part-Time earned to make my IVA payments.

Regards,

[MelanieGiles]

Hi efective and welcome to the forum

You are eligible to apply for Student Loans and Grants, but if you are in an IVA you must advise the loans/grants companies of your financial status.

An IVA is indeed a contract between debtor and creditors. Given your circumstances, I do not really feel that an IVA would be the right solution for you, as you ought to be concentrating on your studies without the distraction of having to work at the same time merely to fund debt repayments. Do you have anything particularly averse to bankruptcy proceedings, which might be a better option for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

An IVA is just one of many solutions to debt difficulty. I think that you should stongly consider bankruptcy as the IVA may have an adverse effect on your studies.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

I agree with the experts above, although people may still feel the stigma attached to bankruptcy alot of the time this can be the better solution. Especially in cases where a person has no assets or no/little disposable income.

I would ring at least 2 or 3 debt solution companies and get some advice on this.

Best Regards. IVA Experts