I really want to do a degree course in September.

Get expert opinion. This is the place for new questions to be posted.
9 posts Page 1 of 1
 
 

Michelle.93

User avatar
Posts: 2
Joined: Mon May 11, 2015 11:10 pm

Post by Michelle.93 » Mon May 11, 2015 11:10 pm
I am in the third year of my iva and would like to start a degree course in sept. I would need student finance to do this. I am confident I can maintain my payments so am not looking to end my iva. I am going to ring my ip to seek permission but just wanted to ask if it's something they normally allow, student finance. Reading a lot of posts that ask about it but nobody that has actually got the go ahead from them. Am I wasting my time calling them for them to say no? I really want to do this course. Thanks.
 
 

MrsR

User avatar
Posts: 1201
Joined: Mon Oct 31, 2011 9:30 pm
Location: United Kingdom

Post by MrsR » Tue May 12, 2015 6:50 am
Hi Michelle,

My former IP informed me that As student finance for loans is normally paid after the term of the degree or when earning above a certain threshold, then their shouldn't be an issue, however it is still a form of credit, and you will indeed need to speak to your IP.

If it's a full or part time degree they may ask how you will be able to maintain your payments if your income has to drop as a result of attendance to uni, as well as any increase in expenditure is, travel costs.

If you can manage payments that way then they could question a few things surrounding your allowances regarding
your income and expenditure, but I believe that if you choose to buy cheaper products for example under your household budget, then you could always use that.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!

Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA :)

Completion Certificate received- 30th April 2015!!
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue May 12, 2015 8:02 am
You will need to speak to your IP about this, but most would, I believe, not have a problem, due to the nature of student finance.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Tue May 12, 2015 10:00 am
We rarely have a problem with this either especially as the loans normally do not need to be repaid until after the IVA is over.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kaza100

User avatar
Posts: 66
Joined: Fri Aug 24, 2012 3:12 pm
Location:

Post by kaza100 » Tue May 12, 2015 10:56 am
just asked the same question, then saw your post ! I to hope to be doing a degree course September but would need to apply for finance I intend to work bank shifts in between placements until the iva is paid, for the last 2 years. Just don't want to ring to be told no, will watch your post with interest, good luck with the decision and the course !
 
 

Michelle.93

User avatar
Posts: 2
Joined: Mon May 11, 2015 11:10 pm

Post by Michelle.93 » Tue May 12, 2015 12:55 pm
Thank you for your responses, that's very encouraging. Started to panic they would just say no. I'll email them today, my case officer seems to change every 6 months so when they get in touch I'll let you know what they say. Thank you all.x
 
 

Evilmoo

User avatar
Posts: 148
Joined: Thu Jul 12, 2012 12:58 pm
Location: United Kingdom

Post by Evilmoo » Tue May 12, 2015 6:43 pm
Hi

I've just finished the first year of a degree and it wasn't a problem as finance isn't repayable until 4 years after you start the course and only once you're earning over £21k

Good luck!
Last edited by Evilmoo on Tue May 12, 2015 7:23 pm, edited 1 time in total.
IVA started Aug 2012
F&F agreed 7th September 2015
CC received 4th March 2016
 
 

Evilmoo

User avatar
Posts: 148
Joined: Thu Jul 12, 2012 12:58 pm
Location: United Kingdom

Post by Evilmoo » Tue May 12, 2015 6:44 pm
I'm with Debt free direct by the way
IVA started Aug 2012
F&F agreed 7th September 2015
CC received 4th March 2016
 
 

Shining

User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am
Location:

Post by Shining » Tue May 12, 2015 7:03 pm
Good luck to all with your studies, don't let the IVA hold you back.. But as others say just check with your IP.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
9 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”