Hello, me again, so I have spoken to 3 different companies now and I wish I hadn't bothered as I'm soooo much more confused. Each are telling me different things about my student loan. I know I have to pay the debt, that's fine but with regards to my payments (loan and grants) some are saying I can keep them and others say I pay them into the IVA. My childcare costs rise substantially in September as my twins start with the childminder so I also need to know I can afford these. I don't really know what I'm asking, I'm just after advice really.
Kind regards
Hi! My student loans are excluded from the iva but I have an allowance to make full monthly payments. My understanding is that this is the usual way of treating student loans. Does this tie up with what any of the professionals have advised? I hope I'm not complicating things further xx
Student loan debts cannot be included in an IVA nor under bankruptcy proceedings. You will be required to make ongoing payments to them if you are over the threshold, and this is generally via deductions taken straight from your salary. If you are not paying anything towards them they still stay outside of the arrangement and have to wait for their money - daft I know!
If you are still receiving new loans and grants, then this money is ringfenced from your IVA as it is needed to fund your studies and not to pay creditors.
They were listed on the report - SLC - Student Loans Company. They never chased and have never been in touch since so there wasn't an issue as far as i was aware and as i said, no trace of them now on my credit report. My IVA completed lasy July so this was some time ago but i do recall the IP saying that it wasn't likely to be included... but then it was. My IVA was ridiculously different to the experiences i have read on here anyway so I am not surprised I am the exception to the rule once again!
At the end of the day IVA,S are flexible and your IP must have thought it was worth proposing your student loan in the iva at the time and it paid of for you.Not sure if they are allowed these days.congratulations cindy completing your iva life must be a lot easier now financially.
Earlier IVA's did have student loans included - it's only been in the last couple of years that they have been excluded.
Things have changed an awful lot recently.
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
