My son will be going away for three years in September and we now have the information we have been awaiting about the cost of his halls etc. These are going to be around £95.00 per week, plus of course, living costs that we will have to fund until he finds a job himself.
This July, will be our fourth review of a six year IVA. Will a variation meeting have to be held due to the huge increase in our expenditure, or can this just be included in our i&e at review?
Any advice would be appreciated please?
Hope everyone is keeping well??
Regards
Kazzy xx
There is light at the end of that dark tunnel. Promise.
Hi Kazzy, nice to to see you and I hope you are well.
Will your son be getting a student loan? Our daughter did and her living costs were funded out of that. we never had to pay for her accommodation and she had a part time job to fund her other costs.
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
Hi Kazzy E. My girl went last September. I was stressing about not being able to help her with purchases for her Halls (she moved City). My company initial said 'it's not my problem; she's an adult*nd no longer my dependent, so she'll need to get a job'm it wasn't an expense I was allowed on my I&E. My income went down after tax credit and child benefit ceased, as well as the dependent's allowance in the I&E. Fortunately, my CO allowed me to miss 1 payment so I could buy stuff she needed, and I made up the shortfall by increasing my payments x 5 months. My girl lost all round as her grant was low based on all the tax I'd paid, low student loan, and no access at all for bursaries. The 'joke of it all' was that I'd been killing myself with overtime to pay extra into IVA = student finance thinking I had loadsa money! I ended up on long-term sick now redundant, and my girl gave up Uni after 6 months as she was so stressed about my health. Can't even afford to live together now, so she's with Dad. Sorry for the long post Kazzy, but I hope some of my ramblings are of use to you. Hope things work out for your son X
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
He will get a student loan, but that has got to help keep him for the year and pay towards his accommodation and of course, the figures don't stack up. He knows he will have to get a job, but that's easier said than done when there's 20000 other students looking for a job in the same town also, but obviously he will do everything to try and secure work. I am worried because our review is in July, and we will have to take account of these expenses this year in our i&e, but I don't really know how to go about it. Let's assume he doesn't find work for three months, he will use his loan to pay the accommodation in advance which will take up all his money. I will have to allow in my i&e some living expenses for him.
If he gets a job, then all's good. But if he doesn't, then this is going to be a huge worry to have to contend with. I already work 11 hour days, so I can't take on anymore work to keep him, even if I wanted to.
So confused..........
Kazzy
There is light at the end of that dark tunnel. Promise.
Daughter's living costs were totally covered by her loan - it was just paid across to the university. The remainder of the loan plus her food costs were covered by her part time job. She had worked for Asda since she was 16 though so that helped.
As things get closer then have a chat with your IP to see what can be done.
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
Same position here, daughter to Manchester University in September, her halls are a similar price. They will be covered by her student loan, she will need to work though as I can't afford to contribute, might be able to put a few bits of non-perishable food by for her but nothing else. She's got a small grand and can be eligible for a bursary if she gets her predicted grades or above.
Talk to student finance, there must be a way with this as well as with your IP.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hubby used to cook up loads of things like spag bol and we'd get tins of soup etc for her. She had a fridge in her room and there was a communal freezer (think some of the stuff got nicked over the year though!!) She did come home at weekends though as she could drive and did have a car.
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
Luckily her choice of Manchester gives her my Mum, my brother and her brother to name but a few she will have all within 30 minutes of her so she'll get a good Sunday lunch at Nan's she keeps telling me x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks ladies for your advice. His student loan will fall short of his accommodation costs but not by too much, but he is not entitled to any other help because hub and I earn too much for any other assistance from Student Finance. He will have no choice other than to find a job, but that's not a dead cert straight away. We will try to help him where we can, but I would hope that some allowance could be made for him in our i&e.
He will be 3 and a half hours from us, with no-one close to him at all, so it's going to be tough on him. As you already point out, child benefit stops as well, so it's going to be tougher on us anyway. I'm sure it will all work itself out, but it is causing me a lot of stress at the moment, as it is all unanswered questions and uncertainty.
Kazzy x
There is light at the end of that dark tunnel. Promise.
Your IP may allow you to keep the allowance you currently receive for him within your I&E. Have a chat with them, I know Melanie Giles is sympathetic to education costs so hopefully your IP will be too (assuming you're not with Melanie).
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I am with Mel, Lesley and she is very sympathetic to education. I addressed this with her earlier in the year, when I didn't have any firm figures. I do now, so may be worth another email to her. I'm sure I am worrying for nothing, cos that's what I do best!!!
xx
There is light at the end of that dark tunnel. Promise.
