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Posted: Sun Mar 08, 2009 4:54 pm
by denny547
If I do a IVA are my student loans included?
Posted: Sun Mar 08, 2009 5:00 pm
by kallis3
Yes they can be included.
Posted: Sun Mar 08, 2009 5:29 pm
by Adam Davies
Hi
All unsecured debt is included, however if the debt with the Student Loan Company is higher than 25% of your overall debt then it is most likely that it will be excluded from your IVA, with the agreement of your other creditors,as they are likely to reject an IVA.
Regards
Posted: Sun Mar 08, 2009 5:54 pm
by n958g
I was told that S/loans are not allowed in an IVA - do you think i have been ill advised and if so, can anything be done now my IVA is set up?
Posted: Sun Mar 08, 2009 6:01 pm
by Adam Davies
Hi
Your IP probably excluded them for the above reason.
The Student Loan Company will reject unless the dividend is very high[eg 90p].
If they have less than 25% of your overall debt then they will be bound by the IVA if you receive sufficient yes votes.
For info Student Loans even survive bankruptcy
Regards
Posted: Sun Mar 08, 2009 6:02 pm
by kallis3
It may be that they were more than 25% of your total debt?
If so, then as Andy says, they won't be included as the Student Loan Company tend to vote now.
Even if they were not, I doubt you could do anything about it now without it costing you a lot of money.
Posted: Sun Mar 08, 2009 6:16 pm
by n958g
Humm - thanks. The thing is i was told outright that they could not be included - i was never even asked how much it was for. If i had of been, they would have come in much lower than 25% of overall debt. I estimate about 15% would have been s/loans.
Posted: Sun Mar 08, 2009 6:20 pm
by kallis3
What company are you with Mark?
Posted: Sun Mar 08, 2009 6:38 pm
by n958g
I went through Vincent Bond as the introducer. I never mentioned then to the IVA company as i put them out of the picture when setting it up. As it happens, i took out the loans in the early 90's and don't earn enough to start paying it back anyway.
Posted: Sun Mar 08, 2009 6:44 pm
by kallis3
You wouldn't be able to do anything about it then.
At least you don't have to start paying them back yet!
Posted: Sun Mar 08, 2009 8:36 pm
by Adam Davies
Hi
Are you actually in your IVA n958g ?
Regards
Posted: Sun Mar 08, 2009 9:36 pm
by kallis3
He is Andy.
Posted: Sun Mar 08, 2009 10:03 pm
by David Mond
n958g wrote:
Humm - thanks. The thing is i was told outright that they could not be included - i was never even asked how much it was for. If i had of been, they would have come in much lower than 25% of overall debt. I estimate about 15% would have been s/loans.
Who told you that they could not be included?
Posted: Mon Mar 09, 2009 8:44 am
by JuliaE
I could not put my student loans in.. They just told me no! I had to pay them separately!!
Posted: Mon Mar 09, 2009 9:33 am
by kallis3
They can't include them in BR, but I would have thought that all IP's would know that if they are less than 25% of your total debt, that they can be included in an IVA.