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Posted: Fri Dec 11, 2009 10:55 pm
by sarah.mk
are student loans included in an IVA?
Posted: Fri Dec 11, 2009 10:59 pm
by kallis3
Hello and welcome to the forum.
I think it depends on what percentage of your debt that they hold. If it is more than 25% then you may be struggling as they very often vote against IVA's.
Posted: Fri Dec 11, 2009 11:39 pm
by MelanieGiles
Yes they should be - but as Jan says they are not often supportive towards IVAs so if they have an influencing vote we normally try to exclude them - with their agreement and that of the other creditors of course.
Are you struggloing financially now, and do you have a student loan? If so, have you reached the salary threshold where you would need to begin repaying it?
Posted: Sat Dec 12, 2009 7:54 am
by Lincoln_Guy
I had an IVA approved last week, which included my student loan. My student loan was 23.9% of my overall debt and the Student Loans Company voted against the proposal, but luckily my other creditors all voted for it.
Posted: Mon Dec 14, 2009 3:33 pm
by flow13
My student loan isnt included with my IVA. It is taken out of my pay each month. I did mention it when we started the IVA process but was told to not include it.
Posted: Mon Dec 14, 2009 3:40 pm
by kallis3
Would they have been a major creditor Flow?
If so, that may be why it wasn't included.
Posted: Mon Dec 14, 2009 3:44 pm
by flow13
Major would be an understatement lol!
Yes they were, and might always be. Ahh the good old student days!
Posted: Mon Dec 14, 2009 4:14 pm
by kallis3
That's obviously why then. They nearly always vote against. As long as you can afford to pay them and the IVA then you should be ok.
Posted: Tue Dec 15, 2009 12:03 pm
by flow13
Kallis, at the minute the sum of money taken from my monthly wages is not a lot really (usually below £20) and we did our I & E so that it showed take home pay (after the student loan.
Posted: Tue Dec 15, 2009 12:12 pm
by kallis3
A manageable sum at the moment then.
Posted: Tue Dec 15, 2009 5:45 pm
by MelanieGiles
The Education Bill which is currently going through Parliament is likely to mean student loans cannot be legally included in IVAs. I will update the forum as soon as I know this for definate.
Posted: Tue Dec 15, 2009 8:07 pm
by Lula
mine was included, they did vote No but luckly were out voted!
Posted: Tue Dec 15, 2009 10:21 pm
by confuzzled
MelanieGiles wrote:
The Education Bill which is currently going through Parliament is likely to mean student loans cannot be legally included in IVAs. I will update the forum as soon as I know this for definate.
Uh-oh! Any idea how quickly this change is likely to happen? I'm worried my IVA Proposal won't be a viable proposition if my Student Loans can't be included in it.
Posted: Tue Dec 15, 2009 10:38 pm
by kallis3
I doubt it will be law before your creditors meeting, so you should be ok.