I work full time and my income will not change but I am hoping to start a part time postgraduate course. The course will complete after my IVA is finished so I know student loans won't impact it as I won't start paying until after the IVA is finished. What I want to know is if I take a student loan will this be included in the income calculation for my payments - or in other words will they simply claim the money from the loan as extra income?
Most IPs take a realistic view and offset student loan income against the expenses the loan is designed to cover: stationary, books, curricular travel and 101 other things specific to your learning. Some will do it in a 'lump' , some will be painstakingly exacting in splitting the expenses down into various categories and some will leave the whole thing tucked away on a shelf somewhere, unseen. Only your own IP can say how they will deal with it.
It will, of course, show up as a deposit in your bank account and, therefore, the IP will likely become aware of it. In my mind, were I an IP, I would rather be told about something financial than discover it myself a little way down the path. And, of course, you are still going to need permission under the terms of your IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
