I am considering the possibility of taking out an IVA. However, I am also five years into an Open University course which I have financed thus far by student loan. I am concerned whether I will still be able to apply for a further student loan for the final year of my course if I go ahead with the IVA. If it's relevant, I earn over the threshold for repaying a student loan. I realise, of course, that a student loan isn't part of the IVA.
Not an easy one to answer. Normally student loans are agreed to by the IP ( You do need their permission for new debt over £500) on the basis that repayment will not be due until the earnings trigger is breached -- which is likely to be well after the IVA has finished. However, in your case, from what you say, repayment will commence right away. Will the creditors allow you the extra allowance to be able to make this repayment ??
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk