Can I take out a student loan while in an IVA ?

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Jacquie.3

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Post by Jacquie.3 » Wed Sep 14, 2011 7:08 am
I am in the 3rd year of my IVA but in a public funded job that is cut, possibility of gaining further employment with the same salary is low, I want to stop working and apply for full time study to complete social work degree,this means applying for student loan, done some initial calculations and would still be able to pay my IVA monthly payment but a student loan is under the `credit agreement` umbrella but the degree is to secure future better paid employment can I go forward with this?
 
 

Nanz77

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Post by Nanz77 » Wed Sep 14, 2011 7:36 am
Hi I am just about to enter an IVA and also the 3rd year of degree, i spoke to my IP and was told tht i was able to apply for student finance through the studentfinance.gov.uk, but i am also working so i dont know if it would be different if you are out of work talk to your IP.
 
 

Jacquie.3

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Post by Jacquie.3 » Wed Sep 14, 2011 8:52 pm
Thanks for responding our circumstances are a little different but appreciate your thoughts
thanks
 
 

kallis3

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Post by kallis3 » Wed Sep 14, 2011 8:58 pm
Hi and welcome, just caught up with this.

You need to speak to your IP about this one as they are the ones who have specific knowledge of your IVA.
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.
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Jacquie.3

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Post by Jacquie.3 » Wed Sep 14, 2011 9:15 pm
Hi
Thanks for response I have spoken to them ( Grant Thornton) but initial response from them was a no. I have no other options because of the government cuts its either take up full time study to gain social work degree and improve my prospects or take a lower paid job that will see me struggle to make payments
I have looked at burseries and grants but these would only be workable with a maintenace loan via student loans. I have no intention of jeopeodising my IVA as it was the saving grace for me three years ago but without being able to finance this study I am worried about the future now
 
 

kallis3

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Post by kallis3 » Wed Sep 14, 2011 9:19 pm
Hopefully Karol can pick up on this one tomorrow and help you out.
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
 
 

Adam Davies

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Post by Adam Davies » Wed Sep 14, 2011 9:21 pm
Hi
If one IP states that it can be done then it should be the same for all.
Will be interested to read GTs response
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Andam Davies
 
 

Jacquie.3

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Post by Jacquie.3 » Wed Sep 14, 2011 9:24 pm
Thanks Jan
I appreciate your support and I will keep trying to impress on my IP that I am committed to finishing my IVA and hopefully under the circumstances they will look favourable on me :)

I will log in tomorrow evening
Jacquie
 
 

Jacquie.3

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Post by Jacquie.3 » Wed Sep 14, 2011 9:31 pm
Hi Andy

Thanks, I would not be requesting this allowance from my IP without considering all options its unfortunate that my current employment is supporting people funded (Government) and due to cuts is unlikely to survive next round of validation and be tendered out at lower salary rates etc
I have already completed first year of social work degree about four years ago so picking it back up and completing in next two is now the best option

Jacquie
 
 

kallis3

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Post by kallis3 » Wed Sep 14, 2011 9:31 pm
I do hope so Jacquie, sending you positive thoughts.
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
 
 

MelanieGiles

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Post by MelanieGiles » Thu Sep 15, 2011 1:57 am
I would have no problem in any of my clients taking out a student loan to pay for studies. Student loans only become payable once you hit a certain earning threshold, and it is likely that your IVA will have concluded by the time that happens in your case.

I suspect that you may need to speak with someone a little higher up the decision making tree at GT to get a more positive response, but let's see what Karol's initial reaction is - without knowing the full facts of your application of course.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Grant Thornton

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Post by Grant Thornton » Thu Sep 15, 2011 9:25 am
Hi Jacquie.3,

If you can contact us by email to ivacustomerservices@uk.gt.com and put "IVA Forum" in the subject line I will look into this matter for you.

If - as your post suggests - you do not believe moving to full time study will impact on your IVA, then I'm sure this is something that can be accommodated and, even if there are potentially issues in terms of on-going affordability of the monthly contributions, we can look at what options may be available in that regard too.

I look forward to hearing from you.

Kind regards

Karol
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