I have separated from my husband who is the one in debt. I have taken out loans to help him, and would like to know if I can do anything about this? I have a place on a foundation degree course, and am applying for a student loan. I have been was advised by IVA company that I would be breaching the IVA agreement if I were to do so, is this correct? My husband is paying the IVA.
Before we took out the IVA I tried helping him by taking out loans and paying off his back log of debt.When it was clear we were not getting any where I set up the IVA in both our names. Now we are separated he is paying all of it as I am on benefits and am not in a position to pay. Plus he understands it was him that put us in this situation to begin with.
My problem is that I want to study a degree but as a single mum I need the support from the student loans company, who have approved me for a combination of Grants and loans (the government ones). Kingsgate Insolvency have said I can't take this out as I would be breaching our IVA.
With the loans I would be no better off as when I start studying I would loose my income support. I wouldn't have to pay the student loan off until I am earning over Â£15000 which would almost certainly be after the end of the IVA??
You can obtain credit with the consent of your IP and I am a little surprised consent has been refused as it does not impact on your IVA payments. The debts will be payable post IVA and indeed if you graduate before the IVA is completed and begin to earn good money, your IVA payments could actually increase. This will of course be of benefit to creditors with no downside for them.