Hi, I am just getting all my stuff together for IP and was wondering if my student loan would be included in my IVA? I forgot to ask. It is the old type of student loan and I am currently just barely under the threshold for paying it back but this may change next April.Just wondering are they treated like the other creditors or how does that work? Thanks all you lovely people in advance!
I have a feeling the rules either have changed, or are about to change and you won't be able to include it, but I could be wrong.
Hopefully one of the experts can help out with this one.
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.
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I remember being told that changes to legislation mean that since April 2010 student loans cannot be included in an IVA, however a quick search shows many websites that state student loans couldn't be included after November 2009 - this info must be wrong as my student loan was included in my IVA in December 2009.
carole2662 wrote:
We did our IVA last May and were told student loans couldnt be included.
As in May 2009? Mine was included in December 2009, though I was told that if thay had been owed more than 25% of my total debt they may not have been included as they rarely vote in favour of IVAs. Luckily they were owed 24.3% of my total, so even though they were the only creditor to vote against my proposal, it was still accepted. Mind you, it still took 4 months of communication from both me and my IP before they stopped recovering the payments from my wages!
The law on this changed on 6 April 2010, and student loans can no longer be included into IVAs, but your IP will still need to receive details of the loan.
My son has had student loans and all the grants and burserys he could get. He lived at home and so far hasnt spent much of this money. His friend has got student debts of around £18000, my son has got around £10000 in his ISA.I think he has learned by our stupidity with money,at least something good has come out of our disaster
Mine come straight our of my salary too! It was all taken into account when my IVA started. And to be honest I don't pay much a month anyways.
Though I had my statement last week and it hasn't diminshed much. Looks like it will be leaving my salary until I am 65. x
Its now time to start living and to make some some wonderful memories!
Read my blog at http://flow13.blogs.iva.co.uk/ 'Aiming for the finish line'
I have both styles of student loan. One comes out of my salary but I also have the other type which you can defer if your salary is under a certain amount. Last year my salary was just £20 under the threshold before one has to start paying it back. I expect come next June my salary will be over the threshold and I will have to start paying it back and it is in the region of £130 per month so that is also something I am worried about.
flow13 wrote:
Mine come straight our of my salary too! It was all taken into account when my IVA started. And to be honest I don't pay much a month anyways.
Though I had my statement last week and it hasn't diminshed much. Looks like it will be leaving my salary until I am 65. x
Haha, me too! I remember being at a info meeting about student finance when i was at school and thinking "What kind of loser will still be paying it back at 65?" Probably me! It's not too much a month and I owe about £15k so could be worse
