What will happen to my student loan ?

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by paula549 » Wed Aug 02, 2017 10:40 pm
I am just entering into an Iva with creditfix, I am a nurse and I work part time. I'm also waiting to see if I have got onto a full time art degree in September (I've had verbal confirmation but not written yet) and I have already been through finance and have a potential student loan sat there for when I start). I have agreed a sum of money to pay back monthly with my IP and at the time I did mention college but as this hadn't been confirmed they told me to leave it for the time being. I am going to continue to work 2 nights a week along side my course . My question is, when I do start college and receive my student loan is it all going to be taken off me? I understand that it's not classed as income but it is a chunk of money going into the bank.
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Michael Peoples
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by Michael Peoples » Thu Aug 03, 2017 7:58 am
The student loan is income but it is needed for books, coursework etc so should be ignored for IVA purposes. If you subsequently graduate or receive a promotion due to the increased qualifications this would lead to higher IVA payments so creditors could benefit anyway. Check with your IP that these funds are excluded before you proceed.
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by Foggy » Thu Aug 03, 2017 8:00 am
Hopefully the IP will balance out the loan with the associated study expenses that the loan is designed to cover. Get any assurance in this regard from your IP in writing.
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