Student Loan and Trust Deed HELP PLEASE!!!!!

wanabeedebtfree

Hi

I was looking for help, I have a trust deed due to finish in February 2010:j

Included in this is an old student loan from 1997, I am starting a uni course in September and am wondering if I would be eligible for a new loan?

Any help or advice would be most appreciated!!!

Thanks

eklynne

Yes. When you apply they ask if you are or have been BR, but this does not affect your eligibility.
Good luck, what are you going to be studying?

wanabeedebtfree

Going to Queen Margaret Uni near Edinburgh as a 'Mature' student!!!

Does the fact that my previous loan is in the trust deed matter?

Meepster

I thought you were only allowed to get a loan of upto £200 whilst you are in a trust deed?

tigerfeet2006

No it won't matter at all.

tigerfeet2006

mwilletts wrote: »

I thought you were only allowed to get a loan of upto £200 whilst you are in a trust deed?

May be slightly different in Scotland but in BR you can get a loan of any amount you like and only have to inform the creditor you are BR if the loan is over £500. Whether the creditor loans it to you or not is up to them. There is no restrictions on what you can borrow when BR just the fact that you won't get anyone to lend you it because you are BR.

Meepster

tigerfeet2006 wrote: »

May be slightly different in Scotland but in BR you can get a loan of any amount you like and only have to inform the creditor you are BR if the loan is over £500. Whether the creditor loans it to you or not is up to them. There is no restrictions on what you can borrow when BR just the fact that you won't get anyone to lend you it because you are BR.

A trust deed isn't BR though, it's the equivalent of an IVA...

tigerfeet2006

Thanks for that mwilletts, I am always a little confused with the different terminology.

You can get a student loan in BR, not the bank ones but SLC ones, so I would assume you could get one in an IVA as well after you talk to your IP.

eklynne

wanabeedebtfree wrote: »

Going to Queen Margaret Uni near Edinburgh as a 'Mature' student!!!

Does the fact that my previous loan is in the trust deed matter?

Welcome to the club
I'm at Strathclyde Uni in Glasgow, and it's not mature student anymore, it's 'adult returner' lol :rotfl:
Remember to apply to the hardship fund when you start your course. I got just under 2k from my Uni last year

Meepster

Hmm I think this best answers it, that is, if you consider a Student Loan to be credit:

What am I committing myself to if I sign a Trust Deed?

You are entering into a contract to repay your debts, usually at a reduced rate. As such you agree to:

• Co-operate with the Trustee
• Pay the agreed monthly contribution
• Not take any further credit
• Advise the Trustee if you receive any unexpected windfalls in excess of £200.

http://www.debthelpuk.co.uk/scottish-trust-deeds-faqs.html#25

eklynne

A student loan isn't regarded in the same way as 'consumer credit'. It is viewed as an income whilst you are studying and the repayments are affordable and dealt with at source via your earnings when you qualify and are (hopefully) in gainful employment.