Thinking about IVA - mature student?

Maida

Hello - So we've decided that maybe we should finally take the big step because we just cannot manage anymore. I don't think anyone here is in as much debt as we are in.
I am at university doing a degree and getting financial assistance (student loans company). This is obviously for my studies and they do not account for debts etc. Will an IVA mean that I have to use all my student finance on the payments?

Part of my course requires me to go abroad twice for a month at a time. I have to put money aside for this and I don't know if I will be allowed to do this if I have an IVA?

I am also really scared that the IVA will not work and we just got a CCJ from tesco - which we tried to avoid but they just took our account from a different debt agency where we were paying monthly and decided they were going to file for a CCJ.

I also have a question about the CCJ - can it be added to the IVA or do we deal with this separately?

Maida

No responses.

I have called the IVA company and a CCJ can be added to the IVA, however until the IVA has been accepted they can enforce the CCJ. They said they may be able to call the court to have it stopped until they know whether or not the IVA has been accepted.

I am so ashamed to say how much debt we have. I have never seen anyone else here with a figure near that. I am hoping and praying that the IVA is accepted.

They have told me they will be putting together a proposal, I feel a bit relieved and they feel strongly that it will be accepted.

FoggyBrain_2

Hi Maida. I am afraid it seems many posts don't get a response. I am guessing those that do respond cover as many peeps as possible, but time is short and some get missed (I too am in that boat and often reply to my own posts!! ). Anyway, don't despair at the level of debt. The important thing is that you have grasped the nettle firmly and are now dealing with it. Read around the forum, there are many helpful folk here, who know what they are talking about, and many of us have the same questions .. so the answer might lie in these pages :-)

We, it turns out, are around £55k in the red and my IP is putting together our proposal at the moment. Probably looking to repay around £500 monthly. So over 5 years we are looking at just under half the debt repaid. Fingers crossed it is accepted .... if not I will have to consider BR, and the creditors will get zip.

Best of luck.

Maida

I hope it will work out. I am just so depressed.
BR is not an option for me - so I hope the IVA is accepted. Good Luck with yours.