IVA and student finance HELP

Lilybell

We are going through the process of an IVA and our IP has advised us that our creditors won't accept any provision in our budget for our daughter who starts university in a weeks time. Student Finance won't help either because while my husband has been out of work for two years, I still have on paper a good salary. This is despite the fact we will have no disposable income if the creditors won't allow us to provide anything for our daughter. She has a maintenance loan that covers the cost of her accommodation but leaves her with £15 a week to live on and books. She is going to Oxford and they don't allow the students to have jobs other than in summer. I'm really worried - does anyone have any suggestions?

FoggyBrain_2

Hi. I am afraid I know little about catering for student offspring in IVA's, but if you pop over to https://www.iva.co.uk I know a couple of the posters there have kids just starting uni and one of the IP's was very helpful too.

Lokolo

Get a bank overdraft for emergencies or to live off, then work in the summer to get some money and pay it off.

Lilybell

She will have an OD of £1400 for the year but the UNi advise she'll need £3500! Also concerned she won't be able to get a job in the summer

tyllwyd

Maybe you have to look at more drastic options - do you think a DMP would give you more leeway? Could you avoid going into an IVA for three years while she is at uni? Maybe she should delay going to university until next year, and try to get a job and save this year? Maybe she can't afford Oxford if she's not allowed to work during term time and needs to think about applying elsewhere?