IVA and becoming a student

kelseyandkatiesmummy

Hi I am 3 years into an IVA and due to start university in October. I am entitled to student loans and grants to help me as a student. I understand that any type of student grant is classed as income and they can take 50% of of me? How is this fair when this funding is purely for studying? . I have not yet spoken to my IVA practitioner in detail yet as shes currently on holiday. Can I refuse to give 50% based on the fact the money will be spent on childcare, books, travel etc?

Please help as I'm starting to panic!

skintandscared_2

You need to speak to your IVA provider.

Unfortunately, I imagine it's considered "fair" by the people who you owe money to and cannot repay, yet want to borrow more. But I do see that the loan is intended for education, to better yourself, get a better-paid job and ultimately pay back what you owe. I hope your debtors have that view. Borrowing money when you can't pay back what you already owe is always going to be difficult. Good luck to you.

Anondebtadvisor

If you are starting uni i imagine that you will no longer be working and your student income will take place of your employment income?

If this is the case you may find that your contributions will not change or may go down as you will have increased expenditure and possibly less income than you do now.

Speak to your IP and let us know what they say :-)

kelseyandkatiesmummy

Hi.

Skintandscared - I am referrring to the grants you are given as a student such as adult dependant grant childcare grant. Yes I will be borrowing my tuition fee from student finance but I don't see this as a actual debt more of an investment into my future. I don't have to pay this back until im earning £21,000 a year also. I have been paying my IVA off fine each month and never missed a payment. I do not mind increasing my payments but worried they will not leave me with enough to fund uni.

Anondebtadvisor - I currently work part time 3 days per week and this will continue whilst im studying.

Thanks both for your comments

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Anondebtadvisor

All grants and loans will be included as income.

But you will have additional expenditure such as childcare, travel books etc so your IVA payments probably will not increase by much after all this is taken into account.

Your IVA will not effect your student loan "SLC" entitlement in any way so dont worry about that.

I wish you all the best for your studies :-)