IVA & Student Loans

mrcactus Forumite Posts: 125
Seventh Anniversary 10 Posts Name Dropper Combo Breaker
Hi all.

I've applied to Open University a few months ago and am due to start my course in October. I applied for student finance and grants and all that.

I applied for maintenance loan as well and in October when my course starts, around £1200 will be paid directly into my bank account to spend on what ever I like. The course fee etc is being paid directly from Student Finance to the Open Uni.

Just wondered if the £1200 is classed as a loan/extra income and if I have to pay the 10% 50% thing (still can't work out what it is in terms of my IVA agreement)

I'll be studying part time and will still be working the same 40hrs a week so wont be losing money and will still keep up the IVA payments.

Wanted to spend the £1.2k on some extra study books and a laptop but if I have to pay some/most of that into the IVA, then I won't bother with it.

Just wondering if anyone could shed some light on this...I'll call up IP tomorrow anyway to confirm but if anyone knows anything that would be great :)
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 338.9K Banking & Borrowing
  • 248.7K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.8K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 171.1K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards