Financing Post Graduate Study with an IVA

graduate2010

I recently entered into an IVA after my husband left me in lots of debt. I would like to study for a Post Graduate Certificate to further my career however the cost of this is £3,500. I dont have 'spare' money I'm a single mum of 4 (2 adult children though) my workplace wont finance it as its not relevant in my current role and as its a postgraduate certificate I'm not eligible for student finance or an advanced learner loan. Is there any way of getting a bank loan to fund the tuition fees? or any ideas of how I can find money to fund it? I've spent hours searching for grants but theres nothing for this sort of thing! Any advice would be appreciated

MalMonroe

Hi, there is some info here about funding - some establishments can offer funding for PG certs -

https://www.postgraduatesearch.com/advice/pgdip-pgcert/where-to-get-funding-for-a-postgraduate-certificate/ap-66015/#:~:text=Many universities and colleges offer,be first come first serve.

- as it says "many universities and colleges offer tailored support, grants and bursaries for those studying for PGCerts. Some will be means tested, others will be merit tested, while others may even be first come first serve."

BUT you cannot obtain further lending during an IVA without written permission, as per this link from StepChange -

https://www.stepchange.org/clients/iva-clients.aspx

It says "only in very rare cases are you able to take out further credit during your IVA. You’ll need written permission from your insolvency practitioner (IP) before you can take out any credit."

I also doubt that any lender would be willing to give you a loan.

It might be worth having a word with whoever helped you to get the IVA.

If the qualification is not essential for your work, though, it may be that you have to shelve this idea for the time being. 

sourcrates

No one will lend to someone who is insolvent.

Even if by some miracle your IP agreed to it (which they won`t) no reputable bank on earth would lend to you.

Forget about such things until your IVA is finished with.

MrFrugalFever

You are allowed to save during an IVA. An IVA will severely impact your credit files and ability to get any form of credit for the next 6 years. All the while you are bound by the terms and conditions of your IVA you cannot obtain credit over £500 without your IP’s permission and this is generally not approved unless emergency and even then you’ll have little to zero chance of getting approved by any lender.

£3,500 divided by 72 months is £48.62p per month, if you can save that each month, by the time your IVA finishes you’ll be ready to pay your tuition fees in full and without borrowing. Hopefully the interest gained (if you choose a high interest easy access account such as Tandem Bank) will account for some possible increase in fees or stud6 equipment/material required in addition to your fees.

silvercar

Is there a possibility of doing a masters course instead? That would give you an entitlement to funding from the student loan company.