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If you have a student loan can you apply for an IVA to pay it off?

Also, if you have some savings but are not currently working then can you still be eligible for an IVA?

I believe if you are not working then an IVA is not the answer

Hi rbh and welcome to the forum

Unfortunately the student loans company does not really support IVA proceedings, and if you are not working then this will also probably discount you from using the procedure.

Post a little more about your current circumstances and we may be able to offer further assistance.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi
I think the student loan company will only consider an IVA where the proposal offers a minimum of 80p dividend.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi,

thanks for you responses. I will be starting working next Month, but I wondered if it would make any difference to payments to sort something out before I started.

When I start working will I then be eligible?

Also, I'm new to this so could you explain what an 80p dividend refers to?

Regards.

An 80p in the £ dividend means that for every pound you owe, the creditors will receive an 80 per cent return. When you start working you may then be eligible for an IVA, but you will need to effect a very high dividend payment to persuade Student Loans to accept the offer.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thank you, and is there a time period that this payment will last?

IVAs usually run over a five year period, unless they are based upon the offer of a lump sum to effect a full and final settlement.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi Rbh,

I had a student loan, usually you can defer the loan till you are earning at least 15k per annum. When you do start paying them off, it is usually around £30 per month per loan for 4-5 years, which is better than doing any IVA as the interest is so low.

I would really pay it back properly if you can as the repayments are realistic and usually quite low.

thanks again, now the interest has gone quite high and it's about £57 a month when it used to be about £28.

With an IVA would the interest be fixed and wouldn't it be better as you could end the debt quicker?

Lastly, if I did want to repay via IVA then how would I start this process?

No - as I said in my earlier post, student loans are not affected by IVA proceedings so the interest will continue to accrue unless they can be bound into the arrangement by the votes of other creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

So is it something I can't really look into now?