www.iva.co.uk

Hi,

My IVA was approved in May and I'm up to date on all my payments.

I am in my final year of University. Earlier this month, I found out I was eligible for a student grant for the previous year 12/13. I have made amendments to my student finance application for that year and am awaiting an outcome. It's highly likely that I will be receiving around £5,000 (grant) for that year.

My question is this, is this considered a windfall?

I ask this because I don't consider it a windfall like for example a lottery win, or inheritance. The money can be put to use to improve my education further (thus increasing my chances of a decent paying job). What are your opinions on this please? Will they likely ask for 50%? (I'm OK with this...)

This was unexpected, and I only found this in June/July(admittedly this was my fault - I missed out on £5k for 2011/12 because of this).


Thanks in advance, and thanks previously for advice given.

Its additional income rather than a windfall so expect your ip to take some interest in it.

Let them know whats happening and they can explain how much you are likely to have to pay over.

Paul

Paul

If I were acting for you, I would want to understand what out of that money was needed to fund your ongoing educational costs. Not sure how you managed to survive last year by forgetting to claim the grant, but important that government backed money is used for the purpose it is paid for, before creditors get their mitts on it.