www.iva.co.uk

Hi I'm currently just entering into year 4 of an IVA, which I have kept up to date with andhad no problems so far. After an increase in my wages I am now paying around double what I did in the first place, and have been doing so for a while. What I need to know is I would like to return to full time education this september to do a degree, how will this effect my IVA?

I anticipate still having a modest income from part time work which i can use to put into the IVA (obv. not at the same rate as I was before). But I would also need grants / student loans to start the course, would I even be able to get those?
Thanks for your help.

Hey B2S, welcome to the forum. You can request a variation meeting to lower your payments but the creditors may not agree with your decision to go to uni. As for the loans, I think you would need your IP's permission but again, not sure how that one will turn out for you. Please hang in there for one of the technical experts to advise you. X

Hi and welcome.

I agree with what Viki has said.

If you are entering your fourth year, could you not put your further education plans on hold for a further year or so until you have finished your IVA?

Hi, thank you very much for both your comments they are very helpful.

In answer to your question, I would not want to put off these studies as I'm now 28 and really want to start getting on with my life now I know I can handle my finances at last! I know it's only a couple of years but if it is possible I would like to get on with it asap

Thanks again for all your comments x

But you may find that the drop in the payments is not acceptable to your creditors and your IVA will fail in that case. It does seem a shame to have gone so far. Also, you may not be able to get financing for your studies, either because the student loans people turn you down, or you IP says no.

You will need to formulate a plan for presentation to your IP showing how you would intend to fund your payments into the future. It is not ideal to be starting this type of course whilst you are in an IVA, but as I always say you must not put your life on hold either. Seek your IP's advice - as they have detailed knowledge of your case and will understand why this is so important to you right now.

Hi B2S ... just a thought, have you thought about commencing your studies through the Open University? You could gain credits for the first couple of years without having to give up your job and thus attain a successful outcome to your IVA. Those credits would then be transferrable to another academic institution.

What are you hoping to study?

Debbie

Thanks again for all your comments, it really does help to ask advice from people in the know!

I think I will try and 'formulate a plan for presentation' and bring that to my IP first of all. Something along the lines of using my grants/bursaries to pay the bills and get a part time job to pay the IVA only. If that's a no-go then I'll use the open university as PLAN B!

Hoping to study Environmental Management, with a view to a career in that field...

Thanks again x x x x

Good luck B2S, good idea from Soulgrowth there about the OU. Hope it all works out for you. X