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Junior Member

156 Posts

Posted - 16 January 2014 :  20:01:57  Show Profile  Reply with Quote
Hello everyone...its over 2 years since my BR and things are going well for me right now...many thanks to all who advised me during my BR.
I’ve been giving advice to a friend who is a student at this time....in their last year...and have decided to go BR. How does Bankruptcy affect a student...and if they only have a student loan as income will an IPA apply?


United Kingdom
4590 Posts

Posted - 16 January 2014 :  22:49:22  Show Profile  Reply with Quote
Glad everything is going ok for you.

As regards your friend - even if they declare BR the loan will remain in place outside of that and still need to be paid for at the end.

I would suggest that they speak to an expert - it may well be that a DRO is an option for them depending upon the amount of debt.

I don't think the loan will count anyway as it is to pay for tuition fees and possibly accommodation costs.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant

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forum expert

United Kingdom
565 Posts

Posted - 17 January 2014 :  10:31:12  Show Profile  Visit Blackie's Homepage  Reply with Quote
My sentiments as well moodybluetwo!

Without knowing the level of debt that your friend has amassed, it is difficult to advise on the best way forward. A Debt Relief Order may be the best procedure or some other debt relief process other than bankruptcy. Please come back with the information.
However, in answer to your question, if your friend was to make themselves bankrupt, it is unlikely that the student loan would be taken into account for income payment agreement purposes. Even if it was, there would be no excess income over expenditure. There never is for a student!!

For help and advice on the easiest and most effective way to a debt free future, please telephone me on FREEPHONE 0800 298 0253
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forum expert

United Kingdom
2211 Posts

Posted - 17 January 2014 :  13:45:36  Show Profile  Reply with Quote
Glad things are going great moodybluetwo.

As Blackie and Niobe have posted, your friend needs to chat through all options as soon as possible. There will be a solution and it's nice that he/she has you to discuss it with.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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