A good firm will help you through the arrival and early months, often with a payment break around the birth (which has to be repaid at the end with the months missed added back on). Then you will need to revise your income and expenditure after the birth. Most IP's are able to reduce by 15% without asking creditors, any more than that can be dealt with by a variation ( to which the creditors need to agree).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We are with Stepchange and have found them to be really fair.
You never hear any bad press on the forum regarding their IVA side.
I have found the trick to an easier ride is being able to earn additional income.
Good luck.
Regards.
IVA completed with StepChange.
Last payment Sept 2016 CC Oct 2016
Five or even six years is a long time and you should not put your life on hold. As Foggy says it is a common occurrence [thankfully] and the arrangements can be varied as and when. It would be impossible to plan anything at the beginning but once your circumstances change the terms of the IVA can be amended.
You are right to question things before you take the plunge. We were with McCambridge Duffy. You need to speak to a few people. You will know who you feel comfortable with as you do need to work with them for a long time.
Any changes during the IVA are looked at when they arise. If you get overtime / bonuses in the early years you are paying more into the IVA pot and sometimes this can work in your favour if a change in circumstances crops up during the life of the IVA.
The companies mentioned are both well respected on the forum and my advice would be to take the opinion of 2 if not 3 companies and then move forward once you've made up your mind. As Michael says life needn't be up n hold an IVA can accommodate.
Doing your homework at this stage will ensure you're with a realistic company and very important to consider one who is contactable as all too often we read that they cannot speak to their IP because of whatever reason. In my mind the speaking to your IP or a senior person within the company is vital.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
