I have an IVA and just found out I am pregnant

[sue.i]

I have just found out I am pregnant and due in July, we have been doing our IVA for 2 years now, and am just a bit worried and don't know what to do, my wages will drop to statutory maternity pay, will we be able to freeze our payments will I am on maternity leave?

Can somebody point me in the right direction, I would really like to take the time off when the baby is born, but am worried I will have to come straight back to work, but then there is child care to pay for.

[ianmillington]

Hi Sue

Talk to your Supervisor right away - the more notice you give the more responsible you will be perceived to be and the more likely it is that something can be done.

Also, given that I don't know your circumstances (what you and your husband do for a living, whether you own or rent your home etc) it may be that the IVA is no longer in your interest and bankruptcy might be more appropriate. have a frank discussion with the Supervisor.

Ian

[sue.i]

We both work full time, my partner is a HGV driver, and I am a payroll consultant, we own our own home, is there no way it can be put on hold until I go back to work?

[debbiw]

Hi Sue, You will need to speak to your own IP regarding this, you maybe able to take a 3 month payment holiday. Great news by the way...

[ianmillington]

So long as you are able to give a clear indication as to how many months you won't be able to pay (obviously if you are able to pay something that would help)then something ought to be done.

Typically (unless you have a draconian default clause) you become in breach when you are 3 months in arrears. If you are up to date you will already have some leeway. I imagine you may need a little longer than that so it will require a variation, which will probably require a further meeting.

Ian

[Adam Davies]

Sue
Congratulatons.
You should find your IP and creditors helpful as it is a common event during an IVA.If you can pay something whilst on maternity then any shortfall can be tagged onto the end of your IVA.If you need a complete payment break then again this can be tagged onto the end of your IVA.Speak with your IP now and keep them informed,by writing or email to be safe and try not to worry about this.There will be a way forward for you and your creditors to keep your IVA on the road.
Regards

[sue.i]

Thank you so much for your advise

[MelanieGiles]

Speaking from experience, I have dealt with many clients who have had children whilst they are subject to IVA proceedings, and each case probably had its own differences.

As Ian has already advised you, early communication with yoru IP is the key, and to have a sensible meeting you would do well to have explored the amount of benefits you are entitled to receive and the additional costs you are likely to incur - including childcare if you are intending to return to work.

It is time to perhaps reassess priorities, but if you do wish to continue with the IVA and you feel that you can afford to make some form of repayment into the future, then perhaps a variation meeting will be necessary to see if creditors are prepared to accept a lower offer.