monthly payments adjusted for first child?

[richard.l]

Hi,I am currently in an iva and i pay 300 a month. I have recently had some great news,my partner is expecting our first child, I was wondering if this would effect my monthly payments and how?
Having a family will be very costly and was wondering if this would be taken in to account and maybee even dropped to allow for this?
Any advice would be great.
Many thanks

[iva experts]

Welcome to the Forum Richard,

CONGRATULATIONS, Wow you must be thrilled about having your first child.

I would contact your I.P and discuss your options with them, you may also want to investigate what benefits you will receive for this child ie: Child Benefit and Tax Credits etc.

The benefits you receive should offset any increased costs, however I believe the I.P can put forward to the creditors a decreased monthly figure that could be made up when your partner is back at work or lengthen the time of the IVA.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Jo Rolland]

Congratulations on your news.

If your partner is currently in full time employment, during maternity your income will reduce drastically. The benefits available in my experience do not in anyway cover the increased costs.

I think this is something you will need to discuss with your IP sooner rather than later.

Jo Rolland
Debt Alternatives
www.debtalternatives.co.uk