my wife is unexpectedly expecting

[caknight]

Hi

I am in an IVA and just found out my wife is unexpectedly expecting, what advice could you give to how I approach this with the IVA company?

Thanks

[MelanieGiles]

Ring them up and share the good news with them, and then sit down and work out the effect that the arrival of the little one will have on your finances. If it looks as if you will be unable to continue to pay your IVA contributions, then seek advice from your IP as to whether a variation to the original terms is a viable option, or whether you should now consider bankruptcy proceedings.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
Congratulations.
Normally your IP and creditors will be happy for you to reduce payments during your wifes maternity leave and possibly to extend your IVA to cover the shortfall.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Skippy]

Congratulations! Talk to your IP as I'm sure your IP will be able to find a solution for you.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[caknight]

Thanks for the support, I will give them a call

[iva experts]

Congratulations caknight!!

The best way forward would be to contact your I.P and make them aware of your change in circumstances. Then your I.P can decide whether a variaton meeting needs to be held and a new monthly payment voted on etc.

Creditors do not expect an individuals life not to change in 5 years, this would be crazy. Expecting a child is a genuine reason for a alteration in your payments so I would hope this wouldn't be a problem.

Best Regards. IVA Experts

[caknight]

thanks again for the support much appreciated

[BlueShoes]

Great news!
How lovely, a new baby!
New baby generally means lots of extra expense (We had three in three years!)
So when you do a new I & E remember to include everything extra (nappies, food, clothes, cost of additional laundry-both washing & drying) Then you have to consider child care costs (which for us are like a second mortgage!)
Part-time work might help juggle expenses, but one of you might want to be a full-time mum or dad, so there is the reduction in income to consider....
You will also need to buy all the clobber (we used Ebay for cots, prams, car seats, slings, baby baths etc and then bought new mattresses, bed linen, etc
Look at "baby bundle" for clothes which folk put together in big parcels, often hardly worn and great value!
All the very best with the "bump"
Blue

[james.c]

hi congratulaions

I am in same postion, first year in iva, first year review in Jan 2008, baby due in March.

I have been lucky i have had two pay rise since been in an iva, making me £170 better of a month,

So when i get my review i am going to request my payment stay the same as this is what they voted yes to, so they wont be any worse of, and I keep the extra money for my baby

no matter how bad money gets, theirs stll alot more important things in life

[caknight]

Thanks for the support.

Can't find anything on baby bundles? is it a website or ebay?

Thanks Again

[BlueShoes]

Hi caknight
Go onto ebay, put in "baby bundle" or "newborn bundle" etc and there are literally hundreds of clothes bundles from birth upwards. I bought my nephew a bundle earlier this year, cost £32 with postage, and it consisted of over 100 items, mainly clothes from Next, Gap and M&S, all like new!
I buy them for my own daughters too, although they are a bit older. It really is a great way to buy clothes, although mine are just getting to the stage where they want to choose all their own, so I suspect it won't last for much longer!
Good luck!
Blue

[Skippy]

My friend listed all of her maternity clothes on there recently - all really nice stuff that she only wore for a few months.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[scaredkez]

have you tried those freecycle web sites also, were they ask you to collect, they are local to your area and the stuff is free!!!
everything is worth a try, believe me babies are not cheap.

congratulations on your good news

kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[iva_squirrel]

Congratulations.

Please contact your IP as soon as you can. Normally your IP and creditors will be happy for you to reduce payments during your wifes maternity leave.

Ebay is a great way to buy clothes. just type in "baby bundle".

All the best,



Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[caknight]

I wrote a letter to my IP and was advised.

unfortunately there is nothing we can do until she actually has the baby?

So much for being upfront about it.