I am currently 5 months pregnant i am looking into having a iva would i have to disclose the pregancy?i am planning on returning to work and my ability to make repayments would not be affected.I know honesty is the best policy but if it means not getting excepted is it worth not mentioning?
Five (or six) years is a long time and for the iva to last it is essential that you have a good, open, honest relationship with your IP. There is definately a need to discuss this with any prospective iva provider.
You must be honest with your IP, when the Baby arrives you will have increased expenditure and this will need to be taken into account if your IVA has any chance at all of success.
The IVA should be able to offer the best deal for you and your creditors, but it needs to be trueley affordable and accurate.
Contact a few of the IP firms that post on this forum. They will be able to go through everything with you and give you good advice about all the options open to you, not just IVAs.
Congratulations on your pregnancy and that should be the most important thing at the moment and not the debt. If an IVA is the correct option the payments can be staggered to take into account changes such as maternity pay, childcare, tax credits, part time hours etc. There is no point in proposing an IVA that does not factor in these changes as the IVA would be in trouble from the start. Speak to any IP firm and disclose everything and you will know if a five year arrangement is viable and what all the options are.
You will naturally need to advise your IP of your current circumstances, as they will need to understand your income position now and once you have returned to work so that they can formulate a plan for you based upon affordability.
