I had my Iva approved on may 16 and have just found out I am pregnant and scared to tell them. I am not looking for reduced payments. What I need advice on is if creditors would accept a final settlement. A family member may be willing to lend me some money. My total debt was 28 k and the amount I am supposed to pay back is 14 k plus a possible further year for house equity clause. What is a realisic amount to offer? And do you have to be in an Iva a certain amount of time before you can make offers. I may possibly receive some money in the form of redunduncy pay when I leave work. But I would like to get this sorted in the next coming months. Please advise. Thanks
Hi charlie76 from what i understand it doesnt matter how long you have been in an iva, a final payment would be roughly your monthly payment x the time you have left. hope this helps im sure others who no more will advise to.
Many congratulations on the pregnancy and I am sure creditors will look favourably on an early settlement. There is no minimum timeframe to offer a full and final so have a word with your IP. I would base the offer around the amount of equity in your property as with a child on the way your surplus income will have been seriously eroded.
Good advice from Michael as always, and many congratulations from me on the fantastic news. Your priorities will now change considerably, and creditors will understand this in whatever offer your funder is able to offer. Clearly the nearer you get to the original offer, the more chance there is of a successful outcome.
Thanks. What if I make them an offer and they accept and then a few months down the line I get a redunduncy payout which is more than what I offered them.?
If for example my work decided to pay me 30k redunduncy and I had not already settled with creditors would they take the whole 28k off me considering I am pregnant and will not be going back to work at this company. I read something under the redunduncy Claude about keeping 6 months pay. Would they let me keep any more because I will also need to look after the baby?
You should normally be able to keep up to six months worth of redundancy money whilst looking for another job, how this works with maternity leave and then no job I've no idea. Will you be looking for work after the baby is born?
Money debt and credit. Have not told them yet i am about 6 weeks pregnant but only just found out a week ago!
To be honest I have been through hell over the last 8 years with my work and one of the reasons I got into debt was because it was so stressful I used to gamble. They had always told me if I had a baby I couldn't work there so. Knew they would offer me money but I don't know how much. But I don't see the point if I have to pay the whole lot to the Iva as I will be struggling all over again. I am really not sure if I will be looking for work alli know I will be at home for at least 6 months or a year this is my first baby!
One other point is the fact that they said that you couldn't carry on working if you had a baby, I am no expert but I'm fairly sure that they shouldn't say such a thing.
My whole career there is so messed up! I nearly took them to court 2 years ago. Anyway I don't mind if hey pay me fairly.
If I made an offer of 10k if my dad can help would this be too low as was supposed to pay 14k back plus I have a home which the valued as having 10k in but I wold never have been able to remortgage. Or is this too low? How long does I take putting an offer forward and finalizing? Are you sure that they ask for my p60 or anything after he iva is finalized that would show I had received a payout. I just don't want to get done for fraud or something like that.
I am pretty sure that you would have a case for unfair dismissal as they are not allowed to discriminate against anyone for being pregnant or having a child. You would have a good case for a tribunal and should make a call to ACAS or CAB who can offer you some sound advice on the subject.
Congratulations on the baby too!!!
Take what life throws at you and hold your head up high. You're only human after all!!!
