I am currently in the last year of my IVA, and I have just found out that me and my girlfriend are expecting our first baby.
I am worried about my finances as all my extra income goes paying my IVA off, my main worry is that I am not going to be able to afford everything that we need for the baby! Do i ring my IP up and explain and see put my payments on hold or reduced payments?
What lovely news for you both, even though you are worried about your finances.
Firstly I would stop worrying as your IVA is very unlikely to fail at this late stage even if you cannot pay any more contributins. You need to work out a budget for when your partner goes on maternity leave, at which time you will probably only have six months left to pay. The probability is that you will probably still be able to make reduced payments, but if not you can ask your IP to put forward an offer that creditors accept what you have paid in in full and final settlement - and I think you would have a very good chancew of getting this agreed.
