Hi Im just over a year in now along with my partner.
Ive just found out im pregnant and wondering about IVA. i go on mat leave next july and when i go back to work i want to drop hours to 30 perweek and also childcare will escalate to nearly 600 permonth. the iva payment from jan 2012 is due to increase from 450 to 850 due to paid off cars. Do you think my readjusted I&E leaving approx 350 to creditors would be accepted. I wold also need a apyment break due to 6 months reduced pay on mat leave. have spoke to IP but wanted some impartial advice. its second child so what allowances for a family of 4 are there rather than 3?
Thanks xx
Hi - congratulations! A six month payment break shouldn't be a problem. You'll need a variation to drop payments by such a large amount - so it's in the hands of your creditors rather than at your IP's discretion. Don't worry about all this...your IP can sort while you get excited about the new baby x
Congrats from me as well and I echo the advice above.
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Many congratulations from me too and I agree with the advice above speak to your IP as they can advise you with regard to what's exactly in your agreeement
Great news and lots to look forward too. I can't add anything to the advice already given but suggest you work with your IP to seek a clear route that is set out now so that you are able to plan the new arrival with as little stress as possible
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Congratulations on your news JMW1969 - how exciting!
You are lucky that your payments were due to rise by such an amount otherwise the drop may have used up all your DI. Have a word with your IP so they can relcalculate what your expected dividend will be with the new changes - taking into account the increase in child benefit/tax credits (if any) and the higher expense due to a larger family). Your IP can discuss with you increased levels of alowances for an additional child - as things like food and clothing will need to be reviewed.
If the dividend is low they may ask for an extension but best to speak with your IP asap to see the options and put it to the creditors.
Regards,
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Congratulatons I know its not easy but try not to stress to much your creditors cant expect you to put having a family on hold for the term of your IVA you are doing the right thing getting this sorted now I wish I had when we had baby in October 2010 I think I truly under estimated my income and expenses for a baby and should have spoken to my IP rather than trying to battle on with the same payments.
