www.iva.co.uk

Hi

I entered my IVA in June 2005 with debts amounting to around £35,000
I paid £460 a month for the first year & have been paying £512 a month for the last year & a half no arrears

My partner & I want to start trying for a baby, I will be able to continue my IVA payments until the baby will be born but what are my options for when he/she comes?

Will I be allowed to reduce my payments & in your experience what would a realistic amount be? or i have read that they sometimes allow you a years break from payments - would that be possible in this situation?

I really dont want to be declared bankrupt but dont want to have to put off trying for a baby any longer

If your financial circumstances change to the extent that you cannot pay your payments, then you will need to ask your supervisor to vary the arrangement by taking a payment holiday or seeking reduced payments. Familes are far more important than having a few debts, but do expect your IVA to be extended to compensate.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi
I would have to stop working & maternity pay obviusly will be alot less than what i'm earning now
I feel alot better knowing they allow a payment break & expect to have it extended after i can go back to work.. do you know how long they will allow a break?

Hi Jade,

I believe an I.P can allow a payment break of 3 months before notifying the creditors. Call you I.P to discuss this, they may feel the best way forward is a reduced payment which they will need the creditors to agree on in a variation meeting.

Remember also that any increase in expenses can be partially offset by your child benefit & tax credits etc.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

The length of the break will depend upon your individual circumstances, when you intend to return to work and what the costs you envisage the little one will incur. Your IP will need to see a complete breakdown of additional expenditure, and the effect of your reduced income, in order to be able to advise you properly.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Melanies right about family being more important.

Me and hubby waited until we could "afford" a baby, and then it was too late. Put yourself first. The finances can be sorted. Just keep your IP informed of any expenditure changes.

Good luck [:D]

Johnz

Just a question along these lines as like you we are in our IVA but would like to start a family sooner rather than later but does anyone know how you can hypothetically work out what & how much your child benefit/child tax credit & working tax credit will be so that you can have a more accurate overview of how it affects your I&E. (Hubby is obsessed with making sure we can afford it it first.)

You can try the application forms on HMRC website - and child benefit is £78 per week for one child.

In my experience people who have children during their IVA's generally manage around making the payments - this has happened to my clients on numerous occasions, and I would certainly hate to think that anyone was putting debts before having a family.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

I know family is alot more important & I have wanted to have chiidren for years but now the time has come to start trying I was getting worried about repayments

But you have eased the worry - thank you.

& Louisa I wish you luck in talking your hubby round (it has taken me a while as mine wanted putting it of until we can afford it & didnt have any debts)

Hi Jade
Just read the posts and ( I must say that I would not nrmally contradict Melanie !!!) child benefit is currently £72.40 per child paid every 4 weeks
hope this helps, and enjoy the practicing!!!!!
Roadrunner

we'll make it !!

Oops - I meant to say month. Many apologies and well spotted roadrunners.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Mrs Torch and I tried for years to have a baby.
Took 4 years, the trying was fun though.
I was so excited when i rang the local paper to put the birth announcement in.
The lady said,"How many insertions?", i said, "Blimey!, we lost count".

Aucto Splendore Resurgo.
(9 down, 51 to go)

LOL [:D][:D]

Thanks Jade - thought best to do a budget of approx costs to see if it is at all viable - not at the mo - as we would have to drop our monthly payment from £357 and I'm not sure they would go for it.

Good luck with yours and trying for that baby!

Melanie - in your experience if someone becomes pregnant and they have managed to make the minimum dividend through their monthly payments and partners 50% bonus - will the creditors accept that as a full & final or will they insist on continued repayments however small?

It really depends upon the circumstances of each individual case Louisa, and how much could be returned to creditors compared to the original offer. As a rule of thum, I would say that if you have paid more than half of the IVA payments, then there could be a good change of getting a final settlement on the basis you suggest.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thank you Melanie - your advice as always is much appreciated.