Want a Baby

[DCX1983]

I am currently in an IVA, with 2yrs remaining. My number one priority is to get this IVA done and dusted as soon as possible.

My girlfriend and I would like to try for a baby, but there are some obvious worries, as we would want the best for our baby.

1. Will my IVA be affected?
2. Will my IVA payments be reduced?
3. Will we be able to claim child benefit (not really sure how this works)
4. My girlfriend will have to take time off for the baby, so our income will obviously be less for a while. Will this be able to be taken into account?

[luluj]

Being in an IVA does not mean your life has to stop....becoming parents is one of the best things that ever happens (so I am told).... Your IVA will be reassessed annually or more often if your circumstances change and if your lucky enough to have a baby then child benefit etc will be paid and taken into account with your income.

A full review of your income and expenditure will be required and where necessary your IP will seek your creditors support to enable your IVA to continue to its end.

If I were you I would enjoy the baby making process and worry later. Xxx

[Foggy]

Hello and welcome. Many of us have had babes during our IVA's and all of the problems can be solved, with the help and support of your IP ... who are you with ?

A new income and expenditure will need to be carried out, to take into account changes in income and in expenses and the repayment adapted accordingly. Child benefit claims will not be affected ( assuming we have CB then ... Mr Cameron ??? ) and a good IP will be able to cater for the fluctuations during and post delivery.

Best of luck.

[DCX1983]

Thanks for the comments.
I am with Freeman Jones, who I have never had a problem with.
I am worried that before the IVA payment is taken into account I have too large an income to get any benefits (Child benefit / tax credit). Is this not true?
I am also concerned that I would not be able to prepare for an arrival as I will not have any spare income etc.

[Foggy]

Child benefit (unless this all changes with Universal Credit and the like) isn't income related. Tax Credits, however, are ... and those goalposts keep on moving!

[MrsR]

I personally would use some of the income that you use for housekeeping, towards purchasing any baby bits, such as on a weekly or monthly basis ( depending on when you get paid).

The IP will probably not allow a payment break on the basis of a new arrival, i would imagine

[Pandy]

Foggy,

The new rules are child benefit isn't payable on incomes over £50,000 or it is a reduced sliding amout. Look at the GOV UK website for details and rates of all benefits

[DCX1983]

I understand new I&E will be taken into account, but there is no way of knowing how this will turn out until the baby arrives.

Also Child Benefits goes to one parent, correct? So this could be paid to my girlfriend, therefore irrelevant?

[Pandy]

Child benefit is paid to the mother, but I think the IVA will look at household income as if you are having to support her, any income she has will be looked at.

[abbiesmum2003]

Child benefit can be paid to anyone but usually goes into the mums bank account. Look it up on g'ment website for full info. Good luck!

[DCX1983]

Thanks everyone.
It is such a scary thing to think about as I don't want to not have enough money to be able to provide, but I don't want my IVA to fail.
Thinking time...

[Foggy]

Thanks PJ -- that is so far above my earning potential as to have been missed by my radar

[DCX1983]

Out of interest, is my IP able to reduce my payments by 15% from the original amount, or 15% from my current amount?

[abbiesmum2003]

surely if have a baby you will need a completely new I&E to take into account change in circumstances not just a simple reduction. I woukd contact IP. Child benefit recently changed and not eligable if you earn more than 50k but otherwise its about £27 per week which is paid monthly. Then £13 for each additional child you have. Paid until child is 16 i think or 18 if stsys in education. tax credits whole other ball game ehich i dont even think the powers that be understand!
We have 3 kids, baby was born only few weeks ago during the process so as was born before iva got approved we actually had i&e done based on maty pay/child benefit for 3 and allowances for family of 5. Im sure with the right information and a thorough review you can have a baby and continue with iva. You wouldnt be the first to have done this!

[Foggy]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by DCX1983

Out of interest, is my IP able to reduce my payments by 15% from the original amount, or 15% from my current amount?

The 15% reduction is a discretionary allowance granted to your IP and he / she can reduce the current payment down to a figure of 15% below the originally agreed payment, without going to ask the creditors. But .. they do not have to.