In an IVA - becoming a Daddy - Need Help!

daze

Hi Guys,

First post, I'd would have liked to be a nice one however, I'm in a dilema.....

I'm due to become a Dad in September, I started an IVA at the end of last year [before my girlfriend fell pregnant] and while currently this is manageable due to lodgers in our rented property obviously our new arrival will need a room and the other point is our one remaining lodger has decided to move out for a new job, which ultimately leaves us with full rent, we do not want to move house but the increase in outgoings has changed considerably.

I currently pay £222 to an IVA, but would like this reviewed due to my new outgoings, what are the likely to increase again when the little one comes along

I'm beginning to sway towards a possible bankruptcy option

My questions are - how will they view my new addition? would I realistically be able to reduce my monthly payments? and would this constitute a reason for bankruptcy?

Very stressed!!!!!!!

Thank you for any help in advance

daze

Any thoughts anyone?

only1westie

Hi Daze.

I feel for you, here is my first time as well. i hope this may help. I made a phone call to the CCCS yesterday and offered a little hope and support. Now I dont know know much about it myself, but they might be able to help out. I wouldnt want to say anything that is wrong, but it may be worth a phone call to find out if they could help out, maybe see if the CCCS could review it for you as it is a charity.

if you have till september, could you afford to bank a little money to save and forget about it?

I have two boys myself single parent and self employed, so dont give up and hang in there.

Westie

daze

Thanks Westie,

I've been advised to contact my IP first and see if there is any flexibility first, then failing that seek the advice of the CCCS

fingers crossed I'll get some help before I have to consider the dreaded BR!

only1westie

Hi Daze.

Well I wish you luck and thoughts. Like I mentioned all I can do is offer experience. Up to yesterday, I was offered two repayment schemes from two different companies. 1 i would take roughly paying for 14 years, the second, my money doesnt go all to my debts and pays towards a fee and another 6 years...amazing!

So far, after contacing the CCCS, and after they gave me a client reference number. I rang the people who I owe money to, and they put a stop and halted charges, stopped direct debits, and are currently waiting for the CCCS to get things moving and a direct number to call if there were any problems in the meantime. The companies I spoke to knew of CCCS and things were put on hold for the moment, a bit of breathing space. I hope this goes ok, otherwise...egg on me face!

I wondered though, while the baby is small, and even not ideal, for a while, could the room still be let out, or even a family member move in and help out with the baby etc. Sorry if I am jumping the gun here, but you never know, this room could an asset rather than to be seen as a wieght around your neck. Like I said, sorry if this seems a bit too much.

Keep your chin up
Westie

daze

Hi Westie,

Sorry for the late reply! I've spoken to CCCS who have advised to discuss the matter with my IP due to the IVA being legally binding

We were hoping to be able to rent the top room until december which would make life a lot easier however the guy in there has found work in a different city and is now moving out sooner!

The other room is rented also but again they have plans, not sure we'll find anyone willing to move in with a new born!

Thanks again for your comments and support!

thecableguy12

in most iva cases they may be able to reduce they payments by upto 15% this will be stated in the modifications docs you signed upon acceptance of your iva.