IVA and redundant!

1Bewildered

Hello all
Can anyone offer any advice please? I took out an IVA in Oct 07 because I had un-secured debts of £27k and I was only ever managing to pay the interest. I don’t own my own house and don’t have any assets. I’m paying £390 per month to the IVA now and have been managing this well and never defaulted.

The problem is that I’ve just been made redundant from a well-paid job that I’ve been in for 10 years. I’m getting a good redundancy package and am un-sure where I stand with this in terms of my IVA. I phoned the IVA company to inform them of my change of circumstances and they said they may need to take some of the money from me. I pointed out that if they did that and I couldn’t get a job, I’d be living on nothing, except benefits. They relented and advised me to keep up the current payments and just phone them when I get a job. Is this normal and the best thing to do?

I won’t get a job earning as much money because my skills which allowed me to earn the high wage I was on, are not transferable. I’ve never been out of work, since I’ve been old enough to work and I fear that I may struggle now.
It could be a chance to change my career for the better and do something I enjoy more, maybe retrain, but it’s come at a really bad time. My boyfriend and I were hoping to start a family soon, you see. I was single when I took out the IVA and met my partner shortly after. Luckily he didn’t run in the other direction when I told him about it!

Obviously with my current circumstances, we might need to re-think the family plans. I’m worried because I feel time is running out for me. I’m now 35….The plan was for my partner to buy a small place on just his salary in a few years when the market has bottomed-out and then we could get something together when my IVA is over, using both our salaries. Do I just say, what-the-hell to the financial stuff and have kids while I can? Or shall I hold out another 3 years until my IVA has finished? ....

I’m lucky because my partner earns a lot of money but I don’t want to be dependant on him :eek: or ruin his life with my debts and having to fund a family life on just his wage. I know that there are plenty people worse off than me but I’m very confused and would appreciate some guidance. I didn't really think about these kinds of things when I took the IVA out.

The redundancy was only announced about a week ago. My company are providing a careers service but I won’t have access to that until the consultation period is over on 18th June. Am currently on garden leave. Am off to cry buckets watching Ghost...

Thanks

ceridwen

Well...the first obvious point is that your fiance is well-paid now - but, for all we know, something might happen to his income too - so its wise not to take on any commitments until the current ones have been dealt with (ie the IVA). The risk to your creditors of not getting their money back on time would increase if you took on further commitments now - ie a baby.

I wouldnt have thought 3 years at your age (as you are mid-30s now) would make much difference to your fertility anyway - but, whatever is the case there, commitments to existing people (ie your creditors) has to come first.

I know its been the "mantra of the age" that we can "have it all" - but, in reality, choices have to be made and responsibilities have to be borne.

I think it would be the responsible thing too as far as your fiance is concerned to hold off on babymaking until the IVA is dealt with. When you met - he knew that you were making those payments as arranged and it wouldnt be fair to him to put him at risk of having YOUR debts around HIS neck.