Future planning with IVA

larzie30

Hello All

Probably a bizarre question but I like to be as prepared as possible. Due to a marriage breakdown and my ex just basically doing a flit and not paying any joint loans etc, I am in financial difficulty. This has been going on for over 2 years now. I have a couple of questions re IVA as follows:

1) can my solicitors bill (3000) be included in IVA
2) do my credit union loans through work have to be included in IVA
3) and this is a big one. Currently live at home with mum and dad, want to live with my new partner and within about 3 years start a family (am 32 and have already been through the pain of IVF so I know how important the biological clock is and it doesn't wait for you to get into a good financial place) so my question really is if i fell pregnant half way through a 5 year IVA would they reconsider my circumstances (less pay etc) or would I just be expected to keep up the payments by hook or by crook?

Hope someone can help.

Thanks in advance.

L

Nargleblast

All loans and debts have to be disclosed to the IVA company, as they cannot administer your affairs without knowing the full picture. They will decide what can and what cannot be included.

Every year you will get a review of the IVA to take account of revised income and expenditure, and you would have to completely revise your budget anyway if you were pregnant, so it's a case of cross that bridge when you come to it. it would be easier though if you could wait till nearer the end of the term. You are aware of course that if you have any property you would be expected to look into releasing some of the equity to finish off the IVA in year 5? if not possible then the IVA would most likely be extended for another year, unless you were able to get a lump sum from a third party to help out. Just a few things to be aware of.