what if we added a new addition to the family?

mia1830

Hi,

Our IVA started in January and since then all has went well, the presure it has taken of us and our family is amazing. At present we have only one child and since we were up to our eyeballs in debt never thought we would have another as money was so tight and we were breaking down as a family unit with the presure mounting up. Now all that has selted and we are living well with in our means we started talking about having another child but we don't want to rush into it. Our son is 4 now so with in the next year or so would be an ideal time so there is not a huge age gap, plus we aint getting any younger lol. I am just wondering how this would affect our IVA we are paying £160pm at the minute going up next year to £320 pm as our HP on the car will have finished, we have ours over 6years as we won't be able to release equity from our house due to it being co-ownership. If our payments went down a bit as a new I&E would need to done would this mean they could add another year on? We don't want to rush into this, so any advice would be much appreciated. Thank you

FoggyBrain_2

They could add another year, but everything is negotiable. Try running the idea past your IP. I would also add, don't wait until you can afford another child ---- it will never happen! Expenses always expand to fill any gap!!! Just go for it :0)

SunshineBear

I think if you were to 'ask permission' I would say you can't afford it. If you can then you could pay more toward your IVA.
If you just had one they would have to take it into account no matter what.

IMO practice and see what happens!!

mia1830

Thanks folks,

Suppose my problem is I'm just scared because we got into such a mess with money and now we have a chance of a new start, I know we are paying the £160 a month but we just look at like its a bank loan! I suppose I am scared of rocking the boat and end up worrying over finances again not because of the money to look after another child because with wise spending we should be ok as long as it does'nt affect the IVA too much, we will need a bigger allowance but just don't want to end up in this for an extra year. I don't know a hundered and one things going through my mind lol. Just see my little one growning so fast and how much we enjoy him and I don't want to get to a certain aga and regret not having another child. There's never a right time for children money wise, is there! Suppose just want to know where we stand if we do go ahead, being stress free at the minute is soooo good and don't want to feel the way we did before we got the IVA so checking our options

dbt3mummy

Our little lady arrived 2.5 years into our 5 year arrangement.

Our IP's didn't reduce our monthly contributions and only guaranteed they wouldn't take the child benefit we started receiving.

They weren't exactly thrilled that we had a child - but the IVA doesn't rule our lives and there is no way I was asking anyone for permission. We have found ways of making ends meet whilst always meeting our payments.

And we are now only 5 payments away from the end and I wouldn't of done anything differently - - well maybe not have got in debt in the first place but we have learnt from our past mistakes.

Good luck

snowyz81

Hi

I'm in the same situation, My little girl is 3 now and luckily my IVA finished in April 2012. We are planning to start trying in August so would hopefully have the baby once my iva is finished.

When i had my little girl i took a 6 month break, which was added on to the end.

I'd go for it and take the break