IVA and 'Additions' to family!

sillysausage1977

Hi, I wonder if someone could give me some advice. My husband is currently in an IVA (done one and half years so far) and we have just found out I'm expecting twins!! :rotfl:

I was wondering how this will effect the IVA. At the moment our review isn't until Dec this year and I'm due about January ish. My plans will be to go back to work part time (we are both full time at the moment).

How much can they reduce our payments by without it failing?

Thanks.

National_Debtline

Hello there,

If you have a change in your circumstances pending it's important to let your IP know as soon as possible. They should be able to arrange a meeting with the creditors with a view to modifying the IVA in light of the circumstances. You will be entitled to Child Benefit and potentially Child Tax Credits too, so make sure you get a claim in.

As IVA contracts are often very specific to the individual it's difficult to answer the question of how much could the instalment be reduced to, your IP should be able to offer further assistance there.

Congratulations by the way!

National Debtline.

sillysausage1977

Thanks getting back to me. As it is only early days and our review is due before I'm due would it be ok to tell them then or do they need to know sooner?
Thanks

skintpeppermint

Firstly Congratulations!
We began our IVA and found out to be expecting before we had completed our first year. Our IP were fine about it and we have taken a payment break for 6 months, then an additional 3 months, all to be added on to the end of our IVA completion date.
I would let them know as soon as you can.