Iva

preeti135_2

Hi all,
I'm new to this forum and was hoping to get some advice. My husband and I have been in an IVA for 1 and half years. I have recently found out that I am expecting twins we already have a child who is 2yrs 4 months. I work part time (26hrs) my husband works full time (40hrs) Daughter goes to nursery costing £400 a month. Now my issue is that when I finish my maternity leave I don't think it is viable for me to return to work as the nursery fees will be more than I earn! Will this cause our IVA to fail or can we continue will a lower payment? None of the other options appeal to me as I do not want to lose our house especially with 3 kids! And can not think about carrying this debt on forever. My IP have been good so far but I wanted to get some advice before approaching them.

Thank You in advance and hope to hear from you

UpToMyNeckInIt

Hi preeti135,

Firstly, congratulations on the impending new arrivals!!!

Bottom line though is that you need to discuss this with your IP - Now. (I do mean your actual IP, not your case worker/relationship manager, particularly if your usual point of contact is unhelpful).

Which firm are you with? Most of the well-known ones seem (based on similar enquiries to yours that I have read about, on this and other forums), will endeavor to help you as much as possible.

They know your financial position best of all, and you have not provided any detail as to what you owe, what you are paying back etc. Thus it it difficult to advise further.

For starters, most IVA's allow for up to a 15% reduction in payments, without your IP seeking creditor approval (do check though).

Alternatively, your IP may apply to the creditors to vary the arrangement, and agree a lower dividend and/or an extension to the IVA term.


Best of luck, and let us know how you get on.