change of circumstances

vics1928

Hi

How does getting pregnant and first child work - do payment stop while save and get things for baby or are they lowered as we have around £20 a month left after all bills are paid

UpToMyNeckInIt

The simple answer is: No, payments do not stop.

Clearly though you will have a drastic change in circumstances.

You will need to speak to your IP ASAP, to siscuss your options which may include either, or a combination, of the following: Payment breaks, reduced repayments, increased IVA term, concluding the IVA early and asking creditors to accept repayments to date in full & final settlement.

If the IVA continues, do make sure you thoroughly review your income - which will presumably decrease, and expenditure - which will presumably increase.

Good luck.

longtermplanner

Why would you go for an IVA? You are renting and want to start a family.

You need to go for a DMP where the payments can be reduced if necessary. And if it all proves too much of a struggle, then you need to look at bankruptcy and a fresh start.

Delaying starting a family for 5 years is a long while at your age, your fertility starts dropping. And your OH opting out of a pension doesnt sound good either to me.

National_Debtline

Hello there,

Are you in rented or mortgaged property? If it's the latter, is there equity? Have you any other assets?

As UpToMyNeckInIt mentions, you should really contact the IP to see what the options might be. If the IVA fails you may need to consider your alternative options - depending on your circumstances this could include other insolvency measures such as Bankruptcy or a Debt Relief Order.

The first step, though, should be to keep your IP informed. Many of them will try and be as flexible as they can within the constraints of an IVA.

Best wishes,

David @ NDL.

vics1928

It's a rented house and is it bad idea to opt out if you make up the payments at a later date

longtermplanner

Sorry, but can I repeat my question.

Why do you want an IVA? From what you have said (rented property, intend to start a family) an IVA only gives problems not advantages.

If you were already in one, then it's usually good to try to struggle through to the end. But to start an IVA in your position would not be sensible.