Sorry about the grammer didnt read the message back properly! It should read:
I'm currently completed 1 1/2 years of my iva of 5 years. I managed to get the equity release clause removed but it does mean in the 6th year i'm having to pay the equity.
Also in the 3rd year of my iva my fixed rate of my mortgage expires (currently paying £460 per month).
Im now thinking about the future and need to know how the following will work. Me and my partner would like to start planning for a child, however we've both got some questions as we're on an iva.
Firstly, we're in a 1 bedroom house if we were to have a child this would not be big enough we would need to upgrade to 2-3 bed. The house is currently in my name only (wasnt with my partner when I tookout the iva). Can I get a bigger house whilst on an iva? Bearing in my mind partner will be paying her contributions.
Secondly, if we were able to get a new house and we then had a child how does this effect the iva. Currently I pay £445, would this come down at all because of the child, as we'd have a lot more expenses. Also are we entitled to receive all the useal family credit benefits etc as we are on an iva?
Hi
You can move to a larger house and start a family,no problem.If you can still make the original payment to your IVA then fine,if not your IP will have to hold a creditors meeting and ask for a reduction in your payments
Regards
You will be entitled to receive all state benefits relating to children, and will indeed need them to contribute to the additional cost. Good to see you not putting your lives on hold for the sake of a few debts, but do try and get your budgeting right in the first instance as children actually cost quite a lot of money in the early days, as Andy will not doubt vouch for as he has four!
Thanks Andy & Melanie. With regards the mortgage we can get who's the best person to goto whilst i'm on the IVA. There used to be a chap on here when I first looked at IVA's that specialises however i forget his name.
Melanie - as long as the payments stay at £445 are you likly to say yes as your my ip.
Also i'm taking it my partner would have to do an income and expenditer thingie if we went down this route....
Andrew Graveson of Brightoak is a mortgage broker worth talking to. And Fingers, you will need to contact me off line to discuss your case as I do not recognise you from your forum name, and the forum is not the right place to dicuss this matter with you.
