Due to our current circumstances - bump being due in 4 months time - we have submitted our paperwork to GT for them to work on a proposal in respect of a variation to our arrangement. My main worry is that once I'm on maternity leave there really isn't anything left to pay to them and I'm not sure how it will work when I go back to work, whether it be fulltime or parttime.
Does anyone know what proportion of variations after 30 months of the arrangements are rejected and is the most common solution then bankruptcy?
Forewarned is forearmed i suppose - just want to prepare myself as much as possible to avoid getting too stressed!
Hi Lou. First of all congratulations on your impending birth and the baby should be the first consideration.
As to variations, it is in not in anyone's best interest to fail an IVA after 30 months. Creditors may agree to a payment hoilday, reduction in payments and an extension to compensate. They would still get their money albeit over a slightly longer timescale. If they reject the variation, bankruptcy may well be the outcome but this also depends on your creditors. A DMP may also be an option but until the outcome of your variation is known I would not be panicked.
Regardless of the outcome of the variation, you will be given best advice for you and your family and you should keep your stress levels down as much as possible. Hopefully the variation can be approved promptly and keep us informed. Very best of luck.
