cirumstances change?

[sally.b]

What happens if i fall pregnant half way through my IVA? Would i have to go bankrupt? How will it affect what i pay back??

[MelanieGiles]

Hi sallyb

It will depend upon what effect your pregnancy has on your ability to fund contributions. I am assuming that you are currently working, but will be taking a period of maternity leave when your salary will decrease. Is it your intention to return to work after the baby is born? And if so how will you fund the costs of childcare? These are things that need to be taken into consideration, and perhaps a payment holiday from the IVA might be a possibility, rather than you being forced to enter into bankruptcy proceedings.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[RICKI]

Hi,
I just wanted to add my experiences to this post...
Our IVA was accepted on 8th Aug last year and I found out - a total surprise! - that I was pregnant on 21st August. I informed our IP about the pregnancy and agreed that if we needed to reduce our payments when I began maternity leave I would just need to write to them, come to an agreement and go ahead. During the pregnancy, we worked loads of overtime so we could afford the basics for our baby as we'd sold everything from our other 2 children before we entered into the IVA. Our daughter is now 10wks old and we're keeping the same monthly payments as before. Yes, it's hard work but if you keep your IP informed at every step of the way it does make it much easier to cope. Babies do need lots of equipment, clothes etc but I'm a great believer in the fact that - more than anything else - babies need love, cuddles and a mammy and daddy who aren't stressed to the hilt as we were before we started our IVA.
I doubt that's helped much (sorry!!) but I was terrified when I first found that I was pregnant - we live in a 2bed house and I really didn't know how we'd cope with another baby - but we have coped and now it seems so worthwhile.
If you do get pregnant, make the most of it - and enjoy every minute!
Erica

[MelanieGiles]

Ricki

Would you mind doing a blog on this subject - as this question is so popular and your positive experience throughout the process would be an inspiration for others.



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[RICKI]

Thanks for that, Melanie. I will certainly do a blog if it'll help people. I think that pregnancy in itself is a terribly stressful time without having to worry about the cost of nappies and it does help to know that other people have positive experiences and advice. I'll work out what I need to say and get it done asap.
Erica x

[Skippy]

Hi Ricki, I just wanted to say congratulations! I remember your posts when you first found out you were pregnant and I wanted to say how plesaed I am that it has worked out for you x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[beckym]

Congratulations...the same thing happened to me, Ialso only live in a 2 bed house and was looking to move as already have one of each child wise, am hoping your ip to be more helpful than ours as still 8 weeks later and we are still no further getting an answer on what we can do...good luck!!

[iva_squirrel]

Congratulations...The procedure does allow the terms of the IVA to be varied to reflect a change in circumstances provided the creditors agree. It’s important that this doesn’t happen too quickly after the start of your IVA because you won’t have had the chance to demonstrate your commitment to the process. However in a situation like this, you would have to contact your IP as soon as possible.

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[Oliver]

Great idea Mel. Good luck with the Blog Ricki.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp