Hi, I have been in my IVA for just over 18 months and for the past 6 months the IVA has been reduced as my income has gone considerably down. Payments have gone from 380 per month to 200, however me and my boyfriend really want to start a family and the only thing putting me off obviously is my debt as i dont want to have this debt when i have a baby, mostly becasue of the cost.
My boyfriend has offered to pay off my debt in approx another 14 months, but can only afford to do this if the amounts are similar to my new revised amount of £200 per month, rather than to 370 per month and i was wondering wheter you know if they would revert to the original amount if paying the debt off?
It was a 6 year IVA, so by the time he can afford to pay it off i will have been in it for 30 months. 12 months at the higer payments and 18 at the lower.
Please don't let your IVA put you off having a family - we have plenty of posters who have done that and been fine - you should not put your life on hold.
If you are looking at a settlement figure in the future then it should be as close to the original dividend as possible and it should be stipulated that the funds are only available for that purpose.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I looked in to going bankrupt and wanted to at some point in the future get a mortgage again and the question have you ever been bankrupt would have to be ticked as yes, therefore i saw iva as still my best option as at least it would go off my record after the 6 years.
Suppose it makes more sense to just keep paying the £200 per month then, unless my wages increase as there is no my way my partner would be able to afford the original premium as itowuld be almost double.
I would echo what Jan says - if everyone waited til they could afford to have a baby there wouldn't be any!
I would just plod away and then when you're partner has the funds, make the offer. Discuss it then with your IP and they will advise how much they think you should offer.
I echo the others...don't wait until you can afford to have children! They'll be too young to notice the iva if it has to continue after it's born and you never know how long it will take you to get pregnant. My sister was pregnant within a month and one friend took 10 years. Go for it and make arrangement for the debt around the baby; not the other way round x
Took me one month both times, hubby often comments he feels he missed out on the 'fun trying' bit! but I have to say, seriously, as others have said, if you wait until you feel financially secure, you will never have any, there will never be the right time as there will always be something you want to do or wait for first, sometimes you just have to go with it and work around it.
