Help/Advice please

[dips]

Hello everyone,
I am glad there is a forum for people like me at least I know I’m not alone.

I have been in IVA for over 12 months now and my yearly review is happening. I have been paying £465 per month

Now my circumstance has changed as my wife is pregnant (6 months at the moment) and the baby is due in the next few months.

We rent a small one bedroom flat at the moment so we need to look into renting a bigger property, which will result in rent going up.

Also I need to start purchasing items (cot, clothes, bottles,……) for the baby which I do not have funds for would the IVA cater for this?

I need some advice on what the IVA will and won’t approve.

Any help/advice will be much appreciated

Thankyou

[Sadsack]

Hi dips

Congratulations on the imminent addition to your family!

Your first port of call is to talk to your IP. They know your present financial circumstances, your income and expenditure and they would be best to advise you.

I am aslo sure that one of the IP's and others who have been in the same situation will be along to also give advice.

Good luck.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[aguise]

Hi there and congrats from me too.

As Sue says the best one to speak to is your own Ip, he will know what options are avalible for you. All the ebst.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[MelanieGiles]

You really need to start planning for this now, and one of the first things to look at is what benefits you will receive - such as child beneift, child tax credits and possibly working families tax credits. Also if your partner is currently working, what maternity package will she be entitled to.

Your IP will be as helpful as he/she can, but they will need your circumstances to be fully researched in advance, so that they can give you the best advice possible.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[dips]

You really need to start planning for this now, and one of the first things to look at is what benefits you will receive - such as child beneift, child tax credits and possibly working families tax credits. Also if your partner is currently working, what maternity package will she be entitled to.

Your IP will be as helpful as he/she can, but they will need your circumstances to be fully researched in advance, so that they can give you the best advice possible.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

thanks for the above, do you know how i can find out about tax credits
...etc, who is the best people to speak to ?

[Lisa2009]

http://www.taxcredits.inlandrevenue.gov.uk/HomeNew.aspx

Hope this helps dips

mrs skint

[coco]

Hi,

You could also try www.entitledto.co.uk, this web site will calculate the amount of Tax credit, housing benifit, etc you could be enititled to, at least you can get a rough idea of any additional income.

Hope this helps

view my blog http://coco.blogs.iva.co.uk

[dips]

You won’t believe this, my wife just called and letter has been received from my I.P advising me to file for bankruptcy! They have sent me the pack and everything. I don’t believe it the 1st time there may be an amendment to my IVA and they tell me to declare bankruptcy. I need to read through the letter and pack later on.

[sonyse2t5]

Dips,
I can't believe that either. Creditors have to understand unforseen circumstances are all around us.Having children is one of them and they can never be planned into an I/Expen' from day one.

Some IVA have a clause whereby there cannot be variation for 24 months,check with your IP, if this applies to you?

Its unbeliviable that they could ask people to go BR on something like this!

[Adam Davies]

Hi
I agree,seems a bit rash.
Are you upto date on your IVA payments ?
Has your wife got plans to go back to work after baby is born ?
Who is your IVA provider ?

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[dips]

yeah the letter i received says

"due to the estimated increase in your rent due to a proposed move to a larger property, i do not belive that your IVA will be sustainable given that you will be the sole earner whilst your wife is on maternity leave. I therefore enclose for your information a bankruptcy booklet and suggest you consider this an option..."

I have been up to date with all my payments
my wife should get SMP, isn't there a min amount that they the IP should acceppt i can proberly afford to give them £200 a month.

[ray_a]

Dear Oh Dear!

Firstly, I apologise for some of the stupid things accountants do whatever specialist areas they work in!

This is totally stupid response and I think I would write a letter to them stating the reasons why you disagree with them.

I would then suggest that a variation meeting is called to propose an amended payment. These are your creditors and you have a right to ask them to agree to a variation!

Melanie is a great one for a direct meeting with your IP and that is an area to explore. Failing that then I think a complaint to their professional body is most probably required!

Bankruptcy in itself would most probably cause a lot of other problems!

[dips]

someone has suggested a debt management programme instead ??

[sonyse2t5]

Creditors are just ill considerate - why would they want to fail an IVA when you haven't even missed a payment. How would BR be a better commercial case??

All they seem to think about is that they wouldn't get their agreed pence to the pound and IP don't paid the full 8K. I can't see another other way to put it.

It is cerainly not a win win situation here for all concerned.

Some flexibilty needs to be shown once every so often

[ray_a]

Hi Dips

Remember though a debt management plan will mean you having to pay the debt off over a good number of years. I would have thought an IVA would still be preferable!