I am due to go on maternity leave in december and am concerned about what will happen with my IVA. I have contacted my IVA provider and they won't answer any questions specifically and tell me I have to ring back when I am actually being paid my SMP. This concerns me as I need to know where I stand. Does anyone have experience with how this is generally handled? I will 100% be returning to work as already have child care sorted so will only need to suspend/reduce my iva payments for 8 months.
It seems to me that your Supervisor should suggest proposing a variation (by writing to your creditors) to suspend your monthly contributions until you return to work and add on the suspended months at the end of the arrangement. If you have any problem with him/her doing this let me know.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
David Mond, thank you for your reply. I was hoping this would be the case. It just concerns me they want me to wait untill I am actually being paid the SMP. After having trouble with finances I am now very carefull and it worries me not knowing what will happen so I can budget appropriately!
Angel Rainbow, my child care isn't going to be free, my mother in law runs a child care facility and she has a place there when we need it. Although she has offered to charge a reduced rate which will help us out alot!
Hi
I would write to your IP with your concerns and ask for a payment reduction or a payment break.Include an income and expenditure form based on your maternity pay
Regards
joannac wrote:
David Mond, thank you for your reply. I was hoping this would be the case. It just concerns me they want me to wait untill I am actually being paid the SMP. After having trouble with finances I am now very carefull and it worries me not knowing what will happen so I can budget appropriately!
Angel Rainbow, my child care isn't going to be free, my mother in law runs a child care facility and she has a place there when we need it. Although she has offered to charge a reduced rate which will help us out alot!
So, you won't only be reducing your payments for 8 months then, as you will still have to find money for your child care - this needs to be factored in and included in your I&E form.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Your IP ought to be taking this seriously now. The amount that you will receive from SMP is a statutory amount which can be calculated now, and presumably you can advise your IP of the amounts you expect to receive from your employers. The last thing you want over the next couple of months is an ongoing worry of how this will be received by your creditors, and I would try and push the proposed variation along if you can.
