IVA and having a baby

[Debt Monkey]

Will personal circumstances be considered if offering a full and final settlement after only 14 months into an IVA?

My wife recently found out that the only way we would be able to have a baby is with IVF and at £3,500 a cycle with only a 1 in 3 success rate we need to start saving ASAP! We could wait until the end of our IVA but by then my wife will be 36 and the success rates are then even lower?

Not sure how we would fund a full and final but just curious to know whether our circumstances would effect the decision or simply have no impact whatsoever?

DM

[MelanieGiles]

I think that you have a good argument here, and as you say finding the money is probably the hardest bit. Creditors are likely to be very sympathetic to this cause, and it is almost worth forcing the failure of the IVA for if you cannot find a source of funding.

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

[Debt Monkey]

What do you mean by forcing the failure of the IVA?

DM

[MelanieGiles]

Stopping your payments - but only do this with the prior knowledge of your IP.

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

[Debt Monkey]

Presumably this will lead to bankruptcy? I would prefer to avoid that as my employment would be effected.

DM

[MelanieGiles]

Then you need to find a way out of the IVA as you suggested in your earlier post.

Please don't misinterpret what I was saying - my comment about it being worth failing the IVA was merely made to compare the life changing experience of the long awaited IVF treatment, against the payment of debts which is probably now a much lower priority for you.

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