not going back to work

[amyc]

what happens to an iva if you do not return to work after having a child. we are considering what to do when maternity finishes. we will noit be able to afford putting two children into childcare. the only option i can see is not returning to work. My contribution to the IVA is 162 and my partners is 106. so stressful, will Iva payment be reduced or will i still be expected to pay ful amount. should be a happy time but al iam doing is worrying. any help greatly appreciated

[kallis3]

Hi Amy,

Childcare is very expensive. Do you have any family members who can help you out with this?

You really need to speak to your IP about this and discuss the implications it will have on your IVA.

[amyc]

unfortunately we are still quite young ourselves , we are both 22 so our parents still all work full time. we have looked into childcrae and it stands at about £30per child per day and i don not want them to be in full time child care. seems like a lose lose situation

[kallis3]

I must admit that when my daughter was small, she went to a childminder as we both worked full time, and a more excellent one we could not have wished for.

I fully understand that you don't want this Amy, and I'm behind you 100%. I wished I could have stayed at home.

You do need to contact your IP though, as you are in their hands.

I am sure they will be sympathetic.

[amyc]

thank you for help and reassurance. i will contact clear debt and see what can be done

[kallis3]

It depends on how much you earn as to what child tax credits you get. You are also only allowed so much free child care and that has to be in term time. Anything outside that you have to pay for.

Worth speaking to HMRC to see what you will be getting though, and any credits would go up, as ladyh says, if you do give up work.

[amyc]

thank you for advice. i rang the tax credits helpline and they were very unhelpful. they will not really tell me anything until i am not working. i tried the online calculator but its a bit confusing. my eldest does not go to school for another 2 years so not ssure if that would be an option.

[kallis3]

Speak to Cleardebt on Monday and explain the situation to them.

That should be your first port of call to see how your IVA will be affected.

Let us know what they say.

[amyc]

just a quick question. our car insurance has recently gone up by £30 a month and our tax credits have gone DOWN by nearly £50 a month. is this something i need to inform clear debt because obviously its leaving us £80 short every month. was not sure if it would make a difference

[kallis3]

I would tell them about that as well as it could mean that you are struggling if you are £80 a month short all of the time. You should be able to manage not worry about how you are going to last to the end of the month.

Let us know what they say.

[Skippy]

Good luck Amyc, and please let us know how you get on x

[amyc]

thank you for advice , i will get onto iva company tomorrow. i am sure they will be able to put my mind at rest

[MelanieGiles]

As your current contributions to the IVA are very low, the are also very susceptible to change. I do hope that the arrival of the little one will not affect your ability to repay, but this is clearly now a much higher priority for you.

[amyc]

when you say that repayments are low and may well change do you mean that they will probably go up. we are just scraping now. have had to recyce old mobile phones to buy food shopping this month. had a big vet bill and another unexpected bil this month

[MelanieGiles]

No - I rather think that they are likely to go down amy.