not sure what the best thing to do

[sweetfire]

Hi I just found out I'm pregnant and plan to keep the baby.

The total planned payments expected = £24,251.20 to date I have paid in £14,907.40 , and have til June 2010 to complete.

I made a settlement offer of £3k last year which was rejected and am now not sure what the best thing to do as I am unable to predict which way the creditors would go.

I wanted to propose :

1/ Pay til this years anniversary in June and ask for them to consider completing my IVA early ( i was even considering offering an additional £1k to make it £3k by June)

2/ They give me a 1.5 year holiday but fear circumstances may change and I then may be in a position to not afford continuing paying in.

I don't want to fail the IVA and I dont want to do a DMP for another 5 years, can anyone help with a sensible recommended offer or solution?

[MelanieGiles]

Hi there and welcome to the forum - and congratulations on your news.

You will need to explain the situation to your IP and let them know what your income is likely to be through maternity leave and how long you intend to be away from work. A 1.5 year holiday break in an IVA is not realistic, and if you feel that you will be unable to pay anything into the IVA for such a long period then bankruptcy is probably your best option.

Find out what benefit you might be entitled to after the baby is born as well.

[Reviva UK]

Hi there

couple of questions - is the money coming from family and friends?
also what was the total debt before the IVA and what is the monthly contribution payment.

Hopefully with this the experts might be able to advise what sort of final amount is needed to conclude the IVA

[Adam Davies]

Hi
You have about 10k left to pay and are just over half way through your IVA.If you offered a lump sum to end your IVA early you would save about 2k on IP fees,therefore an offer of 8k would return the original dividend,however as your circumstances are changing your creditors may well accept a lower figure.I'm not surprised that your offer of 3k was rejected last year but an offer of around 5k should be acceptable due to your income reducing.
You really need to have your IP behind you in whatever amount you offer so have a good chat with them
Regards

[sweetfire]

Hi there and welcome to the forum - and congratulations on your news.

You will need to explain the situation to your IP and let them know what your income is likely to be through maternity leave and how long you intend to be away from work. A 1.5 year holiday break in an IVA is not realistic, and if you feel that you will be unable to pay anything into the IVA for such a long period then bankruptcy is probably your best option.

Find out what benefit you might be entitled to after the baby is born as well.

Is bankruptcy the best option? how long will it last etc?
I'm scared this will ruin my future and the future for my child.. (Buying a house, having a bank account etc...)

[sweetfire]

Hi there

couple of questions - is the money coming from family and friends?
also what was the total debt before the IVA and what is the monthly contribution payment.

Hopefully with this the experts might be able to advise what sort of final amount is needed to conclude the IVA

Original amt £48k, monthly payments £322 hope this helps.