now I am pregnant offering a lump sum payment

[isis96]

Hi

I have now been in an IVA since November 2004 I currently pay £295 per month. Since taking out the IVA I have moved out of my Parents home into my own home and also married (my husband is not on a gret wage) we just manage to get through each month, and am now expecting my first baby, my intial thoughts were fabulous I am now filled with dread about what to do about my IVA, i can no way afford to pay the iva plus rent and living costs etc, The IVA initially let me keep my car and pay the £176per month finance, they have said when my car payments finish this will be added on to my IVA. My baby is due to be born in August 2008, my iva finishes in November 2009 and my car finishes in January 2009 so i will have to pay the IVA £471 per months for 10 months which i cannot afford, I am worried sick.

What should I do ?

[isis96]

Hi also to add to this i have been looking at morepostings regarding offering a sum for full and final settlement, if over the next 23 months i would pay £295 per month not takign into account my car, i would be owing £6785. My mum has said she would pay this for me and I pay her back at a much lower amount each month what i can afford also to get rid of the IVA which hangs over me.

What are your thoughts on this do you think my IP would consider this I am currently with PayPlan, John Harrison ??

This is a great site by the way.

Many thanks for reading.

Anxiously waiting for a reply

Debs [8)]

[MelanieGiles]

Hi isis and welcome to the forum

I am sure that this suggestion will be acceptable to your IP, and I suggest you make contact with them in the early New Year to see what they say. You will most likely need to take the car payments into consideration as well.

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

[isis96]

Hi so you think if i call them and say my mum is paying my car off and also going to pay off my iva they will maybe accept this as a final settlement, I will only have 15 months to pay when the baby is born, what would you recommend the best way of approaching this subject is ?

[MelanieGiles]

The best way is to talk to your IP in the New Year to see what they suggest. They have detailed knowledge of your case and will be able to give specific advice on this matter.

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

[Adam Davies]

Hi
your suggestion of a full and final sounds very good idea and is sure to be accepted.
As Melanie states speak with your IP in the new year and put your offer in writing.
Congratulations on your pregnancy.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[kieranandmegansmum]

hi what was your total debt

S WARD

[emma_t]

Hi Debs

First of all a big congratultions on your pregnancy, and also welcome to the forum.

I don't want to offer any advice on your iva as I am not in any way qualified but just wanted to wish you all the best with trying to settle early, and surely if you explain the reasons for doing this they should understand and be willing to look at your offer fairly.

Have a great Christmas
Emma x

[isis96]

Hi thanks for all the positive comments, My total debt was 41,000 when i took it out in 2004 I haven't missed a payment so am hoping this will go in my favour, I will keep you posted.

I can say one thing if i knew then what i know now I would of never took out credit, its to easily available for people who are too young to know the consequences.

Many thanks once more, i feel more positive.

[Martin2011]

Isis,

Very best of luck getting an early settlement agreed, I'm sure they'll accept and you'll be ablke to move on and enjoy your new family.

Have a great 2008,

Martin

[isis96]

Hi

I was fully optimistic but am now having doubts, if i do tell my IP i am unable to meet the payments after the baby is born but do offer an amount to see if they will settle early and they don't accept this can they fail my IVA and make me bankrupt or even worse i will be back where i started and owe the full amount of debt, any advice would be greatly appreciated, has anyone else been in this situation?

[MelanieGiles]

If you are unable to meet your commitments to creditors under the existing IVA, or put forward a suitable variation, the reality is that the IVA will fail. This does not automatically lead to bankruptcy - but you would need to check the terms of your proposal to be sure on this point.

I am sure that given your circumstances, coupled with a credible attempt to vary the arrangement, that creditors will be very sympathetic and support you - and after all a new baby is far more important than repaying a few debts.

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

[isis96]

would it be easier for me to go bankrupt, I am in rented property, what is the downside to going bankrupt, BT already think i am bankrupt ?? What really is the difference between and IVA and bankruptcy.

[Adam Davies]

Hi
You are over 60% through your IVA,bankruptcy is your last resort.Put the early settlement offer forward,if this is rejected your current IVA will remain in place.
However i'm sure that your offer will be accepted
Regards


Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[MelanieGiles]

And I wholeheartedly agree with Andy on this point. You have nothing to lose by putting the offer forward.

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