I have posted a couple of times on here and have received some fantastic advice, our situation has changed recently though and now I'm not sure what to do.
We are in a DMP, with all creditors accepting reduced payments except HSBC (grrrrr!), and we also have a secured loan. The majority of the debt is in joint names, myself and my husband. We were seriously considering entering into an IVA.
At the beginning of the month I was made redundant (no big payout, company gone bankrupt), we have a toddler and last week I found out I am pregnant again! OMG!
Nursery fees took over half of my wage, I was receiving help with child-care costs from tax-credits, however since I am not working now they have stopped payments, therefore I have taken my son out of nursery and am looking after him at home. I am receiving jobseekers allowance at the moment, however I am unlikely to find a job which would pay sufficiantly to cover nursery. (I was in a good situation where I had negotiated a management-level job-share arrangement when I returned to work after having my son, which fitted in with nursery hours). And I certainly wont be able to afford 2 nursery places once the new baby is born. In that case I feel I will be better off financially caring for my children myself.
In this situation, we only have one salary coming in. How would this stand with an IVA application?
At the moment with receiving jobseekers, and not having to pay nursery,travel and parking, my income (funnily enough!) is not much less than when I was working.
Could my husband still apply for an IVA for the joint debt? Would my benefit income be taken into account? (as this will fluctuate...it will change to maternity allowance when I have the baby, and then I'm not sure what will happen!?)
Thank-you so much for any advice, as you can imagine I'm totally stressed which isnt good when pregnant! Feel like my whole word has been tipped upside down! This time last month I was working in a good job, hours to suit and didnt know I was pregnant! x
Congrats on a new arrival to come - don't worry you will receive lots of advice from posters on this forum who are in similar situations as you.
Your hubby can propose an IVA for his and your joint debt - any balance due after dividend received will reduce the joint debt BUT still claimed from you unfortunately.
All your allowances will be taken into account with your husbands income in relation to the joint household and living expenses. For your joint debt I suggest a DMP for it from you. Visit www.iva.co.uk for IP's reviews to refer to. Check out one or two and make an informed choice. Good luck and stop worrying all problems are soluable.
Last edited by David Mond on Tue Oct 28, 2008 1:16 am, edited 1 time in total.
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.
The best thing to do is to speak to an insolvency practioner and get all the information you need regarding solutions.
I think David meant for you to look at iva.com, where you will find reviews of all the Ip's and their companies.
I would like to recommend Melanie Giles as well who is well recommended by lots on this site.
All the best, all will work out, dont stress and look after yourself.
Hi Daisy and what fantastic news - children are a real blessing and you must be delighted! There are also many benefits of being a stay at home Mum, and being so is probably the best job in the world if you can afford it!
It would be wise to have a chat with an insolvency practitioner at an early stage, who can help you look at your individual circumstances logically, and suggest the right solution for you for the way forward, based upon your changed circumstances.
Congratulations on your pregnancy, please don't let money get in the way of enjoying your children. As the others have said get expert advice re the IVA.
I can imagine you feel like your life has turned upside down, but look at it as a blessing and see how to turn it to your advantage. Maybe you could study for a new career ready for when the little ones are in full time school? Why don't you visit your local library /life centre and see what groups meet for mums. Our local life centre has a creche and the mums study for various qualifications. There is a very small charge I believe but might be worth looking into.
Wonderful news, congratulations. I would suggest that you consult with an Independent Financial Adviser as well. You will soon be a family of four, dependent upon one income. Whether you enter IVA or not, if your husband's job were made redundant, the financial impact would be tremendous.
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.
