We are in our sixth year of the IVA due to insufficient equity in our house (only about 12%) so creditors went for a sixth year as per the IVA agreement. That equity would be enough to put down a deposit on a bigger house which we desperately need due to growing family (our six kids are in one doubl...

My income will be lost for a year, and then I am likely to want to reduce my hours to care for 7 children. I currently bring home £1900 after tax. Full time childcare for twins is about £1000 a month on top of the £780 we already pay for the others.

Goldie

Melanie-we are 3 years 5 months in-paying back £970 a month which is 68p in pound I think.

Goldie

We are pregnant with twins (not planned-failed contraception) We are over three years into the IVA-and when the twins arrive we will have 7 children under 10. Clearly we are going to struggle to meet our payments-we have nothing to offer a full and final-but my wage won't cover childcare costs so ou...

Ok, thanks.

Will try and speak to them this week.

That has not been discussed. What would be the usual way forward with this Melanie?

Thanks

If the creditors want to add on the shortfall, it will extend the IVA by as many years as bankruptcy would affect us. We are in negative equity with the house, and have a knackered old van for all the kids (worth less than £1000) We could have gone bankrupt in the first place, but wanted to repay wh...

If that is the case Kallis, we will be still paying in 10 years time.

I think now is the time to seriously consider bankruptcy.

Thanks

Our IP has finally agreed to look at a variation meeting as we are continuing to struggle with payments due to an increase in costs, and regularly going overdrawn by as much as £300 a month. Proposed figures suggest about a 45% reduction from our original payment, although still providing a return o...

We pay £1500 a month for childcare (five kids, three at school)
Goldie

Thank you for your support. I will have to resolve the situation one way or another.

We will still be able to pay a reasonable dividend on our original debt. It would be very frustrating to have to go bankrupt when we are half way through!

Thanks

Thank you

We are 2 1/2 years into our IVA, Paying back 75p in pound(£1300 per month). My husband and I both work full time, and we have five children. With my IP's consent, I changed jobs in October last year (very similar salary) but the working patterns are less much flexible, and in order to juggle child-c...