change of circumstance

[Hannah.gd]

Hi All,

Recently notified my IP of a change of circumstance. My IVA was due for review in a month or two anyway. I've had another child and now have additional income but with that comes the additional expenditure. Also on maternity leave so my salary has decreased substantially. I've completed an income and expenditure statement as requested by my IP. This shows a minus of approx £100, this is without any contribution into the IVA.

Anyone know what my options are? concerned about my financial situation and it is possible I will only be returning to work part time.

Thanks

[kallis3]

Hi,

Congratulations on the new arrival! You need to speak to your IP and possibly arrange a payment break.

You should also visit your CAB to see what benefits you may be entitled to.

[Hannah.gd]

thank you.

I really didn't want a payment break #128561; as this is added to the term of the IVA isn't it? are there any other options?

I'm not entitled to any benefits because myself and my husband are earning too much apparently

[kallis3]

Other than a payment break, which will be added on or you could split the payments over a few months but you do need to speak to your IP after the holiday.

Unless your IP will take payments up to date as a full and final or someone can either gift you money or loan it to you as a full and final (to be paid back after the IVA has finished) I don't think there is anything else that can be done.

[Shining]

Congratulations on the new arrival. Maybe the payment break is the way forward, it may extend the terms of your IVA but would see you through this period.

Maybe then pay a little bit extra per month to chip away at what is owing due to the break, rather than paying it at the end (it's what I did).

Speak with your IP for their suggestions as they know case specifics. All the best.

[Lisa Thomas]

How long has your IVA been going for? You could put forward a variation asking creditors to accept payments to date in f&F. Worst case scenario if you are unable to reach an agreement or accept a break is that your could fail your IVA which could lead to Bankruptcy.

[Foggy]

A lot will depend upon where you are in the IVA, both in terms of term and payments made ( have you made any extra payments from overtime, for example, or has any PPI been paid in ?).

[Hannah.gd]

thanks for the replies all. I've been in the IVA for 3 years now, I complete July 2018. I will ring my IP and see what my options are. my husbands family are willing to help financially so we don't need to extend the term of the IVA during my maternity period. we have no room where we are and are looking to sell and move ASAP. even if I do manage to end the IVA early, would I be able to get a mortgage with my husband?

[Hannah.gd]

I haven't paid in extra payments, but instalments increased last year due to promotion

[lifenoteasy]

Unfortunately your credit history is shot for at least 6 years.

[Lisa Thomas]

Options:

1. Ask for payment break
2. Put forward a variation asking creditors to accept payments to date in F&F settlement
3. Put forward a variation based on a lump sum offer from husbands family to settle the 2 years worth of future contributions

I'm afraid you won't be able to get another mortgage until your IVA is finished and after July 2019 when your credit record can begin to be restored.

[Hannah.gd]

thanks Lisa, you are very helpful. I have 2 years remaining on the IVA. there's a clause in the IVA that I have to remortgage 85% LTV at the end of the term, but not sure I understand and this. I have asked on here previously so I apologise for repeating questions. I think we determined I wouldn't be able to remortgage so would I need to add on an addition years worth of instalments. my property is valued at approx £71k, I have approx £42k left on my current mortgage. Currently I pay £135.50 per month into the IVA, but struggling with this. If I were to offer a F&F how much would you recommend

[Lisa Thomas]

I have answered on the separate thread here:

http://www.iva.co.uk/forum/topic.asp?wh ... 924#620491