I started an IVA 3 years ago. Originally I paid £115 per month but in the past 3 years have had a few pau rises so now up to £300 per month. Fell pregnant last year and had to take a 6 month payment break whilst in SMP. I am due to go back to work in a couple of months when the baby is 6 months old but I really can only go back to work 3 days a week now due to childcare (didn't know this when I applied for the payment break)... Will I still be expected to pay £300 a month? I will be earning the same as I originally did when I started the IVA so obviously won't be able to afford £300pm but I am concerned that they will extend my payment time. If I was originally paying £115 and the extra I pay now is just extra will I be able to go back down to £115? I hope that makes sense!... Sleep deprived mum!
Hi it does make sense ... you need to ask for a full review of circumstances clearly showing the outgoings and in particular the increased childcare costs that will be incurred. Make sure you include everything in the review.
The fact you have been paying extra won't necessarily shorten the term of your iva as it would have been taken for a higher return to creditors against your original debt.
Any payment breaks are normally factored in at the end and the iva extended by this number of months.
Your IP needs to engage in comversation now with you so it is resolved prior to your return to work.
Let us know how you get on.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree that you need to explain all of this to your IP an see what arrangements can be made. It may be that they have to put it to the creditors.
Which company are you with?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I can only echo the above. Have a chat with your IP and explain the above (even copy and paste the post in an email).
Your creditors signed up for 115 a month, the increased payments being a "bonus", so there should be no problem reverting to that without the need for a creditors meeting. Of course the 6 month break will still be added on to the end.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
