I am terrified of how we will manage once my wage drops.

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Jojo_b

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Post by Jojo_b » Fri Jul 17, 2015 11:54 pm
Hi. My husband and I have joint IVAs with Payplan, we pay 260 a month jointly. I work full time and my husband has stayed at home for childcare purposes. The plan was always for him to go back to work this September when our youngest started full time school. In the past two months I have discovered that I am unexpectedly pregnant (I had been diagnosed with unexplained infertility) and four weeks ago received a solicitors letter advising that my Great Aunt who died 18 months ago has left me 4k in her will. This was a complete shock but we were relieved thinking we could buy the baby things we need and have a buffer for my pay dropping on Maternity in case my hubby hasn't found work. Didn't realise it would normally go to in towards debt. I spoke with Payplan to advise, I had to email all the details of inheritance, pregnancy and a breakdown of what we need, but can't afford on our tight budget. A meeting with the supervisor will take place next week, what are the chances I will get to see any of the sum and also I am terrified of how we will manage once my wage drops. Thanks
 
 

Shining

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Post by Shining » Sat Jul 18, 2015 7:26 am
Hi and welcome firstly congratulations. You've done the right thing in contacting Payplan early. Hopefully they will view things and allow you to purchase some of the necessary baby items required.

How far on into the IVA are you?

There are options, payment breaks etc., Hoping your husband finds work. These things do work out additionally appreciate the tight budget within an IVA as I have been in one myself.

There will be other posters along soon who have been in a similar situation maybe so do keep checking for replies. All the best.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Jojo_b

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Post by Jojo_b » Sat Jul 18, 2015 7:37 am
Thanks Lesley, we are two years into our IVAs. We finally felt we were on the road to recovery after losing our business and home, the unexpectedness of the situation we are now is in very scary
 
 

Foggy

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Post by Foggy » Sat Jul 18, 2015 9:41 am
Hi and congratulations :-)

Payplan should be able to work with you to get you through this blip -- it will not be the first time that a client has fallen pregnant.

I am afraid that the inheritance will be absorbed into the IVA as a windfall.

Going forward I would suggest a payment break to put the payments towards things you need for baby. These will need to be added back on at the end. Your IP also has discretion in most cases to reduce the payments by up to 15% without talking to your creditors, anything more will have to be put to them for agreement.

Don't panic and take things a step at a time.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Jojo_b

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Post by Jojo_b » Sat Jul 18, 2015 4:16 pm
Thanks Foggy, I had hoped under the circumstances they may allow a portion of the money to be allocated to me, the more I read the more it's obviously not the case....everything is so much harder now :(
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon Jul 20, 2015 11:18 am
Hi Jojo. Yes I'm afraid the windfall will all fall to the IVA estate, sorry! Your concerns about keeping up with the contributions should be able to be addressed by and Income & Expenditure review. As Foggy says your IP should be able to use their discretion to reduce the contributions if you can prove your income/expenditure has changed. PS Sorry to hear about your Aunt.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Jojo_b

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Post by Jojo_b » Mon Jul 20, 2015 6:19 pm
Hi Lisa, thank you. We are already on the 15% reduction as of last Octobers review, I worked my socks off to get a promotion at work but ended of financially worse off as my increase in wage was outstripped by the decrease on tax credits. Do you know why they have asked me to cost for all the items I need to buy for baby's arrival?
 
 

Foggy

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Post by Foggy » Mon Jul 20, 2015 6:30 pm
Hopefully they have a plan to assist Jojo.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Adam Davies

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Post by Adam Davies » Mon Jul 20, 2015 6:49 pm
Hi

You should be able to retain funds to buy any baby equipment and the balance will then go into your IVA

Your IP should be able to grant a payment break whilst you are on maternity leave

Try not to worry, your IVA can adapt to your brilliant news and you can still become debt free

Chat with your IP and agree a way forward

Regards
Andam Davies
 
 

Jojo_b

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Post by Jojo_b » Mon Jul 20, 2015 7:22 pm
Hope so Foggy.

Thanks Andy, I'm trying bottom stress while we wait for news from them, hopefully it will be good.
 
 

Jojo_b

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Post by Jojo_b » Mon Jul 20, 2015 7:25 pm
Aargh I meant trying not to stress, where did bottom come from!!
 
 

lifenoteasy

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Post by lifenoteasy » Mon Jul 20, 2015 8:07 pm
I have to be careful - every time iva is typed it tries to replace with ova!
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Foggy

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Post by Foggy » Mon Jul 20, 2015 9:19 pm
Well -- I am not telling anyone about my ova !!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Jojo_b

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Post by Jojo_b » Mon Jul 20, 2015 11:00 pm
Haha lifenoteasy glad it's not just me!
 
 

Michael Peoples

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Post by Michael Peoples » Tue Jul 21, 2015 9:14 am
I often get asked to help people with their IVF! Way beyond my capabilities.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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