www.iva.co.uk

Can anyone help, i have been in an IVA agreement now for 18 months, all is going well but i am getting married shortly, i will now be responsible for my wife to be (who doesnt work as she looks after her two young kids) and for my two step kids to be. I pay 50% on my IVA and will not be able to afford the rent, food etc on what i have left, What should i do?

Thanks

Matt

Hi
Speak with your IP as soon as possible and see if you can agree a way forward.It may be possible to propose a variation to reduce your payments but it will need your creditors approval.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi zsalmighty

Neither your IP or your creditors are likely to be too impressed with you taking on someone else's commitments at their expense. How was your partner managing to fund herself and the children before your relationship - I assume that she receives child maintenance, benefit and tax credits?

I think you need to sit down and work through your new family budget to see how much disposable income you will be left with, and then speak to your IP about the implications on your IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk