www.iva.co.uk

Hi all

I have another question please....
I have been told that sometimes you can ask for a year out in certain cirumstnaces. My husband and I are really keen to have another child so that our children are close in age. My husband is in the process of getting new job with much more money so the cost of another child would not cause us to Not be able to pay our monthly payments.

When I asked about this I was told to write a letter and that another creditors meeting would be called.

I was wondering if anyone had any experience of this and whether you think it would be likely that the creditors would allow a years payment break?

Many thanks

Becky

Hi lairdybird

It is certainly possible for you to ask creditors for a payment break during the IVA - especially for such a happy event. One year seems a lot, when I imagine that you will recive maternity pay, and suggest that six months might be more acceptable. The key is not to put your life on hold whilst subject to the IVA.

If you own a property with equity in, maybe this might be a good opportunity to offer a lump sum to creditors as a more favourable option and then get the IVA finalised for good. Just a thought!

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

Hi Melanie,

Thanks for your advice, yes we do own our property but unfortunately we only have equity of about 10,000 pounds and I think our debt was about 75,000 we are currently paying 500.00 a month so we would need a lot of money to clear it!

And yes I think you are right it would maybe better getting 6 months off and then it would not seem like we were adding such a long time onto the end of our agreement.

Becky

Becky