We are 2 1/2 years into our IVA, Paying back 75p in pound(£1300 per month). My husband and I both work full time, and we have five children.
With my IP's consent, I changed jobs in October last year (very similar salary) but the working patterns are less much flexible, and in order to juggle child-care and being in work for the requisite hours, I am out of the house for 13 hours, returning with five very tired children. I am completely exhausted, and not sure whether I can sustain this any longer. My childcare bill is huge
How favorably do you think creditors would view a request for reducing my hours,thus reducing childcare costs? I have calculated a more realistic working pattern, which would mean a drop in our monthly payments by 35%. (assuming my employer would allow me to do this)
If the creditors do not agree, I think we may have to file for bankruptcy anyway due to the pressures we are under. I am resenting my job and the IVA as I never see my children (ages 8 and under) We want to pay back what we can but not at the expense of our sanity/family.
Thank you
Last edited by goldie on Sun Feb 15, 2009 8:22 pm, edited 1 time in total.
That is a very long day and I am not suprised that you are exhausted. I am sure that, given the high level of dividend you are offering, that creditors would be happy for you to rejuggle your finances to have a bit more leisure time.
Talk to your IP to see what they have to say - I would agree to it if you were my client.
And me too - so I am sure your own IP will - let us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
You have nothing to loose - I am out of the house for 13 hrs a day too, although unfortunately just have hubbie to come home to so i know how you feel - exhausted and very little work life balance ! I have just secured an informal agreement with my boss that I will work from 7.30am - 4pm with 30 mins for lunch - hopefully I will then be home by 5.30pm instead of 7pm !!!!! I have to leave home at 5.45am each morning to beat the traffic as I have to travel on the M1 near the M25 junction !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
That is a long day lulij. I am in my office for about 6.15 am and get home for about 7.30 pm with very rare breaks for lunch!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
goldie, I hope you manage to get something sorted out. Your kids and hubby need to spend more time with you, and I don't suppose it's doing your health any good either.
Let us know how you get on.
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
Thank you for your support. I will have to resolve the situation one way or another.
We will still be able to pay a reasonable dividend on our original debt. It would be very frustrating to have to go bankrupt when we are half way through!
