hi, i am currently in year 2 of a 5 year iva, i have just discovered im pregnant, obviously my wages will reduce to maternity pay, is there anyway my payment can be reduced to account for this?
Secondly, you need to inform your provider as soon as you can of any changes in your circumstances, even though you may not finish work for a good few months yet. It will pay in the long run to have a clear idea as to what your plans are post birth, eg are you going back full time and if so what childcare costs you may have? Are you taking a career break or going back part time?
Once these issues are addressed then your provider can advise you of what your options may be, eg reduction in payments, possible payment holiday period etc.
Hope this helps.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Congratulations nikkit, I'm in the same position, welcoming week 19 this week, although I'm in year 3 of my IVA.
I've managed to get my IVA to finish as my maternity starts, creditors are willing to take everything up until August as full and final payment, although this is only because I have put in extra over the last 3 years with regards to overtime, bonuses etc and the final figure is very very close to what they would've got in the original agreement.
As size5 says it's best to sit down and consider all your options open to you, your IP should be able to give assistance too, although I have had a lot more feedback with regards to what to ask my IP by posting on here, Melanie, size5, David and Kallis are fantastic with all the advice they give, but as it's your IVA you have to be comfortable with what happens to it.
Good luck with the little one, and keep us informed on what you decide to do xXx
Full & Final accepted, last payment is due on the 31st July 2009
I've had lots of clients who have had babies whilst they are in their IVAs, and most people seem to cope by juggling their finances around. If you need a formal payment break, then speak to your IP who can call another meeting of creditors to see whether this is acceptable.
