Just found out I'm pregnant

[SLM]

Hello
I'm in an IVA with my husband and just started year five & I've found out I'm 7 weeks pregnant.
Are we entitled to a variation meeting, if so, at what stage & how do I approach this with my IP?
Thank you for any response.

[Declan at DebtFreeDirect]

Hi Kruger
its best to speak to your IP sooner rather than later. It’s likely that they will want to start looking at a revised income and expenditure calculation for you and determine what needs to be done in terms of your ongoing IVA.

Thanks

[SLM]

thanks for the response. Is my IP likely to end the IVA then? ie cancel it as we may have to reduce payments and overall fail our IVA?

[Broke of London]

It is likely that your IP will be able to reduce your payments or offer a payment break until you are able to continue with repayments. Congrats on the baby x

[SLM]

thank you. although we're delighted to be expecting (took five yrs and were told it was unlikely to happen naturally), by the time I go on maternity leave we'd have only had five payments left on our IVA (if all goes well with our house valuation). Just keen to get debt free!!

[Tomoose]

If you only have 5 payments left, its probably simplest to just try and stick to the repayments if possible.

Many congratulations are in order too! [:)]

[Broke of London]

Can a relative or friend pay the last few payments for you and then you can repay them when you're better able to afford it?

[SLM]

thanks perhaps we'll try to pay the last five months. we haven't told any family or friends feel quite ashamed about the amount of debt we got into in the first place. I can't wait to be debt free [:)]

[lukeofyorkshire]

Congratulations!

[Broke of London]

You only need to tell them you want to clear a couple of credit cards as you won't be able to afford the repayments once you go on maternity leave. it isn't strictly a lie!

[plasticdaft]

What happens regarding any equity in the house?? Are you expected to make further payments if equity cannot be realised?

Paul

ps congratz,took us 5 years of trying when it looked unlikely....it happened!!

[Shining]

Congratulation firstly and secondly do talk to your IP as s/he can give you case specific advice.

Pleased for you I really am. x

[Shining]

Hope it's sorted very soon for you too. x

[SLM]

thanks everyone!
Regarding the equity in our house this is what our agreement says:
"in the 4th year of the Arrangement an open market valuation of the property must be provided to the Supervisor together with a mortgage redemption figure. The debtor must obtain a minimum of 2 offers which address the debtor's share of any equity therein. The debtor must accept the offer which provided the greatest return to creditors and 100% of the debtor's share of such proceeds must immediately be paid into the Arrangement. Monthly contributions may then cease in order to accommodate an increase in mortgage payments and the Supervisor may take steps to conclude the Arrangement having first written to the creditors to ensure there are no objections to the IVA being completed early. Should the debtor be unable to realise his equity in this manner, the Supervisor must convene a general meeting of creditors to consider the debtor's options'.
'Failure to pay unsecured non-preferential creditors a minimum dividend of 83p in the £ shall be deemed a default of the Arrangement. If this modification is not accepted this proxy will count as a rejection'.

We're not convinced we have any equity so what would happen in that instance?

Thanks

[Broke of London]

You would need to check with your IP. I think that usually the iva would conclude at 60 months but in your case there is a minimum dividend to be met. So your IP would need to go through the options with you. x