I'm due to go back to work early in the new year, however when I go back I'll only be doing part time as opposed to before having my child when I was full time.
The problem I have is when me and my husband have sat down, our incomings will be pretty much the same as our outgoings.
I'm worried about what's going to happen as we will only have a year and a half left to go in the iva, we've been doing really well with it all and are due to pay back alot bigger dividend than was first agreed when the iva was initially set up due to my husbands over payments with his overtime.
What will happen? Even if I were to go back full time we'd be no better off because the child minding cost would take all the money I'd be earning.
You need to speak to your IP about this - it may be that you can put a variation forward to have the payments you have made to date accepted as a full and final.
If you can demonstrate that you have no longer got any disposable income, as a result of the arrival of the little one, then you should ask your IP to put forward the offer that Niobe describes above. As you are over half-way through the IVA, you probably stand a good chance of getting this accepted - after all what is the real alternative?
Do you have assets which would be at risk from bankruptcy proceedings in the event that creditors did not accept a successful conclusion of the IVA?
Assets in a bankruptcy generally mean anything outside of your usual personal posessions (so long as not excessive) or household furniture and fittings. As you say you have no equity in your house, and a low value car, these would be exempted from the proceedings - although if your house does appreciate in value over the three years of the bankruptcy then there may be some risk there.
I'm a little worried about the talk of bankruptcy after doing so well with our iva for so long, am I right in saying that if I can't make a payment when we do a review (the review is happening when I'm due back off maternity) because of my incomings aren't enough. My creditors can either accept what I've currently paid as the total and end the iva early or they can decline it and my only option would be bankruptcy, if that's the case I can't see why they'd in a way do me a favour and vote to end it early when to be fair what are they going to gain?
It is really something that you need to go through with your own IP Becky, as they have detailed knowledge of your case and will know the creditors concerned. If you don't want to consider bankruptcy then try the alternative route of a variation of terms to accept what you have paid to date in full and final settlement.
Thanks for yr advice we are due to sort things out in terms of new monthly payment in Jan so think we're gunna wait till then and see how it goes just been doing some sums and come January we will have already paid 85% of the sum that our iva was set up under (due to husbands overtime over payments) so we will see. I'll be sure to check back here and thanks once again Melanie, kazze & niobe.
