www.iva.co.uk

Hi. We have just received, from our IP, a request to update them about our financial situation for the first annual report to our creditors. Since the IVA started in June of last year, we have have had a baby and my wife has not returned to work. It has become clear that it would be more cost-effective for her to stasy at home than to go back to work. When filling in our financial statement, I have taken put down my wife's statutory maternity pay and now the surplus income shows as a minus figure. What will this mean if I submit this back to the IP? In 2 months, the statutory pay will stop altogether and so this will become worse. I would appreciate your thoughts!
Thanks for your help.

Hi,

Nice to see you and congratulations on the baby.

I would speak to your IP and inform them of the change of circumstances and seek their advice.

I'd also work out your finances as they will be once the the SMP stops so you can let the IP know that as well as your other figures.

Thank you Jan. I was curious as I have completed the financial statement they sent me and this will show them that the 'surplus' just isn't there anymore....so I wondered if they would contact me when they saw that or whether I should make a seperate representation to them...

I'd be inclined to give them a ring just to explain your new circumstances. Much easier to speak about it than try to put it down on paper.

Boy or girl?

Thanks Jan...and a girl...a lovely girl, at that!x

Lovely! I'll bet she's gorgeous!