www.iva.co.uk

Hello I'm coming up to my third review within my Iva and last November I found out I was pregnant we only have a two bedroomed house and already have two girls we cant sell and rebuy due to being in an iva and not being able to afford it and i dont want to go into rented so we decided we would have to go into the loft and convert into bedroom, which hubby would do the work himself so hubbies been working overtime in order for us to have enough money to put in stairs window etc, not earned a lot extra possibly only 1500.00.. Anyway because of this extra income we are over our iva allowance and haven't yet bought materials to do loft room. Will I have to pay this money back into the iva or if I explain the situation will they allow us this. I will also be needing to buy pushchairs and cots etc and hubbies overtime only on offer October til march so back so basic pay from now on????

Hi, ideally you should have run this by your IP before making a decision to convert the loft. Explain your change in circumstance i.e the pregnancy and your proposed plans and see what they suggest. All the best.

Hi. At least 50% of the overtime should be yours to keep ( possibly a little more, depending upon the terms of your own IVA ). However, a chat with your IP might bring about some sort of compromise to help you make up the difference (maybe a short payment break --- which will be added back on later).

If you were my client I would be annoyed that you had not discussed your plans with me in the first instance, however your need has been well explained and I would expect that your own IP will give serious consideration to allowing you to retain the monies to complete your building work.

If not, they will probably allow you further time to repay this money at the end of the IVA.