www.iva.co.uk

Hello, [waves manically]

I've not been on here in a while, [:I] hope everyone is ok?

I'm just in need of some advice, and you lovely peeps are great at giving it!

Having been in an IVA since May 2012, the time has gone by quite quickly up to this stage, but a new dilemma has set in...we will now have another mouth to feed...I'm due to have another baby in May/June next year. Am I mad or am I mad?

Seeing as I'm not getting any younger, it is now or never, so this is where I am!

Soooo, with this in mind I'm now worrying (yes that neverending battle) that when the new one arrives I will be on maternity leave with a lot less coming in, but that's not the only thing that's worrying me, its that when I go back to work I will be paying out a lot more in childcare (as the baby will have to be in full-time and my other child continuing part-time childcare as normal), so that leaves us with very little if anything to contribute to the IVA!!!! Which leaves me in a very 'oh, no' (to put it mildly), and I'm not too sure what should happen in this sort of situation? We, of course don't want our IVA to fail, but with near to nothing to really contribute, how do creditors/IP view this?

Does anyone know, or been in a similar situation? Of course I will be speaking with my case-handler about this, but thought I'd come on here to see what others opinion on this is in the meantime.

Thanking you in advance![:)]

First of all congratulations on the impending new arrival. This is not uncommon and you may need a payment break for the duration of the maternity and then do a new I&E based on your returning to work. There will be extra costs and extra tax credits/child benefit and your surplus income may decrease or disappear. If it decreases creditors should alow the reduction and if it disappears creditors may accept what has been paid to date as full and final settlement.

If possible, now would be a good time to propose a full and final settlement if you can raise some funds so best of luck going forward as there are options available to you.

Firstly, thank you Michael Peoples for your advice on my OP. I have spoken with my case handler and they have suggested what you mentioned, that to have a payment break for the duration of the maternity leave to which will be tagged on to the end of the IVA. And have given me an I&E form to submit on the basis of childcare etc.

They did mention however that in the case of having no funds to put towards the IVA then the option would be to apply for bankruptcy, which is an option I do not want to consider so I'm feeling extra stressed by that, and the monies which has been paid to date in over 18 months would not be sufficient for a full and final settlement.

Obviously trying to raise funds is not an option either, so I'm a bit panicky to say the least what is the likelihood of surviving this next stage!

I think overall the childcare issue is the main crux of the problem, trying to source a reputable and somewhat 'cheap' childcare is anything but these days, and I'm well aware what I was getting into when I decided to have a third, but yes, I'm very worried should our IVA fail.

Does anyone have any advice or similar experience on how I can feel rest assured that I won't go into bankruptcy, I do not want to go down this route.

Congratulations .... Good luck with your pregnancy.
You are right to inform your case handler early on and work with them to find a way forward avoiding bankruptcy where possible.
Hopefully your IP will be able to support you fully and your options fully considered.

Do not panic now! Take the payment break, have the baby and then decide what to do. You have time and your IP is supportive so enjoy your pregnancy.