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Posted: Wed Jan 20, 2016 8:06 pm
by Matt.rs
I am in my 3rd year of my IVA and my wife is pregnant with our 3rd child. When I tell my IVA company the news what can expect from them. Will this change the payments slightly as it will be an extra cost.
Many thanks
Posted: Wed Jan 20, 2016 9:49 pm
by Michael Peoples
Congratulations on the new addition and this is quite commom. Speak to your IP and they can adjust the payments tp reflect affordability. If the payments need reduced by up to 15% the IP can sanction it but any larger reduction would need creditor approval.
Posted: Thu Jan 21, 2016 9:36 am
by Lisa Thomas
Hi Matt - congratulations! I agree with Michael's comments - liaise with your IP.
Can you explore the possibility of a family member or friend perhaps gifting you a lump sum to settle the IVA early...?