Struggling with IVA

[Adam_7985]

Hi, just after some advice, I have just completed the 2nd year of my Iva, we have 3 children, we currently pay about £600 a month back. We just just found out that my wife is expecting another baby, this opens up a lot of problems, obviously it’s going to be a struggle affording the Iva, and also paying for another car to fit everyone in and a pram etc, I don’t know what to do, do you think the Iva company will be able to help?

Thanks

[Foggy]

You can but ask. Most firms can offer some sort of assistance -- but, these days, some are less sympathetic.
They could offer a payment break, nearer the time, for you to divert a few months IVA payments to pay for essentials --- these would be added back on at the end of the agreed term. Once baby has made an appearance you will also have to have your income and expenditure reviewed, which might result in a lower disposable income. Hopefully, in this event, creditors will agree to accept the reduced payments.

[Francesca]

Hi. I just came back from maternity leave so maybe could help a bit. When I found out I was pregnant I have informed Creditfix right away. First of all they lower my monthly payments so every month could get baby bits. I just used groups on fb to get stuff cheaper. When it came to my mat leave they offered payment break but we didn’t want to stop paying so they told they can lower monthly payments down (something to do with 15% and very first payment?). Can’t help you with the car issue

[Foggy]

Hi. I just came back from maternity leave so maybe could help a bit. When I found out I was pregnant I have informed Creditfix right away. First of all they lower my monthly payments so every month could get baby bits. I just used groups on fb to get stuff cheaper. When it came to my mat leave they offered payment break but we didn’t want to stop paying so they told they can lower monthly payments down (something to do with 15% and very first payment?). Can’t help you with the car issue

In most arrangements there is a clause allowing the IP the discretion to reduce the regular IVA payment by up to 15% (based on the originally agreed payment at the start) without incurring any arrears or extensions. Anything more than this will need to be referred to creditors for agreement (or otherwise).

[Francesca]

That’s exactly what it was

[Adam_7985]

Hi, we are currently 2 years into our Iva paying £600 a month, we are starting to struggle with the payments and have 3 kids, we’ve found out my wife is pregnant again and really don’t know how we’re going to cope with these payments, we don’t own our home and are council tenants, some one mentioned it might be better to go bankrupt, does this mean we still have to keep paying the £600, I have no idea how bankruptcy works?

Thanks

[kallis3]

I have merged your two topics as they are duplicates just to avoid confusion.

As regards BR - you may have in Income Payment Order for three years but the amount would be decided by the Official Receiver. You would be discharged after 12 months but your credit rating would be shot for a further six years.

Speak to your IP.

[IVA2010a]

When i found out i was pregnant I told them I wanted to settle and offered a lump sum of 3k I was 3 years in and wanted it gone. i said I would be leaving work due to childcare costs and I would go bankrupt. I didn't intend to quit work or go bankrupt but they called my bluff and accepted. So glad I got rid of the IVA. i have now just brought a half million house with a mortgage (Didn't declare IVA as they didn't ask ) The IVA turned my life around and i had £65,000 completely written off it can be a great way to reset your finances.