www.iva.co.uk

Hi everyone!
Just had my second review, all is well and payments went up by £10. My son will be getting the governments 30 hours free childcare starting next month so that means my nursery fees will obviously be reduced dramatically. I’ll obviously ring creditfix when I get my invoice but just wondering if anyone else has been in the same position and how did it affect your monthly payment? I know it’ll go up as I’m due a pay rise next month as well but I’m going to end up being £200-300 ‘better off’ for a month or 2 but it won’t be the same every month, especially during the holidays. I currently pay £119 a month and im just trying to figure out how much they may put it up by!

Hi Jo. It is difficult to say how CF will react, as they have their own way of doing things and are not always consistent.
Any childcare expenses no longer payable should now go towards your disposable income and, therefore, your IVA payment, along with 50% of the permanent payrise. Explain to them the possibility of fluctuations and they might agree to use an averaged out figure.

Take into account additional costs associated with the changes to childcare- is there additional drop off and pick up mileage? Will this impact in other ways - be sure to present a new income and expenditure that demonstrates a clear understanding of the financial implications that the increase in utilities, mortgages, fuel costs etc will have on your household v the increased income so that any adjustment is realistic and manageable on a longer term basis.