worried that I will be forced to go bankrupt

[sammyj]

Hi, I have been in an IVA for just over a year, me and my fiance both work full time. I have recently dicovered that I am pregnant and we're worried that I will be forced to go bankrupt. We are looking for somewhere cheaper to rent but have heard that this could be difficult because of the IVA, is this true? Also if I'm made bankrupt will I lose everything when I got a baby on the way? Any advice would be great. Thanks

[aguise]

Hi Sammy
CONGRATULATIONS ooh babies are lubberly, and such a precious gift. I've gone all soppy now.


Best thing to do is to speak to your IP and see what options there are, possibly a payment break whilst you are on maternity, or a variation can be called to adjust payments . Dont panic honey, even in bankrupcy you wont lose anything, unless you have major assets, like a house or expensive car, van gogh hanging in the living room ( bet I spelt that one wrong) they dont take anything from your home.
Speak to them that is what they are for, they dont want your iva to fail either and you shouldnt be stressing now you are pregnant.

Ang x

[Jinx]

Congrats on the baba,

As Ang says, bankruptcy isn't so dramatic unless you have major assets or your a company director etc especially as you've only been in you IVA a year. most Brankruptcy is discharged after about 18 months nowadays anyway.

Good luck with getting it sorted with your IP!

[Jan01]

Congratulations on the baby speak to your IP asap so you can enjoy your pregnancy and enjoy the baby.

Take care and look after your self you and the baby are far more important

Jan

[kallis3]

Congratulations on the baby Sammy.[:)]

I'm sure your IP will be able to sort something out for you.

[sammyj]

Thanks for the advice, I feel a lot better now. I will speak to my IP. Doe's anyone know if we would be able to rent will an estate agents while I'm in the IVA. We are renting privately at the moment but but we didn't have the IVA when we applied and passed the checks.
Thanks
Sammyj

[plasticdaft]

May need a larger deposit for rental,some people find it harder to get somewhere because of iva. Think you can get a letter from your IP stating that you are complying fully with the iva which may or may not help.

Gratz on the baby front.

[kallis3]

I am sure that people have rented whilst in an IVA, I am sure one of them will see this post and be able to put you right on that score.

[Soulgrowth]

Hi Sammy ... congratulations on your news. the most important thing now is that you look after yourself and that baby ... and make plans for your future.

As everyone has said, I am sure that you will be able to find a solution to keep your IVA going and the best course of action would be to speak to your IP ... but it might just be worth wondering if, you have no major assets, whether with such a life changing event happening you might have more chance of a fresh start in life with going down the bankruptcy route anyway. Whilst, I think, you might need to notify your present landlord out of courtesy I would imagine that it wouldn't make too much difference to whether you would be able to stay on in your flat, especially if you are renting privately.

It might be worth seeking your landlord's feelings about this ... I would take your time and not do anything too drastic at the moment until you have made a few enquiries and looked at all the options considering what is best for you and your family now that things are changing.

All the best ... and keep us posted as to how you get on.

Debbie

[Jinx]

As debbie says, if you rent privately its more likely that they wont run a credit check anyway! I rent privately & as long as I pay on time I never hear from my landlord.

[MelanieGiles]

Lots of people have babies whilst they are in IVAs, and you are doing the right thing by thinking about how the costs will likely affect your payments. Try and explore what tax credits you might be entitled to, and your employer's maternity policy, and then have a chat with your IP to see how this is likely to affect your ability to continue with your payments. A short payment break might be sensible, and this can be arranged with the agreement of your creditors.