Advice please

Get expert opinion. This is the place for new questions to be posted.
7 posts Page 1 of 1

Jessie91

Posts: 240
Joined: Fri Jul 19, 2019 12:47 pm

Post by Jessie91 » Sat Jul 17, 2021 1:23 pm
Just need a tad advice I’m in a iva alone without my husband we both work full time and have 1 child between us. We have been considering having another child if this was to happen of course after maternity leave I know I couldn’t go back to work as I don’t have childcare for my first child let alone if I had another, would my iva fail if I became a stay at home mum when my husband works still? I know we would be in receipt of benefits because of the children so that would be a income on my behalf.
I know I shouldn’t base and worry about the iva on building my family bigger or not but it worries me as that would happen if I was to have another child I would have to stop work.
Sorry if post is silly not appropriate just unsure what to do as I’ll worry about the iva failing because of this.

Foggy

User avatar
Forum Expert
Posts: 32769
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Jul 17, 2021 1:42 pm
Your income and expenditure would need to be reviewed at the time and it could be that your IVA payment can be reduced, maybe being mitigated by an extension to the IVA term, or that your partner contributes towards the IVA payment to keep the arrangement viable.

Depending on the outcome of such a review it might be that the creditors will accept closing down the arrangement based on payments made to date. But this depends heavily on creditors mood ! For different reasons my IVA became unviable about halfway through my agreed term and was successfully closed down on payments made to date. However, I had, in those early months, made a lot of extra payments and my creditors were in a helpful frame of mind. At that point it is pretty much 'last chance saloon' !

Your IP should do everything they can to keep the IVA going -- after all, they get a cut and a cut of nothing, should it fail, is nothing ! Of course, your partner should also be willing to step in with the payments if needs be.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

luluj

User avatar
Forum Expert
Posts: 11157
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Mon Jul 19, 2021 8:21 pm
As somebody not lucky enough to have a child, but wracked up debts in the trying ... don't put your life on hold.

Go have fun, get pregnant and deal with fallout after ... you'll find a way to make it work. Life is too short for regrets.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Jessie91

Posts: 240
Joined: Fri Jul 19, 2019 12:47 pm

Post by Jessie91 » Tue Jul 20, 2021 4:37 pm
Thank you for replies
Foggy: they have already recently reduced my payments to my lower job wage which had to be agreed by creditors which they did thankfully but added another 12 months on so instead of 5 years now 6 years (I rent my home). I’ve been in this for 2 years in September so I can’t see them closing down the iva as surely they wouldn’t of made any money from me as much. Surely if a decent amount of my husbands wages & benefit income comes to be a substantial amount I couldn’t see a issue surely?

Luluj: thank you for your kind words and also sorry you went through that :(
I just think constantly about this iva everyday no matter if it’s for 5 mins or so it’s always hanging over me which I dislike but this is my own doing.

bowline

Posts: 14
Joined: Sun Aug 11, 2019 2:31 pm

Post by bowline » Wed Jul 21, 2021 12:24 pm
Can you say how large the debts in your IVA are?
how much are you paying a month at the moment?
Do you own a car?
Because if your only income would be from benefits on maternity leave then you may qualify for a debt relief order. If you do, it is better to let your IVA fail and opt for that as you don't have to make any monthly payments.

Jessie91

Posts: 240
Joined: Fri Jul 19, 2019 12:47 pm

Post by Jessie91 » Wed Jul 21, 2021 12:34 pm
Hi bowline,
My debts were £18.998 my monthly repayments was £92 but few weeks ago due to a new job and slight change of wages my creditors agreed for me to pay £75 per month but added on another 12 months payment so 6 years now instead of 5 years.
I personally don’t drive and own a car but my husband does and has a car on HP which has nothing to do with me which Creditfix know that.
I’ve noticed since I’ve started my iva in 2019 I’ve done nothing but feel awful/depressed about actually being in this situation and starting to hate the choice I made but I felt I had no other way to get out of the stupidity I done.

Foggy

User avatar
Forum Expert
Posts: 32769
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Wed Jul 21, 2021 12:39 pm
As Bowline mentions, you could well qualify for a DRO -- have a read here: https://www.stepchange.org/how-we-help/ ... order.aspx
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
7 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”