Baby due beginning of Ausgust

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OooNutty

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Post by OooNutty » Sat Jun 16, 2018 9:16 am
Hi. I've finally decided to go down the IVA route which all started at the beginning of May and I now have my creditor meeting on the 4th of July.

My wife is currently in an IVA with Anchorage Chambers and so will I, hopefully. Question is, will I get a review once the baby is born as they didn't factor in this when they were putting all my expenditure together. I will be paying £127/m I have 3 creditors, halifax loan and credit card , Barclays credit card and sainsburies credit card.

I'm also more than likely going to be promoted at work which will come with increase salary, would the fact that the baby coming cancel out, in effect, the wage rise? We wouldn't be any worse off I think, just curious.

Thanks

Foggy

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Post by Foggy » Sat Jun 16, 2018 10:16 am
You are entitled to as new I&E once baby has arrived, as is your wife, -- whether the creditors will agree to a reduced IVA payment is down to them. The pay rise, assuming you have the usual clauses, should not affect payments until the annual review (or revised I&E) following the rise, after which half of the increase will be added to the IVA payment --- this should be net increase, after extra expenses have been factored in, but IP's can get a little "creative"!
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

OooNutty

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Joined: Fri Jun 15, 2018 11:54 pm

Post by OooNutty » Sat Jun 16, 2018 11:27 am
Yes my IP has been very helpful and 'creative'! So if and when my salary goes up I don't need to tell them straight away, just obviously at a yearly review?

Thanks for the reply btw!

Foggy

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Post by Foggy » Sat Jun 16, 2018 11:31 am
OooNutty wrote:
Yes my IP has been very helpful and 'creative'! So if and when my salary goes up I don't need to tell them straight away, just obviously at a yearly review?

Thanks for the reply btw!
You do need to tell them when it happens, but it shouldn't be accounted for until review.
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

kallis3

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Post by kallis3 » Sun Jun 24, 2018 4:41 pm
Congrats on your new arrival!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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