Hello. This is year in March me and my wife started an interlocking IVA with Financial Support Systems. Later in March my wife got pregnant and starting from 15 October she isn’t working anymore and will get around 600£ per month(Maternity Allowance).I managed to pay the monthly instalment for the iva(190) so far. I spoke with FSS about my wife pregnancy as soon as we found out and they said to contact them when I will know exactly how much will she be getting per month as income. At the beginning of November I spoke again with them and told them about Maternity Allowance, they sent me a new I/E form and I had to upload a month payslips and bank statement for myself. I haven’t received anything from them since then other than an email saying that they will contact me once they got the outcome of my review. My I/E is now with minus 500£ per month due to having new expenses added for the baby and increase in gas/electric bills, groceries.My wage has increased since I started my IVA but since my wife is getting only 600£ our house wage has actually gone down.
Now is it possible for them to terminate my IVA ? What are my other options since me and my wife are both on the IVA ? We were thinking maybe a deduction in the monthly payments will help us ? Should we go for a DRO (since our debts are under 20k ) if they say they would terminate the IVA ? Im stressing myself because I don’t know what the outcome will be and I don’t want to be caught off guard. Thank you and sorry for the long story.
If the reduction in disposable income is a big one and creditors do not agree to the reduced payment, the IVAs could be terminated. A DRO for each of you might be a way forward, providing you qualify -- I would suggest an early chat with Citizen's Advice about the possibility. Have a read here: https://www.citizensadvice.org.uk/debt- ... ef-orders/
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