I was hoping someone might be able to give me some advice on my current situation and what steps to take next, as my IVA company have been less than helpful so far!
I am 39 months in the 60 months of my IVA and to date I have paid about half of my debts.
I have recently found out I am expecting my first baby with my partner and I am really worried about the future of my IVA. My partner is in the army and we are living in Surrey for his job, our whole support system is back in Norfolk.
I will be going on maternity leave starting in November and my company only offer statutory maternity pay so there’s no way I can afford repayments whilst on leave.
The problem is after my leave ends the likelihood of me being able to return to work is very slim, with no help with childcare from friends or family our only option is nursery. Being in Surrey nursery fees are around £60 a day, this is the same as I make in my job. So as much as I want to I just don’t think I will be able to afford to return to work.
Does anyone have any idea what I can do about my IVA and what my next steps would be?
Would my creditors be likely to accept a full and final settlement of what I have already paid in? (potentially there’s another 5 or 6 monthly payments to be made so I will be little over a year from the end).
Any help anyone can give would be hugely appreciated as the response I have had from my IVA company is ‘wait and see’ when I go on maternity. I do not want this hanging over my head with a new baby!
Nearer the time you can request a payment break while you work out your next steps. Creditors will, in the right circumstances, consider F&F offers based on payments made to date, as they did in my case when my circumstances changed about half way through my IVA to make it impossible to maintain payments. IP's appear to be very reluctant to look ahead and generally like to deal with things as they happen. Whilst this is annoying for us it is a case of them being able to go to creditors with a known set of facts rather than "might be's".
Thank you so much for your congrats and your advice.
I have had numerous problems with my IVA company so when they said to wait I just thought they were stalling (didn't help that they hadn't answered half my questions). So to hear you both say that has put my mind at ease.
I will have a look at the possibility of a payment break and then re-assess when the time comes for me to return to work.
Thanks again, J
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