Pregnancy late on in IVA

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Debt Monkey

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Post by Debt Monkey » Fri Jul 30, 2010 7:52 pm
Dear All,

Had the very exciting news today that the wife is pregnant! We have 9 months left on our IVA currently paying £1,000 per month (joint IVA).

I recently contacted our IP as we had not been asked to get property revalued which is a clause in our IVA. As it happens we find ourselves in negative equity.

Our IP needs to convene a meeting with our creditors to ask to exclude the property from the IVA. Do you think its worth mentioning the pregnancy and seeing if they will consider asking the creditors to end the IVA early (clutching at straws i know). I am thinking it will take three months to sort by which time we will need to spend lots on getting the house sorted as its in a state of disrepair and all of the goodies required with a baby due. Obviously the wife will go on maternity toward the end which will have an impact on income.

We were originaly paying £540 per month on debts of £100k which amounted to about a 26p dividend. As we have been paying £900 since our first review due to pay rises etc and £1,000 in our last year the original dividend will have already been met. Also the vast majority of our debts were bought by Max Recovery.

Anyone been in a similar situation, and professionals do you have any thoughts/advice.

Many thanks.

DM
DM
 
 

ThriftyWitch

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Post by ThriftyWitch » Fri Jul 30, 2010 8:00 pm
Can't offer any advice I am confident in as im too shiny and new to this, but just wanted to say congratulations to you, what exciting news![:D][:X]
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Julie

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Post by Julie » Fri Jul 30, 2010 8:17 pm
Hi DM and congratulations on your great news [:)] and well done for nearing the end of your IVA!

I would let your IP know about the pregnancy and explain how it will affect the remaining payments. I'm sure your IP will help all they can. Who are you with?

xx
 
 

Debt Monkey

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Post by Debt Monkey » Fri Jul 30, 2010 8:22 pm
Grant Thornton, who have been very good since taking our case on after Debt Matters gave up!
DM
 
 

Julie

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Post by Julie » Fri Jul 30, 2010 8:39 pm
I'd definitley let GT know about the pregnancy. If the property gets exccluded from the IVA has GT indicated that the IVA may be extended for 12 months? That seems to be normal in newer IVA's, but not sure if it would apply in yours.

If there is no extension, could you pay the remainder 9month contributions?
 
 

Debt Monkey

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Post by Debt Monkey » Fri Jul 30, 2010 9:05 pm
No extension as got no equity
DM
 
 

MelanieGiles

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Post by MelanieGiles » Sat Jul 31, 2010 12:39 am
Fantastic news - that little one certainly is getting their timing right to coincide with the end of your IVA! Make sure GT are aware of all of the facts, and anything that needs rolling into the variation as a result of the baby's arrival can be covered off at this stage.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Debt Monkey

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Post by Debt Monkey » Tue Sep 07, 2010 6:33 pm
Just to let you know, been for the scan and its triplets! OMG! We have our meeting with the IP next week to discuss removing the property from our arrangement as we are in negative equity. Do you think that given it takes 3 months to get the variation sorted which will take us into December and the wife plans to start maternity leave in January (resulting in £1,000 less a month) the creditors would accept what we have paid to date as a full and final. Our current IVA repayment is £1,000 per month so wont be able to afford it and will have an additional 3 mini people to provide for, at the moment we have nothing as these will be our first and last I suspect! Our original IVA proposal was to return a dividend of 26p in the £1 but to date due to pay rises and promotions we will have already paid in enough to return at least 35p in the £1 if not more.

Any thoughts.

DM
DM
 
 

kallis3

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Post by kallis3 » Tue Sep 07, 2010 6:41 pm
OMG DM! What a shock!

I would certainly speak to your IP as soon as possible.

Given the extra expense you are going to have I think the creditor may well accept what has been paid across.

Congratulations to you and your wife - I'll bet they made sure you were sitting down before they told you.
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orange

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Post by orange » Thu Sep 09, 2010 6:34 pm
we had an baby early on in our iva but had little support from the iva company infact they were rude!.fortunatly i got paid nearly the same so we managed to maintain our iva.At the time we should have compained but we were scared and all was new in the iva and we didnt know about this site.I say speak to the IP thereselves and not one of the staff.Lots of luck with the 3 buddles hope all goes well x
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Shining

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Post by Shining » Thu Sep 09, 2010 8:17 pm
Triplets! wow! I've got twin grandsons, they've just turned a year and they're adorable. All the best to you and your wife....how magical.

I would speak with your IP as soon as and hopefully you'll be able to put closure to the IVA and start afresh with your bundles of joy xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

luluj

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Post by luluj » Thu Sep 09, 2010 8:27 pm
Fantastic news ! I would hope your IP would be supportive in offering a F&F now so that you stand some chance in getting ready for the happy arrivals - if they agree now and you can use the £1000 a month on baby things and the house, you stand some chance of getting straight before th birth - good luck x
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Lisa2009

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Post by Lisa2009 » Thu Sep 09, 2010 10:00 pm
WOW!!! Triplets!!! how exciting.

I hope you manaage to get your IVA ended in time for the new arrivals.
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Skippy

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Post by Skippy » Fri Sep 10, 2010 9:03 am
What a shock! Congratulations to you and your wife, and I hope your IVA is sorted out so that you can prepare for the arrivals!
 
 

MelanieGiles

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Post by MelanieGiles » Sun Sep 12, 2010 8:38 pm
Delightful - and as it currently is estimated that it costs around £200k to raise one child from birth to the conclusion of further education, I would get that IVA finished as soon as possible!!

Best of luck
Regards, Melanie Giles, Insolvency Practitioner
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