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.
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?
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?
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.
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.
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.
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.
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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
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
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
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!!
