1st annual review...have a son now

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neonboy
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by neonboy » Tue Jan 12, 2010 8:21 pm
i have been making my monthly payments of £350 since last january and have received my first review. just after i completed my iva i found out my girlfriend was pregnant. i now have a gorgeous son that i am very proud of.
how do i show my ip that my expenses have now increased with now having to provide for my son. is this to my advantage ? can anyone give me any advice it would be appreciated very much.

thank for any response

greg

 

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kallis3
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by kallis3 » Tue Jan 12, 2010 8:34 pm
Hi Greg and welcome to the forum.

Congratulations on the birth of your son, hope you don't have too many sleepless nights!

I am sure your IP will be aware that your expenses will have risen, babies are very expensive!

Was your IP aware of the birth before your annual review?

You need to put down exactly what you spend and see what the IP says about it.

 

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neonboy
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by neonboy » Tue Jan 12, 2010 9:45 pm
thank you kallis

he now four months and settled into a good routine. [:)]

my IP was not aware that i was expecting a baby as i only found out once it had been agreed by my creditors.

however, i was single and living alone at the time of my iva and now im living with my partner and im worried they are going to increase my payments significantly because of this. my girlfriend only works part time and is currently on the basic maternity pay. do i now have to declare this? i have had pressure to discontinue paying my iva when things have been needed for the baby but i want to do the responsible thing and have managed to pay in full so far.

its hard to know exactly what we have been spending on baby but i will do my best when i come to fill in my I&E,

many thanks

greg

 

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MelanieGiles
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by MelanieGiles » Tue Jan 12, 2010 9:48 pm
There appear to have been some major changes in your life which should have been conveyed to your IP when they occured - but better late than never!.

hat you will now need to do is to produce a revised family based income and expenditure, detailing all income and benefits and all of your expenditure. Hopefully this will still show that you can afford to pay your IVA payments, but if not a variation can be suggested to creditors on the basis of your new family.

 

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kallis3
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by kallis3 » Tue Jan 12, 2010 9:54 pm
I'm glad you've managed to pay things up to date.

You do need to keep your IP informed of things, and I'm sure they and your creditors will do their best to help you out.

Let us know how you get on.

Your little boy sounds lovely, and just at that age now when he is noticing everything around him. Make the most of these times, they are precious.

 

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Shining
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by Shining » Wed Jan 13, 2010 5:28 am
Hi Neonboy and welcome to the forum from myself all excellent advice above as per usual so nothing to add.

Glad your little one is giving you lots of pleasure x

 

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neonboy
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by neonboy » Sun Jan 17, 2010 3:10 pm
thank you every one for all your great advice. i wish i had come cross this site a year ago. i have filled in my incomes and expenses and im ready to post it first thing monday morning.

i will let you all know how it goes.

many thanks

greg

 

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MelanieGiles
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by MelanieGiles » Sun Jan 17, 2010 3:11 pm
Good luck with the review Greg. I am sure it will be fine.

 

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kallis3
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by kallis3 » Sun Jan 17, 2010 3:31 pm
Greg,

I hope your review goes well. Let us know how it goes.

 

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neonboy
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by neonboy » Fri Feb 05, 2010 4:31 pm
i sent in my review and didnt hear from them for two weeks so i gave them call. they said it was likely the payments would increase !!
he said he wanted proof that my council tax had increased (due to arrears built up before iva) also proof my motor insurance increased.(i had a claim). these i can provide. however i always pay my petrol by cash and dont have receipts so cant prove this amount. my bad!!

i really do not want to pay any more than i already am. i didnt earn as much as the year before and now i have the responsibilty of a son so how can my payments possibly increase??? it doesnt make sense to me.

my IP was so nice and helpful when we first done the iva but now the tone is so different and i feel like cancelling my direct debit. im stressed right out now and wish i hadnt rang them....

please help

greg

 

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Shining
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by Shining » Fri Feb 05, 2010 4:59 pm
Oh Greg, I would talk to them directly and explain as you have to us about your son and expenditure etc., I'm sure you're in an IVA to repay your creditors as much as possible but have you ever considered bankruptcy?

 

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kallis3
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by kallis3 » Fri Feb 05, 2010 5:05 pm
Totally agree with Lesley.

You need to inform your IP of your extra expenditure. I would also try to remember to get a receipt when you get fuel, and keep these.

Congratulations on the birth of your son.

 

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neonboy
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by neonboy » Fri Feb 05, 2010 5:14 pm
thanks lesley, i have been told that bankruptcy should be avoided at all costs so i have done so but now im seriously considering it. i do not intend buying a house or obtaining any large form of credit within the forseeable future so maybe it is best to start over fresh.i just dont want any more regrets in my life than i already have. would i qualify?? it is scarey and dont know what is the best way to go about it.

funny how nice my i.v.a advisor was during the proposal, always there and supportive but now the tone has changed.

many thanks

greg

 

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Julie
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by Julie » Fri Feb 05, 2010 5:20 pm
Hi Greg,

Just caught up with this sorry [:I]

Did your IP say why your payments would go up? Surely if you have increased expenditure they should decrease???

Bankruptcy is not as scary as you think, but if you and your IP can work together then there's no reason for your IVA to fail.

Which company are you using?

 

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Shining
Posts: 27023
by Shining » Fri Feb 05, 2010 5:20 pm
I would take a read of Skippy's blog it's very informative in respect of Bankruptcy and I'm in no way saying it's the solution for you but it was something to consider. Take some professional advice Greg and I sincerely wish you all the best x
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