{"id":1018,"date":"2013-12-16T14:09:00","date_gmt":"2013-12-16T14:09:00","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=1018"},"modified":"2019-01-29T14:17:29","modified_gmt":"2019-01-29T14:17:29","slug":"iva-and-pregnancy","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-pregnancy\/","title":{"rendered":"IVA and Pregnancy"},"content":{"rendered":"\n

To offer an IVA<\/strong> to creditors, you must be insolvent and at the same time afford to make contributions to the IVA to settle your debts and to pay the administrative costs of the arrangement. <\/p>\n\n\n\n\n\n\n\n

If you are pregnant<\/strong>, then your capacity to make and sustain contributions to an IVA is likely to be affected by your fluctuating financial circumstances. Although in some cases such contributions may consist of a lump sum \u2013 as for example the proceeds of sale of a property or equity released via re-mortgage or moneys provided by a family member \u2013 generally payments into an IVA will come from and consist wholly and solely of regular disposable income. <\/p>\n\n\n\n

Financial fluctuations affect both income and expenditure. Assuming \nmaternity leave of nine months is taken then weekly maternity pay for \nthe first six weeks consists of 90% of the pregnant employee\u2019s average \ngross income, say \u00a3X per week. The average gross income is that earned \nin the eight weeks prior to commencement of maternity leave. For the \nremaining thirty three weeks of maternity leave, the weekly gross income\n is the lesser of \u00a3X or \u00a3123. Note that these figures are gross and are \nsubject to tax and national insurance deductions. Although some \nemployers provide attractive alternative schemes relating to maternity \nleave, the norm is as outlined above.<\/p>\n\n\n\n

\"Pregnant<\/figure><\/div>\n\n\n\n

On the expenditure side, there are also fluctuations. In the first \ninstance, there may be a right to receive tax credits or an increase in \nexisting tax credits. These should be applied for immediately there is \nany reduction in income. Tax credits may be paid retrospectively to the \ntime the claim is made so it\u2019s important to claim right away. Child \nbenefit is payable once the child is born so it is important to claim as\n soon as practicable. Other expenses may increase or reduce. For \nexample, the cost of foodstuffs will increase as there is another mouth \nto feed and heating costs are likely to go up. On the other hand there \nmay be a temporary reduction in the cost of transport to work. When the \nperiod of maternity leave is over, new costs may kick in such as the \ncosts of a cr\u00e8che or other childcare, if the mother returns to work. \nHowever, to compensate for this income is likely to increase again.<\/p>\n\n\n\n

An IVA can take all of these fluctuating financial circumstances into\n account. Monthly contributions go up or down as each of the main phases\n of the pregnancy and birth occur and as disposable income goes down and\n up. It would not be unusual for the IVA proposal to include three or \nmore statements of the debtor\u2019s income and expenditure, reflecting the \ndebtor\u2019s fluctuating financial circumstances at various times over the \nlife of the IVA.<\/p>\n\n\n\n

If you are in an IVA already when you become pregnant, don\u2019t panic. \nInform your supervisor immediately you know so that your IVA can be \nadapted to your changing circumstances and properly supervised. It may \nbe that your supervisor will authorize a temporary payment break or \nreduction in payments or otherwise seek to vary the terms of your IVA by\n agreeing variation proposals with your creditors. Although creditors \nhave the final say, pregnancy should not be a barrier to a successful \nconclusion of your arrangement.<\/p>\n","protected":false},"excerpt":{"rendered":"

To offer an IVA to creditors, you must be insolvent and at the same time afford to make contributions to the IVA to settle your debts and to pay the administrative costs of the arrangement.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-1018","post","type-post","status-publish","format-standard","hentry","category-iva-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/1018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=1018"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/1018\/revisions"}],"predecessor-version":[{"id":1053,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/1018\/revisions\/1053"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=1018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=1018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=1018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}