What To Do If Your Insolvent While Your Pregnant
Recently published information estimate that the expense of parenting a kid from entry into the world to twenty one years of age could be as much as 200,000. We will suppose that you are in an IVA and become pregnant. The prospect of attempting to keep up your IVA during your pregnancy and particularly following the delivery of your newborn baby can be quite a difficult one. The undoubted pleasure of having a child needs to be tempered with the inescapable fact that money challenges likely will escalate. Nevertheless, a lot of borrowers in IVAs have skillfully surmounted the challenges posed in these scenarios.
One thing to realise is that your IVA will not inevitably fail just because you will be having a baby. Clearly, your financial position is going to alter - a number of times - in the course of your being pregnant, at the time of the birth, in the months after the birth and when you return to the job, presuming that indeed you do intend to return to work. For a start, your income will probably diminish when you cease working. This of course hinges on the terms of your employment. Your agreement may possibly provide for your whole wages or a considerable amount of it to be paid out while you are on maternity leave. However, for many people, this will not be the situation.
Assuming you take maternity leave of nine months then your weekly maternity pay for the first six weeks of absence consists of 90% of your average gross income. Let us say that the amount you get is X gross per week. Your average gross income is what you earned in the eight weeks immediately preceding commencement of your maternity leave. For the remaining thirty three weeks of maternity leave, your weekly gross income is the lesser of X or 124.88, currently the statutory maternity allowance paid by the state. Note that these figures are gross and are subject to tax and national insurance deductions. As mentioned already, some employers provide attractive alternative schemes relating to maternity leave but the norm is as outlined above. When and if you return to work then your income will usually revert to what you were earning before your maternity leave. Your income may also increase if you become entitled to claim tax credits or if you receive an increase in your existing tax credits. You should apply for these immediately there is any reduction in income. Tax credits may be paid retrospectively to the time the claim is made so it's important to claim right away. Child benefit is also payable once your child is born so it is important to claim as soon as practicable.
Now let's look at expenditure. Your various expenses may increase or drop nevertheless on the whole your costs will increase. For instance, the cost of foodstuffs will rise since you have one more mouth to feed and of course heating costs are most likely to go up. On the other hand there may be a brief reduction in the cost of transport to work. You will sustain the additional costs of clothes and diapers for your baby. When the duration of maternity leave is over, various other new expenses may kick in such as the costs of a crche or other sorts of childcare, if you return to employment. If you have extended family who are prepared to assist, some of these new expenses can be perhaps diminished to some degree.
There is no need to be concerned if you find yourself pregnant. Tell the supervisor of your IVA without delay so that your IVA can be adapted to your changing circumstances and be appropriately supervised. It may be that your supervisor will authorize a short-term payment break or decrease in payments or alternatively look to vary the conditions of your IVA by agreeing variation plans with your lenders. Although lenders have the final say, pregnancy should not be a barrier to a successful conclusion of your arrangement. To adapt an old expression - 'where there's new life, there's hope'.
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