Help

teenyteaspoon

I have been in my IVA for just over a year, I have recently completed my first year review and although my income has stayed the same my expenses have increased. I have been sent a letter advising that my payments will not have to go up but no comments advise my payments will go down either. I have just found out I will have to move out from my parents at the start of next year which will obviously have a big change on my expenses, I realise renting on my own through an estate agent is out of the question so will have to do it privately through the free ad's etc but I am really hoping not to have to go down the shared house route but fear this is more than likely if my IVA payments can not be reduced. So I am wondering if anyone can advise the best thing to do, do I move out then contact my supervisor or contact my supervisor with suggested new expenses and then go from there and would this mean a new meeting of creditors (meaning if they disagree then Bankruptcy) ..... Hoping someone can help with some advice

Charco_2

No set in stone way to do this, probably should speak to your ip/supervisor to inform them of the up and coming changes... Problems will arise and it's easier to deal with the more up front you are. You might need to take a payment holiday for a month or two until you can get your finances settled again after you move out. The better prepared you are the better you can plan ahead.

There's no point continuing paying if it's going to fail anyway so the sooner you find out if you can afford to live alone and pay an iva the better. If you can still maintain payments when you move out - even if the payments need to be reduced - then your IP can vary the proposal to suit your new situation