Considering an IVA - Advice on Renting

Legacy_user

I am considering an IVA with debts of c£28k.

Once I've paid all my minimum payments, I have c£700 to live on - rent, food, living etc etc.

I currently live in shared accommodation and really struggle to get by, often having to borrow from family so I have enough money to last me until the end of the month.

I have plugged my figures into the CCCS website based on what my outgoings would be if I lived in a one bed flat (and not my current living arrangement of sharing, which is of course much cheaper). They recommended an IVA.

My question is, if I move into a one bed flat and promptly apply for an IVA, will I get away with it? Or will they check back over my living arrangement history and refuse?

Any advice gratefully received. Thank you!

FoggyBrain_2

If your credit rating isn't too bad at the moment, you might well pass the credit check for the new flat. However, in 6 months, when your tenancy ends, you will have to be credit checked for new accomodation, and could then come unstuck !

System

Thanks FoggyBrain, that is something to think about also!

I don't think I explained what I meant properly. My question is, will my application for an IVA be accepted once they see that I have only just moved into more expensive accommodation. In my current circumstances, I don't think I would be accepted you see, as I can just about cover everything, but setting myself up in my own flat rather than sharing is going to up my essential living costs - rent, utility bills etc - which would give me no choice but to do an IVA as I actually can't afford to live on my own.

FoggyBrain_2

Ah, I see what you mean. You say that curently you have to borrow each month just to get by, so would qualify as insolvent on the basis that you cannot make ends meet without incurring further credit! You will need to explain how you got into financial strife -- so making things harder on purpose wouldn't be looked at to kindly.
However, as I said, you seem to qualify in your current situation! The CCCS website calculator is only a guide and not specific to individual circumstances. Might I suggest you pop over to https://www.iva.com and have a look at the companies represented there, along with their reviews. Speak to a couple ( the advice if free) and have a re-think.
There is also a useful living expenses guide, to work out your disposable income at www. beatmydebt.com.