iva moving out of parents

8non

Hi, I'm almost 2 years into IVA with GT. I'm in the process of moving out of my parents and in with my boyfriend. My disposable income will be reduced when I do this. will this be acceptable. we will split the bill 50/50 as out incomes are similar. I'm currently paying £216 and was paying £250 to my parents. living with my boyfriend will mean I have to pay more.
Will my IVA fail? What happens if it is rejected? Will they reduce my payment? what if my I&E says I cant afford to pay back anything to my debtors. Please help.

longtermplanner

hi 8non

How large were your debts going into the IVA? How much do you think you will be able to pay? There is a lot of difference in asking GT to propose to your creditors that your payments should be reduced to £120 or to £50... or nothing.

If your creditors refuse to accept the proposed reduction, then your IVA fails and you are left with the debts. Depending on how large they are and how much you can repay each month. then bankruptcy may be a realistic choice for you.

With hindsight, bankruptcy would probably have been a better option for you 2 years ago

Foxy-Stoat_3

longtermplanner wrote: »

With hindsight, bankruptcy would probably have been a better option for you 2 years ago

Disagree with that bit.

Hindsight would of told you to rent an expensive 1 bed flat just before starting the IVA as its easier to increase your IVA payments rather than decrease them.

If you inform your IP now that you are unable to live at your parents home and intend on moving in a month or 2 and ask to complete another annual expenses form, they will probably have to arrange for a variation meeting if the figures are greatly increased.