Proposed Council Rent Increases

boblardo

With the budget due tomorrow there is a suggestion that social housing rents are set to increase to private rent levels. In my opinion private rents are too high but i wonder where this would leave me

We are in an IVA, when these changes come in we will be 14 months away from completion.

the proposed increase will see rent rise to around £1250 almost double the current amount. there is no room in our budget for this increase to be included and thats when you take out any "luxuries" ie bband & mobile phone

What options would we have as I wouldn't want to go BR and start the 6 years over again

We would have paid around £27000 back which is around £10K short of the total proposed. Would the IVA Company be prepared to reduce payments for the remainder

If i borrowed some money from a family member would they accept a reduced F&F offer?

thoughts?

debtfree2016

Hello boblardo, your IVA provider could waive their 15% fee reducing the amount you pay. You need to detail in writing (email) with the provider with the exact figures and they will take you through and income and expenditure process to try and resolve.
mine was similar in month 12 my mortgage provider told I was no longer able to stay on INT only and changed me to a repayment almost doubling my payment. My IVA provider said I could call a creditors meeting but the result would be to reduce the repayments and extend the period of they could waive the 15%, I took the 15% reduction and scrimped and scraped to get through.
This is all based on the budget but good to see you are already looking at the future rather than waiting for it. Best of luck

HappyMJ

boblardo wrote: »

With the budget due tomorrow there is a suggestion that social housing rents are set to increase to private rent levels. In my opinion private rents are too high but i wonder where this would leave me

We are in an IVA, when these changes come in we will be 14 months away from completion.

the proposed increase will see rent rise to around £1250 almost double the current amount. there is no room in our budget for this increase to be included and thats when you take out any "luxuries" ie bband & mobile phone

What options would we have as I wouldn't want to go BR and start the 6 years over again

We would have paid around £27000 back which is around £10K short of the total proposed. Would the IVA Company be prepared to reduce payments for the remainder

If i borrowed some money from a family member would they accept a reduced F&F offer?

thoughts?

Rent rise will be gradual...they will not double your rent overnight...do not worry. In my local area housing association rents are almost market rents anyway so it's going to virtually zero difference. They have been raising them above inflation for a number of years.