Nearly out of IPA

OK so i went bankrupt in July 2015 and have been paying an IPA since.

My IPA finishes in August next year (2019) final payment.

Currently i live in a 1 bedroom flat with my GF but im hating the small place, first ever flat and even after 3 years of living here i hate not going upstairs to bed, plus living without carpets is dreadful! Also want to get a pet dog, we work different shifts (not 9-5) therefore have plenty of time

My question basically is as im still paying the IPA until late next year, will the OR object to me moving to a bigger place (more rent etc.) Will he want to see another breakdown of my living expenses with less than a year to go until IPA finishes? or will it just be extra rent divided by 2 (me and my GF) and just take that away from the IPA i currently pay?

Any help will be appreciated!

Comments

  • ToxtethO'Grady
    ToxtethO'Grady Posts: 342
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    edited 11 December 2018 at 6:26PM
    Another breakdown on your living expenses will be requested. You aren't stopped from moving or anything like that you just have to update the OR about the change in your circumstances.


    As long as they are essential and normal costs for moving to a new place there shouldn't be an issue and they can even reduce your IPA to a 'NIL' payment if your living expenses are taking up more of your surplus. Your IPA will still last to the end date however you won't have to pay anything.


    Your gas and electric will be different with a bigger place, water costs, council tax may be more, transport costs and the rent as well.


    The problem you may find is if you go through an estate agent or letting agency they will do a credit check and your BR will still show. You might be asked for a bigger bond or advance rent, 3 months rather than 1 month.
  • TheGardener
    TheGardener Posts: 3,303
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    edited 11 December 2018 at 9:41PM
    The OR does not determine your life choices or have the authority to veto them. If you want to move and the property you chose to move to is reasonable for your size of family and the rent is reasonable/average for the area - then move.
    Then you tell the OR about your change of circumstances and a revised SoA is requested. Its that simple. The OR can however, not allow an unreasonably high rent cost for example.
    ToxtethO'Grady is right to mention that your BR may be an issue for EA's and LL's when they credit check but a larger upfront rent payment usually helps and - as ever when renting - glowing references from your present LL about prompt rent payment/no ASB/ taken good care of the flat etc. is worth a great deal.
  • Thanks for replies so far guys. i think gas/electric will be lower somehow lol. Currently we are paying £100 a month for a 1 bed flat (2 of us) on just electric based, not sure how we are using this much but we are. So i think just water maybe and rent will be more. Travel costs will be the same as we want to stay in roughly the same area, 1 mile radius of where we are now really.

    Currently we've rented our flat for 3 years give or take a few months and have never had any problems paying rent, never late or missed payments. Every time we have an inspection there is never any problems therefore i see no problems with the landlord giving less than an excellent reference. Obviously ive been discharged aswell and have credit cards but am working on increasing my credit rating. im 3 years post bankruptcy and earn enough to pay for a house by myself so surely they should take that into account when credit checking as there will be plenty of income to pay for the property between me and my GF.
  • Shouldn't be an issue with a private landlord who you're dealing with direct or a housing association but estate agents especially will charge fees etc. and will want to reduce their risk so may ask you to jump through more hoops.


    I hope that doesn't happen but experience of their practices makes me feel it will.


    Good luck and you shouldn't feel that you can't move due to the OR, they'll just want an updated financial statement when you do.
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