Moving whilst in an IVA
Hi all
Been in my IVA for around six months now, and all is going smoothly. However:-
I was recently informed my landlord is wanting to sell his house, not sure when, but he wants too. So, rather than wait to be served notice to quit, I have been trying to find somewhere new with my partner, and the only decent house is a little way out, with a saving on the rent of £75/month. My family is willing to put up the bond etc for me, and be guarantor, as they know I'd fail a credit check. My question is would PayPlan need to redo the entire budget, or am I likely to run into any issues? I know there's a £75 saving, but my fuel bill may increase by £40-45/month, and the council tax will maybe drop by £20/month. But I'm not factoring in car insurance etc. So really things may balance out near enough. If I'm right with the potential differences in rent, fuel etc, my payments would increase by £40. I just don't know.
Many thanks for all your help!
Been in my IVA for around six months now, and all is going smoothly. However:-
I was recently informed my landlord is wanting to sell his house, not sure when, but he wants too. So, rather than wait to be served notice to quit, I have been trying to find somewhere new with my partner, and the only decent house is a little way out, with a saving on the rent of £75/month. My family is willing to put up the bond etc for me, and be guarantor, as they know I'd fail a credit check. My question is would PayPlan need to redo the entire budget, or am I likely to run into any issues? I know there's a £75 saving, but my fuel bill may increase by £40-45/month, and the council tax will maybe drop by £20/month. But I'm not factoring in car insurance etc. So really things may balance out near enough. If I'm right with the potential differences in rent, fuel etc, my payments would increase by £40. I just don't know.
Many thanks for all your help!
0
Comments
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Hi,
Some costs go up, others go down, as long as they more or less balance out, then your IP won`t need to know, its only really increase/decrease in income that they need to be informed about.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
My experience with IVA is that once it's in place they completely forget about you as long as you continue making the payments originally agreed.
Say nothing and they will do the same.0 -
Just update it at your annual review if you are still going to be ok maintaining your agreed payments. Obviously you'll need to update your address!0
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Hi all
Been in my IVA for around six months now, and all is going smoothly. However:-
I was recently informed my landlord is wanting to sell his house, not sure when, but he wants too. So, rather than wait to be served notice to quit, I have been trying to find somewhere new with my partner, and the only decent house is a little way out, with a saving on the rent of £75/month. My family is willing to put up the bond etc for me, and be guarantor, as they know I'd fail a credit check. My question is would PayPlan need to redo the entire budget, or am I likely to run into any issues? I know there's a £75 saving, but my fuel bill may increase by £40-45/month, and the council tax will maybe drop by £20/month. But I'm not factoring in car insurance etc. So really things may balance out near enough. If I'm right with the potential differences in rent, fuel etc, my payments would increase by £40. I just don't know.
Many thanks for all your help!
I would tell payplan (they need to know new address anyway). Tell them that the cost are changing but not by much (and be prepared to go more in depth if they ask). They may want to redo the income and expenditure they may want to wait till next review. At least by being upfront they can't use it against you and no surprise come annual review
If you don't go in to detail I'd look to put any savings in a savings account, hopefully come review time you'll be able to keep for contingencies, if not at least you have the money to handover0
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