IVA circumstances change

poppysarah

A friend has confessed they have an IVA but their partner's just left and so they can no longer afford to live in their house.
Without the extra income of their partner they are about £500 short of paying rent and bills (ie: most of it) - what do they do?

Can an IVA be reduced? Is going bankrupt the best option? She's going to speak to her IVA person today I think but is quite confused - and I'm not sure what their options are.

Is she moves in with someone - renting a room - can the IVA affect their credit rating too?

Thanks for any advice for her.

immoral_angeluk

The IVA will have already trashed her credit rating and this would have been made clear (hopefully, depending on who her IVA is with) when she signed up. If she fails an IVA the next stage in bankruptcy BUT as her circumstances have changed she can apply to have to IVA altered to reflect this but that's a hell of a shortfall she's facing at the moment so she needs to contact her IVA provider. Out of interest... who is she with?

poppysarah

I don't know what IVA company is it with - she might have said but it's all a bit of a blur to find out just how much debt she is in.

Her immediate thought is to do a runner on her house - she won't be able to get another one in her own name then though, so she'll be stuck doing horrible room renting. (I know this can be ok sometimes!)

She's been using her partner's bank account too - and will have to get a new account to get her wages paid into else she's completely stuffed anyway!