Hi all, hope all of you IVA buddies are well and coping ok at the mo, my question is one of if you live on your own, own your own home for which there is a 4 year equity clause and you decide to move in with your partner, want to rent out your house what happens then, obviously i would presume that the payments would increase to the IVA because of extra revenue being generated by renting out the house if you are lucky enough to cover the cost of the existing mortgage, but what of the fact that you would have to pay your way with your partner, any thoughts please?
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Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Interesting one Orchid! I haven't a clue about that. Melanie can probably help you though, I'm sure she will be along shortly.
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Suggest you have a chat with your Supervisor. He/she will probably ask to see a revised income and expenditure summary that takes into account not only the rent you will be receiving but also your revised living costs (presumably they will be less than they are at present as you will be sharing them?) as a result of moving in with your partner - so depending on the sums, you may end up paying more into your IVA.
Sarah Nancollas - Licensed Insolvency Practitioner with over 20 years experience.
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