Moving House (Renting) to Afford IVA

[EmmettB]

There is no way I could afford to pay enough into an IVA to get it accepted with the rent I am currently paying.

If I moved house to one with a lower rental, and then shortly afterwards applied for an IVA, how would it be viewed by creditors?

Would they look at where I have moved to, and possibly insist on me moving again to a cheaper place if they could find one?

Thanks for your help

Emmett

[Adam Davies]

Hi
I would think that creditors would look upon your move in a positive way as long as the property was reasonable to your needs
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[EmmettB]

Thanks Andy.
I see from your "about myself" pages on this site that this is what you did before you went into your IVA, although you sold a house too, so slightly different.

What were your considerations for choosing where to move to? Did you consult with an IP before you moved? Did you go for the absolutely cheapest place that met your needs?

Emmett

[Adam Davies]

Hi
I moved before my IVA and went for the cheapest that I could find[3 bed terraced for six of us]
Most creditors do not want your mortgage/rent to cost more than 40% of your income,so take this into account but once your IVA is completed you can bounce back into a larger property if you want to.
Good Luck

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp