Moving overseas with an IVA

[munchkin77]

I am in the beginning phase of the IVA. I am 50k in debt and proposing to pay £630 per month back... so hoping that all goes well.

My partner grew up in teh middle east and are plan has always been to move there at the end of this year. I was originally delaing with Baines and Ernst who have passed my details on to another company. When i asked Baines and Ernst about moving overseas they said it was fine as i would still be able to make payments, have a UK bank account and address. Is this correct?

If we move to the middle east i should be earning more and it will be tax free so would be in a better position to pay back more each month. Is this ok? Has anyone done this already?

[Lisa2009]

I believe it would be fine to move abroad if you have an IVA as long as you continued to adhere to the terms of your agreement.

mrs skint

[carlmcmullen]

It is normally ok providing you can maintain your payments and i have seen IVA's were people move abroad.

What you need to consider is obviously the change in your expenditure as the cost of living differs in different countries and the exchange rate as sending money back to the UK you are going to inccur a cost.

Also do you have a property with a 4th year clause as this will still apply so if you are intending selling up you may have to introduce the equity earlier if you are intending to rent the property out you will need to declare any additional income to your supervisor.

Best to discuss with your IP but i wouldn’t dismiss the idea.

Carl