This is something that I am always quite careful to consider when acting for someone who lives with their parents.
As adults, a lot of people live with relatives in order to save money, and once their finances are in order again feel that they need to be financially independent again. This is perfectly normal, but can obviously throw the IVA into jeopardy if the new rental payments are higher than the board and lodge payable to parents.
Whilst five years is a long time to be living at home, it is a real consideration which should be given a lot of thought before entering into a long-term financial commitment, and (if finances allow) is often something which is better done before entering into the IVA.
Often, ongoing payrises provide the additional monies necessary to "flee the nest", and I would personally look upon such requests favourably as young people do need to get on with their lives.
Your own IP ought to be able to advise you on the feasibility of moving out.
Regards, Melanie Giles, Insolvency Practitioner
