Quick question. I am currently in rented property and looking at the opportunity of an IVA. I am also looking at moving to try and get a cheaper property. If I started an IVA and then moved would the all the difference in rent have to be paid into the IVA?
Well you would have a higher DI and the quick answer is yes.
Why don't you move first and establish you new costs prior to going into an IVA?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
There will be costs which you will not be able to establish perhaps until you move into the property, so you would need to expect to pay more once these had been established.
Thank you both for responses. It is looking like the end of November that the move may happen and would like to try and get the IVA moving, if possible, before then. Should I start now and then resubmit new I&E after new costs have been established?
Yes - the IP you choose to represent you can then start to write to your creditors and gather up the information they need during this period, to save time at a later stage.
Me again. Sorry just realised didn't give full detailsin initial question. I am married and my wife is not going into an IVA, it is just me. Will this still mean that all teh excess rent from cheaper property will still into IVA or is proportional?
