Renting Whilst In an IVA

[gporter3319]

Just a quick question,would it be possible to rent out our home which we have a mortage on? I have checked with our lender and they say there are no problems...Or would I have to inform our IP (should our IVA go through) as it means we may have more disposible income as we wont be paying the mortage...as such

[Oliver]

Where will you be living whilst you rent out your home?

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[gporter3319]

We have a friend who is willing to rent us a property he as just renovated for less than our mortage costs us...Our thinking is that if we can rent our home and cover the mortage and the rent on our rented property is lower than we are paying now we would have more spare money.

[MelanieGiles]

If you have rental income, you will need to disclose this, but this will be countered by the corresponding rental you will be paying. If you are going to have to give all of this money over to your IP, is there any point of going through the hassle of moving?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Oliver]

If you can cover all your current property costs with the rent and then pay a lower rental yourself this is possible. You will need to discuss this with your IP so that a new income and expenditure budget is completed as I am guessing the reason for you thinking about this move is because you originally underestimated your initial expenditure and are now struggling?

This would not affect the need for you to potentially release equity at the end of your IVA.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[gporter3319]

The reason that we are considering this is not because we are struggling(as our meeting is'nt until 4Dec)we are just thinking how to pay off more to our creditors..

[MelanieGiles]

Well I feel that your creditors will be delighted to know that you are making every effort to pay them as much as possible, even by sacrificing your home. Very well done!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[gporter3319]

We just feel that if we can offer the creditors a little more each month there may be a better chance of getting the IVA accepted which Accuma are sorting for us...11 days until meeting

[Oliver]

That's an excellent attitude. Talk it through with Accuma.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Adam Davies]

Hi
I must also congratulate you on your attitude
Good luck with your meeting
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