Hi everyone
Ive been offered a job with more money and a promotion at the other end of the country.
I am keen to accept as its a step up my career ladder, however I own my home with my ex - i plan to rent it out for a few months with a view to selling it after 12 months or so. He is fine with this. I would need to rent a place near my new job, but would i be turned down because of my IVA?
No one in my family knows about my IVA and i don't want to tell them, but need some advice.
The other thing is, i currently have a lease car through my current job that is on a 3 year lease. I got the car in April this year and it would have to go back, but there is a penalty of around £3k if i surrender now. What would happen here? This job offer is too good to turn down and will be great for me and the kids.
Thanks
You may have to put down a larger deposit when looking to rent but apart from that you should be fine, just be upfront with the agent.
Speak to your IP about the car, the debt may be able to be added to your existing IVA
Good luck with the new job
Hi Goffy - congratulations on the new job offer and improved career prospects!
Definitely sounds like a good move for you, there are just a few things that your IP will need to administer. Firstly the car - this should be able to be added to your IVA but if not you will to find a way of repaying the outstanding balance. Your income and expenditure will need a complete review as your income will change due to salary increase and receipt of rental income plus the changes to all your living costs. With regards to your moving to rental accommodation you will most certainly be credit checked so it is best to be upfront but show you have an expense budget to support the payments. How will you fund the moving costs and deposit and rent in advance that is normally asked for? You may be asked for higher deposit as Andy says or even asked for a higher number of months rent in advance so bear this in mind. Sometimes landlords are happy with a guarantor but if your family do not know that may be difficult. Lastly, your property with your ex. Is there any equity in it? What clauses did you have in it relating to selling it or equity release - these need to be discussed with your IP. It may be worth discussing a payment break if you need to, to build up funds for moving, deposit etc but bear in mind the payments will be added onto the end of your IVA.
Ultimately changes such as this are acceptable in an IVA as long as you are able to maintain repayments at an agreed level and your IP administers everything in the correct way and the creditors agree.
Keep us posted - exciting times ahead!
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Thank you Andy and Tina. The shortfall on the car is not as much as i though - it would be just over 1600, however I am able to pass the lease onto another employee which would mean i dont have to pay that penalty and i have someone interested in the car so fingers crossed!
I am hoping to take a payment break and use the extra money i am owed from my current job for holidays etc as a deposit when i need to, and my mum has said she will help me if necessary. There is around £10K equity in the property i own with my ex.
I have spoken to my IP who said to contact them when things need to change.
