www.iva.co.uk

Hi, I had my IVA approved recently and since then my circumstances have changed so have a few questions.

Basically when I got into financial problems I moved back into my parents and rented out my house to free up money to pay off my creditors, unfortunately I still struggled to pay them and ended up in an IVA.
Since it was arranged my brother and his wife have split which has meant he's moved back into my parents house and as it's only a two bedroomed house it's too small for us all. Me and my girlfriend have also recently split up so I can't stay at her place anymore either.
So basically my question is, so soon into my IVA would it be able to be adapted should I move back into my own place as it was arranged with the fact I was making extra money through rent?

It may be possible to have the terms varied as the change in circumstances was genuinely unforeseen. Creditors do not like early variations as a result of changes that you should have known about at the time of the meeting so speak to your IP and do a new income and expenditure.

The change in circumstances may mean your surplus dropping substantially so it may be an option to seek a lodger so that the payments can be maintained at a reasonable level.

What would the different be in the rent you pay your parents, compared to the rent you would have to pay a private landlord. And how much are your current IVA payments? As you are the one in financial difficulties, couldn't your brother be the one to move out? Are your family aware of your financial difficulties?

The difference between rent is I pay £200 a month to my parents, and I get back £450 from my tenants. My IVA repayments are £377 a month, but I am fortunate in that I'm in a job where when qualified (hopefully in March) my income will raise by £6k a year. Hopefully this increase will come before my tenants leave.
While it would be easier for me for my brother to move out he has a child and has his own financial problems which are preventing him from moving into his own place.
My family know I have financial issues but are unaware I'm in an IVA.

How much is the mortgage on your rented property. What I am trying to establish is how the move would effect your IVA payments.

Sorry Melanie, my mortgage is £303 a month.

So, by moving back into your own property, this would effect your net income by around £100. Could you take a lodger (even your brother) with you to help mitigate this loss?