www.iva.co.uk

I am moving house, hopefully in the summer, to be with my partner who lives 200 miles away. I will be looking for another job, although I envisage that I will not be able to match my current salary as there is little work available in his neck of the woods. We will be moving in with him - he is single dad of three, and works part time, and does not have much money. However, for ours and our children's happiness we have decided to take the plunge and give it a go. I have a few questions - will I be able to have a two month payment break to help me out with the costs of moving / transitional period? I know I need to speak to my IP but a general feel for where I stand would be great. Also, because I am likely to be on a much lower income, will I be able to keep the monthly rental income from my current property (which I wont be selling) to make up part of the shortfall? I want to keep up my current IVA payments, but if my circumstances are going to change can the amount be reviewed at all? Also, as my partner does not have spare cash, where does he stand if I move in with him? We will be a family of seven in total so every penny will count! Thanks for any advice.

You will need to discuss all of this with your IP as your circumstances will be changing and you will be moving address. A new income and expenditure account will be done taking into account all monies coming in which would include any profit from the rent. This would form the basis for the ongoing IVA payments and the property can be refinanced in year 5 as normal.

It may be possible to give a payment break as two months missed should not constitute a default but again your own IP will have all the facts of your case.

Finally if there is equity in your home it may be an option to offer this as full and final settlement and sell the property. I realise this may be a risk when you are moving in with someone but may be worth a thought.