www.iva.co.uk

Hello and thank you for taking the time to read my post.

I have just entered the 4th year of my IVA, having completed the latest annual review in December 2016.

I have just been offered a job on the South coast, which would mean relocating from the North West.

The job will mean an increase to my basic salary of around 125%. However, the cost of living on the South coast will pretty much wipe out any increase in base salary.

I have worked out my South coast budget and will still be able to maintain the payment schedule for 2017, as agreed in December, so there will be no need to ask for reduced payments.

My queries are as follows;

1. Will I need to sudmit an amended i&e form when I move?

2. Will I need to provide a copy of my new tenancy agreement to my IVA provider?

3. Will they take the increased cost of living into account and will I be required to provide evidence of these increases?

My concern is that my IVA provider will simply view the increase in base pay as surplus income, requesting an increase to monthly payments, or a lump sum payment at year end. If this were to happen it will result in an unsustainable life on the South coast.

If you have been in this position yourself, or are able to offer any advice it will be gratefully received. To clarify, I am not seeking to decrease my monthly contributions, but I would like to avoid any increases.

Thank you again.

Hi,

Yes, you will probably need to supply a new I&E and they may just want proof of your rent.

If you can provide evidence that your expenditure will go up but that you can still maintain your payments then you should be ok. You need to speak to your IP company though.

Hi and congratulations on the new job. Having lived on the south coast (Sussex) myself I agree it is a far from cheap area in which to live. To answer your questions:

1. Will I need to submit an amended i&e form when I move?

Yes. You will need to do a complete I&E review in order to get the increases in expenses taken into account to offset the increase in income.

2. Will I need to provide a copy of my new tenancy agreement to my IVA provider?

Yes, in order to verify the (undoubtedly) increased rental.

3. Will they take the increased cost of living into account and will I be required to provide evidence of these increases?

You will be required to provide evidence for things like council tax, car insurance. I am afraid allowances for things like haircuts, groceries and the like are not regional and the same guideline will apply. However, if you are currently lower in the guideline figures, I am sure your IP will agree to some increase in these allowances.

Don't forget to include any new expenses brought about by the new job / relocation. Will you need to travel further to work, provide packed lunches, keep a uniform / business dress dry cleaned ?

Best of luck.