www.iva.co.uk

My partner and I started an IVA in january this year and pay £300 a month. We live in rented accommodation and pay £700 a month rent plus bills (altogether our joint wages of nearly £2000 barely cover everything, neither of us has had a payrise in 2 years and have just lost £80 a month due to work cutting pay)

We have been offered a smaller house for £400 a month and wondered what the implications would be because of the IVA. Would they take the £300 that we wouldn't be paying in rent (even though this wouldn't be disposable as such as we are behind in bills plus my partner has a child who he pays maintainence for which has just gone up). Any help would be greatly appreciated.

Hey nsha, you should talk to your IP, you will probably have to submit your new income and expenditure, Please wait for an expert's advice. Viki X

Defo have to go to IP with this and do new I&E. Good luck.

Your IP will undertake an overall reassessment of your situation, taking into account the rental reduction but also your salary reduction and increased bills. What sort of employer would instigate a salary reduction at this time of high fuel and food prices? It beggars belief!