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I have just started an IVA. I pay £683 towards the IVA and my mortgage is £674. My parents are struggling financially now and I am considering moving back in with them to help for a period of time, say 2 years. I want to rent my flat to pay the mortgage and pay around £600 a month to stay with them. I would work it out so that my net income and expenditure would not chnage. Is this allowed?

Hi John

I just wanted to say welcome to the Forum.

I am not an expert here, but would have thought that if this move made little difference to your IVA payments then it wouldn't be a problem. BUT there may be some legal implications, such as would your mortgage company be ok with you essentailly being a landlord and there may be some implications if your IVA has an equity release clause and you have a tenant in situ.

One of the experts should be along soon to offer some better advice. But do keep in touch with the Forum and let us know how you get on.

Debbie

Hi
I would talk it through with your IP.
Your dispoisible income would increase as you won't have such high fuel,council tax,water bills etc so technically this should go into your IVA.
I hope that you can work something out and help your parents

There ought to be no problem with this, but Andy is right - there is bound to be some cost saving which will need to be passed on to your creditors. Your IP will be suspicious if your payment to your parents is unusually high.