www.iva.co.uk

Hi
I entered into an IVA last November so still have a long way to go. I have a property which is in negative equity at the moment and has been for at least a year. I now want to move in with my partner and rent my flat but not really sure how this will effect my IVA and whether this is actually allowed and if so what we need to consider? Thanks for your help.
T

welcome to t-h....dont know the answer but some one who is more knowledgable than me will be along soon to help out

It can be allowed, but you will need to complete a new income and expenditure account showing how this will change your disposable income - for instance if you are going to share living costs with your partner, presumably this will be cheaper for you and therefore there may be an increase in your IVA payments.

Can see no reason why you couldnt rent the flat out,as long as you are still able to release any equity that you are due to. You would have to resubmit a new I&E form with your IP as you may find that sharing your household bills may leave you better off,which may more increasing your IVA payments.

Hi I'm T_H thanks for your help. I thought that would be the case. I will be sharing living costs with my partner and more than happy to pay more on IVA if i have extra money each month. I like to feel i'm gradually chipping away at it.