What allowance is there for amending the IVA

[bky]

Hi

Is it the norm for the company to charge a fee equivalent of the monthly IVA amount for the first 2 months when entering into an IVA?
Also I am just renting a room off someone from work but Thomas Charles want to see a rent agreement. I don't have one. What can I produce to satisfy this requirement? I am nearly 32 years old and don't want to be renting a room in a shared house for the next 5 years, I would want to rent a place of my own which would mean higher rent and utilities. How does that work? What allowance is there for amending the IVA due to change in circumstances?

Thanks

[Adam Davies]

Hi
Some companies do charge upfront and that is not a problem if you know what will happen to your payments if your IVA is rejected.I believe TC refund this.
A letter from the house owner will probably be enough for TC to confirm your rent.
With regard to moving you have to make a decision.Do you want to sort out your debt problems once and for all,if so you will have to ,possibly,put moving on hold.If you can move and it not affect your IVA payments then this should not be a problem.
Just be sure that an IVA is for you because it is not an easy experience,believe me.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Skippy]

I live with my partner and all TC wanted from me was a letter from him confirming how much I paid him.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[iva experts]

Hello bky,

Unfortunately in this day and age we live in everything needs to be backed up in writing. Its actually easier for you as all you need your friend to do is state that you are renting a room costing £x and if that includes utilities etc.

Good advice from Andy, you really need to decide whether you want to stay where you are or if you want to move right now. If you can find a place with the same expenses as you have now then this will not affect your IVA payment and therefore shouldn't be a problem.

I wouldn't be scared off just because a company has asked you to pay fees, alot of companies out there ask for fees.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[MelanieGiles]

There will be little room within your IVA for you to upgrade your living accomodation for the duration of the arrangement, unless your income rises sufficient to cover the increase - and even then this will be justified firstly to your IP and ultimately to your creditors. Please be sure that you can withstand the discipline of an IVA before committing yourself, as bankruptcy proceedings may well present a better long-term solution for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sonyse2t5]

Even though your IP wants to see proof of current rent cost;you can bolster that in the expenditure, maybe by £50 to £100 by divering funds from other costings from the I/E. Your creditors have an idea of resonable and sustainable rent cost.They wouldn't demand to see the tenancy agreeement.

MY iva COMPANY USED VERY BROAD I/e categories so it was easy to do migrate cost to accomodate for increase. You don't want to waste money in spending too much on rent! Keep it basic and line your pockets instead

[MelanieGiles]

You should disclose what you actually pay to your landlord and this should be supported by documentary evidence. As a professional, I do not concur with the previous poster's advice I am afraid. And your IP will need to confirm in his nominee's comments that he has had sight of a rental agreement or confirmation of the rental paid to your landlord. Please take advice from those who are properly qualified to provide it - or your IVA may well fail at its first hurdle - that of proper disclosure.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp