would my monthly payments be reduced

[littlelimbs]

hello, my iva was accecpted in Feb this yearm im paying 470.00 per month for a debt of 43000.00 - however i will be moving into rented accomodation in about 6 weeks My average monthly outgoings will increase by about600.00 ? how does this affect my iva? would my monthly payments be reduced and my new circumstances taken into consideration?

[MelanieGiles]

Hi littlelimbs and welcome to the forum

This is quite a significant increase, and will wipe out your disposable income which you are currently paying into the IVA? Why are your expenses going to increase so much? And was this move envisaged at the time you entered into the IVA? Can you advise the reason for this change of circumstances?.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[littlelimbs]

hello, ive had to move out of home due to unforeseen circumstances, i should be able to apply for housing benfit of approx 250 per month, so realisicly my outgoings would increase to an extra 400 -450 ? i have applied for a housing association but as my case is not classed as an emergency the wait could be up to 2 years?
thanks

[MelanieGiles]

So this still absorbs all of your IVA contribution, rendering your IVA impossible to conclude. You need to advise your IP of this situation as soon as possible.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk