Been on IVA for a month.. Moving House

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by f19ajw » Mon Feb 19, 2018 11:17 pm
I have been in an IVA now for a month… Best decision I made I think at the moment. But have a couple of questions I cannot seems to find a definitive answer to.

We was told we had to move out of our rented house the day the IVA started (not much luck). The obvious is the expense it is costing for moving… Obviously the IVA has been calculated where it does not take into account additional expenditure to that extent… So.. Cost for moving, new curtains and other household items… If we borrowed the money from a family member how will this be worked out to pay them back (I have receipts).

Now the house move makes rent £75 less to pay a month, also saving on council tax by £20 a month, also saving on utility bills by £10 a month (£105 increase in disposable income, but increase in travelling by £95 a month.

Another Question. Knowing we are moving house… my wife has her commitments included in the IVA (lets say £300) and she decides to get something from a catalogue which is going to increase her monthly commitment from £300 to £400. Now because I am in an IVA, I cannot stop her getting things any credit, but how does this effect my IVA because her monthly commitments has increased ?? What should I say to the IVA Supervisor??

Thanks for any guidance.
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by Foggy » Tue Feb 20, 2018 8:08 am
Re moving. You cannot borrow from relatives -- this would be a new debt and no credit is allowed over £500 without the IP's permission. You would not be allowed to an allowance to repay in any event. You might be allowed a payment break to cover the costs. You would have to negotiate on how the expenditure decrease would affect your IVA payments going forward. In an ideal world the savings are cancelled out by the extra travelling (as long as the IP agrees your figures).

Partner's commitments -- if she chooses to borrow, it is her problem as to how she pays that debt. The creditors would not agree to, effectively, funding her borrowing by reducing her share of the household expenses.
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