Change in Property and Rent

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Danigood1982

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Post by Danigood1982 » Wed Mar 21, 2018 9:36 am
Hi there. I am 3 years into my IVA and not missed any payments.
2 years ago our landlord sold his property which forced us to move. Our initial rent was £895 per month. In fear of being made homeless with my partner and two children I panicked and found a new rented property that we moved into. I didn’t get permission and the rent was higher at £1100. My partner gives me £100 per month towards it. So on my budget Iva has the original £895 but now I am spending £1000. My IVA payments are currently £295 per month. I am now beginning to struggle. I am extremely worried about telling my supervisor but I did it out of desperation. I just don’t want my IVA to mess up now. Do I tell them or keep quiet and keep struggling to pay this for he next two years. Would they be able to lower my payments without too much problem?

Thanks for reading.

Dan

Lisa Thomas

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Post by Lisa Thomas » Wed Mar 21, 2018 10:04 am
You need to explain it to the IP, who might even reduce the payments for you as they will normally have discretion to reduce by up to 15% without the need to obtain creditors permission.

This might help to take a load off going forward.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Wed Mar 21, 2018 10:28 am
I agree with Lisa -- you should have a chat with the IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/
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