I would like to look to moving house and will need deposit

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p386
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by p386 » Mon Apr 09, 2018 11:13 am
Hi All,

I am about to run into a difficult situation where I would like to look to moving house.
Now I currently rent in London and to be able to move elsewhere would look to being a deposit of up-to 6 weeks rent which would be around £1000 .

As such I believe this would mean I would be over the amount I am allowed to have in my account which can be seen to needing to give to my creditors.

Can you help or advise how I can look to accommodating this requirement so I can focus on my future and not have to keep worrying about a roof under my head.

Thanks,
P
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kallis3
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by kallis3 » Mon Apr 09, 2018 11:18 am
You can always ask for a payment break but you may find it difficult to find a landlord who will accept an IVA and could ask for a guarantor.
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Foggy
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by Foggy » Mon Apr 09, 2018 12:44 pm
There is no official limit as to what you can have in your account, provided it comes from legitimate sources (your share of overtime and bonus payments, windfalls under £500 etc.). But, as Kalis suggest. maybe a payment break would help. this will be added back on to the end of the IVA.
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p386
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by p386 » Tue May 15, 2018 3:14 pm
OK so now it's happened - i have done extremly well in my new job and I have been paid a bonus. Sadly this bonus has come at the same time as moving.
As I had a deadline I have paid £1000 as my deposit along with 1st months rent.

As this is now done. What are implications from contacting my IVA? I have received this as a bonus for hard work and it instantly has had to be used to keep a roof over my head.

Please can someone advise where I go next with this one?!!!


Thank You!

P :mrgreen:
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p386
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by p386 » Tue May 15, 2018 3:16 pm
p386 wrote:
OK so now it's happened - i have done extremly well in my new job and I have been paid a bonus. Sadly this bonus has come at the same time as moving.
As I had a deadline I have paid £1000 as my deposit along with 1st months rent.

As this is now done. What are implications from contacting my IVA? I have received this as a bonus for hard work and it instantly has had to be used to keep a roof over my head.

Please can someone advise where I go next with this one?!!!

This is a private let and has gone into the tenancy deposit scheme.

Thank You!

P :mrgreen:
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Foggy
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by Foggy » Tue May 15, 2018 3:55 pm
You will need to declare the bonus to your IP ( or fail the IVA), then plead your case as to how to go about paying the half due to the creditors --- possibly by extending the term by a few months to cover the shortfall.
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p386
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by p386 » Wed May 16, 2018 3:48 pm
Foggy wrote:
You will need to declare the bonus to your IP ( or fail the IVA), then plead your case as to how to go about paying the half due to the creditors --- possibly by extending the term by a few months to cover the shortfall.



why do i have to pay back when the deposit surely should fall under a necessity in order to continue living.
I mean without it i am HOMELESS ??

Is there anything where they have to allow you to keep your livelihood.

IVA must accommodate this otherwise you would have to move as soon as you was in a IVA ?
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kallis3
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by kallis3 » Wed May 16, 2018 4:37 pm
You need to speak to your IP and sort this out with them. We can only give advice and we are not professional experts.
normanna
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by normanna » Wed May 16, 2018 4:58 pm
You agreed to pay additional monies to the IVA if you had a salary increase, bonus, windfalls etc. Read the agreement and it is there.

You rightly owe money from your bonus to your creditors who have agreed to write off what you owe following completion of the IVA - stick to your side of the deal or the IP might fail the IVA - simple as that really, you have no cause for complaint here. You should have spoken with your IP first ideally and agreed with them how you would pay this money over. I suggest you do this now.
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Foggy
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by Foggy » Wed May 16, 2018 5:01 pm
Many of us rented whilst in an IVA and many of us moved whilst in an IVA, but this is, as Kallis says, a matter for your IP to discuss with you. Hopefully he / she will consider the remedy I suggested above, or might even have one of their own.
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