Increase in Salary

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cwakefie
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by cwakefie » Mon Oct 02, 2017 7:16 pm
I have been offered a promotion at work that would increase my monthly income by about £200 a month. I am currently living with parents paying £250 a month rent. For £400 a month I could rent myself a place of my own. Would my IVA allow this ... so rather than increasing payments to IVA ... Using the extra income on renting a place of my own ??
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Foggy
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by Foggy » Mon Oct 02, 2017 7:32 pm
Unless there were compelling reasons for the move I doubt it. An increase of £200 per month would mean that you are better off by £100 ... add that to the £250 you already pay and , if you could scrape together the other £50 from scrimping on food, maybe, it would be doable -- however, you would also have to factor in utilities, insurance and council tax, which might make it unaffordable.
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sheraz.butt
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by sheraz.butt » Mon Oct 02, 2017 7:45 pm
As Foggy said, renting your own place will come with additional bills and can then put your IVA at risk of being unsustainable.

If you have to move out, that could be looked at differently whereby your IVA may need to be reviewed etc from an income and expenses point of view.
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luluj
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by luluj » Tue Oct 03, 2017 4:07 am
Congratulations on your promotion. As others have said the additional moving and living costs would eat into your increased income and leave nothing or very little for the increased living costs.
If it were me I would stay put and save my share of the payrise towards a deposit for when the iva is over
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