I am currently half way through my IVA.
I currently live in a house share, where I'm paying £500 a month just for a room.
I am in the process of looking for my own place (1 bed flat) the rent is £430 (including water rates)
I'm currently paying £173 for my IVA each month, was paying £150, but they recently increased this.
If I'm successful with the new tenancy, I have worked out I would only have roughly £80 left for my IVA, after paying additional bills such as gas, electric broadband and council tax etc.
I'm assuming this would need a variation for the creditors. What is the likelyhood that this would get approved by the creditors?
Is there a possibility this would get rejected, as it would be a significant reduction in payments.
You need to present your proposed expenditure based on new circumstances to your IP. They will then work with you to ensure your iva remains feasible and you are able to continue..Good luck x
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
There is an amount below which an IVA becomes no longer viable. This is usually around the £90 mark, though I have seen a few a couple of quid under that. If this intended move is voluntary, rather than something forced upon you, I can see creditors taking a dim view of the reduction. Yes, a creditors meeting would need to be called for such a reduction and, of course, the more compelling reasons you can come up with, the better.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
