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 ??
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
