www.iva.co.uk

Evening all!
Wondered if anyone can shed any light on this.....my husband and I have been in an IVA for 10 months (month 1 feels like just yesterday and it's passing a lot quicker than I expected. We have recently heard that our tenant wishes to move on and we are in the process of looking for a new tenant. However, in the short-term we will be incurring extra costs both in terms of monies witheld by our agent for cleaning and remedial work to the house (should be able to recover from tenant's deposit) and then all the costs involved with getting a new tenant (inventory etc.) The of course, we may have to cover off the mortgage if we don't get a tenant.....phew lot of info!

So, where do we stand re IVA payments? Anyone any experience of this situation?

I have contacted IP and am waiting to hear back but any other advice is always good!

Ta x

Hi Bigtrouble,

You might be able to ask for a payment break or payment reductions while you get a new tenant.

One for your IP to answer though.

Thanks Jan. With a payment break do they add on extra payments at the end of IVA? We have more than doubled our payments since we started at husband was lucky enough to get a better paid job so am hoping this would go in our favour. As you say, need IP to come back to me - bit of chasing methinks tomorrow!

The months could be added to the end or you could pay a little extra when you restart per month if you want to keep to the original end date. One thing, bigtrouble, I would make sure it is your IP you speak to and that any answers you get are confirmed by email or writing so you have it in black and white.

Kazzafunk is right - it can be added on to the end or the payments split over several months until you've paid it back.

I'm sure your IP will be back to you tomorrow.

Thanks for that Kazzafunk - I never get to actually speak to IP but they have a reliable team who feed info to and back from them to me - and always by email as I am never convinced unless I have it in writing - there have a been a good few occasions where I have been told one thing and then they say another!

Good luck then and make sure you come back to tell us whether you have resolved the query or not.

will do

Hope you get a tenant soon.

Just to update - we had a positive outcome - as we had increased payments anyway, our payments have been reduced down to the original payment schedule until we get a tenant - so we can get by without going to a variation meeting. IP was very understanding and it was all surprisingly painless!

Thats really good news and proves that when necessary IVAs can be flexible to changes in circumstances.

Excellent news bigtrouble - glad you got something sorted.

That sounds like a very sensible solution to your issue - well done to your IP for being so helpful.