www.iva.co.uk

We have a bit of a conundrum and are looking for advice....

We live in Chester and my wife has found work in Rugby starting in September!
I earn 27k in IT with a job locally and my wife will earn estimated £22-24k in her new teaching role.

We currently have a mortgage (£575pm) plus a secured loan (£310pm) on our property which is in negative equity to the tune of around 25K and are in an IVA.

If I can find work then we'd be looking to somehow rent a place out in Rugby but that means either becoming a landlord for our place for which we would get just £300 per month "guaranteed" income from a local estate agent or trying to sell the house and accept the shortfall.

I am also concerned regarding the possible high deposit required for rental accommodation whilst in an IVA and removal costs for which we have no savings!

Perhaps if anyone has managed to relocate during IVA or has any pointers I would be grateful for any advice and guidance.

Hi Beatbox - sorry I can't help you with this one but didn't want you to think we were ignoring you!

Hopefully one of our other posters can help with this.

That is not the easiest thing to plan around, and you will need to sit down and carefully work out the maths. I've seen a lot of people get terribly into debt by moving into rented accomodation and renting their own property out, and IT jobs are pretty thin on the ground right now. Does your wife have to change jobs and move location?

Hi Beatbox, funnily enough I am originally from Rugby so if you need any insider knowledge or contacts let me know.

With regard to your deposit/removal costs I am sure your IP would agree this is an extraordinary circumstance and look at the option of suspending your IVA payments whilst you need the additional funds and adding them on the end. Once you have moved you would also need to do a new I&E to ensure your disposable income is the same so the IVA payment is still affordable.

Best of luck with it - you have a lot to juggle.

Regards,

Thanks Mel & Tina!

Sadly my wife had no alternative but to take the job in Rugby as her temporary contract ends this month.
I too am concerned about creating a "chain" so to speak - especially when we are in no real position to take risks like becoming a landlord.

Luckily my wife has family who she could stay with in the week but then there's still the additional travel costs for the weekend return by train....
Of course we wouldn't really enjoy being apart but absence makes the heart grow fonder as they say

Sounds like the perfect relationship to me!!!