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Hi i have been in a iva for almost a year now. my salary has not gone up much about 400 pound over the year. My circumstance has changed a little i need to find my own place as living with my parents is no longer able. I do over time at work but it is not a definate every month all depends on how busy i am at that time. Would the change in living arrangments be taken into account as my bills are a lot higher than before, would they also understand that my overtime is not something i would get every month

You will need to provide your IP with a revised income and expenditure account and let him/her know why you have to move out from your parents. It may be possible to vary the terms of the arrangement, but this can only be done with the consent of creditors.

Some IVA proposals allow the IP discretion to reduce payment by up to 15% without creditor consent, so long as the balance can be paid over a sixth year. This may also be applicable in your case.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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Hello Lec,

I would contact your I.P in this instance as he/she is the only individual that can truely advise on your case. Moving out of your parents place is more than likely going to affect your disposable income unless you can find a cheap houseshare etc.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/