An IVA shouldn't affect your current rental property as you will be allocated a monthly budget to pay for this. If you owe your current landlord money then including this in your IVA could strain the relationship. Depending on the amount owing you may be able to include an arrears amount in your monthly budget and exclude the debt from the IVA.
If you look to start a new rental agreement whilst in an IVA you will (i) have to look for something of similar or lower cost than your present one in order to maintain your monthly creditor commitments and (ii) you will have to be upfront and honest with your landlords so that you can explain your poor credit rating if they choose to score you. Once explained this often can be overcome by putting down a larger advanced rent amount (sometimes up to 6 months). This may be difficult to do in an IVA and you may need to seek a payment break to fund a larger advanced rent payment.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp
