09 Mar 2015

A question about : Iva listing expenditure each year

I entered an IVA and last year after 1 year of payments, it was requested I supply an expenditure list to provide to my creditors.
This has been requested again but now I am renting out my property and renting elsewhere. This is due to an abusive neighbour who harassed my family for four years. I do not make any profit from my rental. Obviously I'm still notifying people of my new address and haven't got round to letting the IVA company know yet.

So the question is, When filling in my expenditure form do I use my old address or my new address- bearing in mind that my living costs have gone up and I can provide proof.

Best answers:

  • Hello Heidibag, I would contact your IVA provider and explain the situation. You need to let them irrespective of costs going up or down. Within an IVA it imperative that you keep your IVA provider updated of circumstance within your financial affairs. Best of luck
  • Many thanks. I thought this would be the case but wanted to check. There's no profit made as obviously my bills have increased and I can also provide police reports.
    When I sought advice about an IVA. The CAB pointed me towards an insolvency adviser who then arranged the IVA through another company. I advised him of my situation and he informed me that it was better to take out an IVA and rent out property rather than take bankruptcy and rent property to only then be accused of making profit.
  • How did your current lender give you consent to let if you don't make a profit on the rental income?
  • The mortgage is covered plus extra towards the maintenance.