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This is the place to ask questions if you are already in an Individual Voluntary Arrangement
By CarrissaP
My partner and I are currently 3.5 years into an IVA living in rented accommodation, the house is falling apart and we just have to move. we have found another property to rent nearby but the rent is higher, we have done the figures over and over and with a few cuts on non essentials the figures work out about the same. Our question is, are we aloud to move while in an IVA? thanks
By Melissa S
Hi there CarrissaP and welcome to the forum

One of the issues with moving in an IVA is that your credit rating is affected negatively and therefore you will find it difficult if you are intending to rent privately. You will need to be upfront with the letting agent and landlord.

If you speak to your IP and explain the situation they will review your living expenses with the new rental amount. It is useful that you have been able to calculate your living expense down but just make sure that they are realistic figures or you may find yourself struggling to pay your IVA and you do not want to risk its failure now.

It is always recommended to delay moving while in an IVA but it is not impossible if you feel you have no other choice. Your creditors will need to be reassured that there will be no risk to their payments though.
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By Hayden
Hi CarissaP

There is absolutely nothing to stop you moving while you are in an IVA as long as this does not affect your ability to make your on-going payments. Given that you feel that overall your disposable income will remain the same then there should be no problems with this move in theory. However you must have a chat to your IVA company and make sure they are happy before you do anything.

Just a couple of practical issues. Melissa has pointed out that you will need to pass a credit check if you are looking to rent through a private letting agent. This will be difficult now you are in an IVA. One way around this is to get someone to act as a guarantor for the rent. Have you anyone who could do this?

You will also need to think about the deposit you will need and how you will get this together as if the rent on the new place is higher the deposit you get back on your current place may not cover it.