Our inter-locking IVA's where approved on the 27th December 2007. Cannot believe the first year is over, it has gone so so fast. Supposidly the first year is the worst too!!
Everything has gone very smoothly and we are now well in the budgeting too !!
I have today posted all the required documents off to DFD for our first annual review. I am really nervous !!
What happens now and how long will it take for the review to be carried out ?
you will get a letter after they have reviewed it to state what payments for next year will be,if your wages are similar then the payments will remain the same.
what did dfd ask you for was it there standard 3 payslips,p60 and income and expen form?
from what i have read on here dfd do seem pretty relaxed and realistic with regards annual reviews.
I cannot say really Carol, as all firms will differ in their procedures, but I would certainly not worry about this. Why not give them a call to enquire directly?
lil.me
DFD asked for last 3 payslips, p60 and 3 months bank statements ? (not sure what they want these for ?) New I&E form and if any expenditure has gone up by more than 10% they requre proof.
My husbands wages have gone down, cause when our IVA was approved he was on premanent nights and now he isnt, so not expecting a rise anyway.
pretty similar to ours then although the 3 months bank statements has not been asked for in our last 2 reviews.
they normally say that any wage increase above 3% is allowable although last year we where higher (way higher with overtime,although we dont have that clause in our iva),i just filled out our new i and e form with higher values and enclosed covering letter giving reasons to justify them,no payment increase was asked for.
they have up to now had quite a sensible outlook with regards reviews as it seems (from what i have read) that a lot of iva's are now failing with people opting for bankruptcy,so the last thing an ip want is to keep raising payments right up to the breadline although im sure some are finding it difficult to break the habbit...lol
Are the CCCS guideline allowances still relevant for a review I&E form?
I can see that you might wish to put down a higher allowance if your circumstances support it, but what about those allowances that you have been able to make some savings on (either by obtaining a better deal or by scrimping etc) - are you expected to declare actuals?
Use the guidelines and compare the new I&E with the original. Furthermore, you can introduce extra items of expenditure that may not have been allowable at the time of the original IVA such as Sky or internet. As long as what is listed is reasonable it is likely that the IP will be happy. It is not worth jeopardising a perfectly good IVA over a couple of pounds here and there.
Reviews with DFD are no brainers, you can do a a DIY income and Expenditure form, compare then and now expenditures and send photocopies of documents and wait for the phone call or letter in response.Expect a month for results.Caraf, you don't need to 'rehearse reasons' to act out to keep extra pay as your IP will know your fianances better than most - they are IPs and have seen more I/E than most and will make a 'right' choice. Obviously overall retail prices(CPI) are still high outhere but other things are now cheaper than before(fuel,petrol) and MORTGAGE payments!! if that applies to you and may be factored in any decision making.
Last edited by kalla on Wed Jan 28, 2009 1:43 pm, edited 1 time in total.
I wouldn't worry as they will probably even out - some expenses have increased whilst others haven't. If you're renting i'm sure this probably hasn't changed.
My salary has gone up by at least £250 as I got as promotion.I'm awaiting my first review with DFD.Strangely my Expenditure hasn't altered too much- some things have increased and some things gone down.Therefore, I know 3% inflation is allowed but does this mean I would have to increase my payments by the whole of my promotional pay? I suppose it does? Where's the incentive to take on additional stress responsibilty there? Perhaps just having a 'feel sorry for self moment'.My manta has got to be 'I deserve this.I owe the money'.Cat[:I]
Inflationary increase in pay acts as a buffet against standard inflationary price increases.Fair deal. As the cccs guideline dictates expenditure items and how much one/family can spend, there will be a point whereby the extra earning money go unallocated and maybe half will have go to IP under the 50/50 split clause......
Could be interesting now that inflation is going down - what will happen to the payrises?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
IPs are not trying to catch their clients out when conducting an annual review, as this is done just as much for the client's benefit as the IPs. We will review your circumstances fairly, to determine whether we feel any increase can be justified, and then discuss this with you to confirm that you feel it is affordable.
I am sure that DFD work on the same basis as most other firms in this regard.
