a bit alarmed reading about yearly reviews

[l.c]

I am currently going through the IVA process- (now at the stage where proposal is going to be circulated to Creditors).Been a bit alarmed reading about yearly reviews-payments drastically increasing in some instances. I dont work overtime/dont get a bonus. I am living as a carer wih my friend. When they carry out this review , how will I prove what my outgoings are when I 1.dont have a mortgage so nothing to show on bank statement2.dont pay utility bills as such and 3. rent is paid direct to my friend-not standing order etc?Im a little confused ....Reviews havent really been mentioned to me but what I have read in these forums in some cases has been quite alaring

[james.c]

I wish i could offer advice

On the 17th of Jan i did my first year, still not had an annual review, but i understand this can be done up to 2 months after the first year.

Worry - its bind on my mind since october.

I rung my ip and he jsu confirmed it would be done with in 2 months of the 1st year, still heard nothing

This is the worst part for me, my circumsatnces have changed so much, i think i will do the best i can be the review when i get the information, and will have to accept if worse comes to worse to go bankcrupt.

however their is two sides to every coin, if all goes well i will let you know

[Lisa2009]

I would imagine you proved income and expenditure for yearly review in the same manner you have done to the IP who is acting on your behalf.
Yearly reviews arent always bad and providint there have been no significant changes in your circumstances, there shouldnt be anything to worry about.

mrs skint

[oldcazza]

i've been in an iva foe 26 months and have never even been asked to fill a review form in ...it seems like it depends who you are you with.

[MelanieGiles]

Yearly reviews should be nothing to be afraid of. I seek increased payments in less than 5% of my own cases, as expenditure tends to increase at just the same rate as income. Indeed the annual review is just as much for your benefit as creditors as it gives you the opportunity to advise your IP of any areas of expenditure whihc you feel need to be increased.

And requests for increased contributions are usually with the agreement of both debtor and IP - so you do have your chance to have your say.

[ianmillington]

I agree with Melanie. The annual review is nothing to be afraid of.

A properly drafted review provision ought to enable account to be taken of expenses increases - particularly relevant in the light of the recent fuel bill increases. Remember to make sure that these are properly taken into account when agreeing any increase.

Ian

[aguise]

I have just had my review and it was fine no rises in payments. Some times these rises are due to things like overtime or big rises in income. If you earn things like overtime keep your IP informed and pay it in monthly rather than get a big bill at review.

Ang

[Geordie]

Originally my wife and I applied for a joint IVA but eventually it went through in my name only although it was declared that she would contribute to the payment to pay the minimum £220 per month. My review is due and it has been made clear that 50% of any additional earnings must be paid into the agreement. Although my wife has took additional work in readiness for a hike in the mortgage, am I right in thinking that her earnings are irrelevant and cannot be considered. Secondly, surely any increase in income can be offset against increase in expenditure. Thanks in advance for any guidance

[MelanieGiles]

If your wife has received an increase in her wages, then I would certainly not expect that to be taken into account. Your IP will, however, wish to reassess your finances generally, and if your wife is now earning more money, your share of the combined expenditure may well reduce causing your individual disposable income to increase accordingly.

[Geordie]

For Clarity, can you confirm that as my wife is not part of the agreed IVA, then she is not required to send payslips or bank statements as the recently received letters seems to suggest she should do. Thanks

[MelanieGiles]

That really boils down to the attitude of your own IP. I do not generally ask my clients for their spouses wage-slips, but you will need to accurately declare her income so that the calculation of shared expenditure can be properly carried out. If your own IP has asked for the wage-slips to be produced then you should comply with his/her request.

[J-DOUBLEYA]

Just be very careful who you sign up with ! The Ip's here have expressed a common sense view that I feel is sadly lacking with some of the Factory IVA;s out there.

[Geordie]

I have now been switched to Synergi from Neville Eckley which is worrying bearing in mind the feedback on this forum. My wife is very reluctant to release any of her wage slip etc bearing in mind she is not legally bound to any IVA and had to make her own arrangements to come to an agreement with her own creditors

[J-DOUBLEYA]

Why not get an opinion from one of the IP's lited on this forum ?