Annual Review

[s.b]

Hi
I've got my annual review meeting coming up soon and just wondered what information I will need to provide - I'm with Debt Free Direct
Thanks
Susan

[iva experts]

Hi Susan,

Generally it depends on you I.P, however it is common to be asked for payslips and/or P60 as well as Bank Statements.

Best Regards. IVA Experts

[Phil]

Hi is it the same with all companys.I am just wondering about debtmatters.
P

[Oliver]

It's always best to contact your IP so you know exactly what you will need but as IVA experts says this will usually be bank statements, payslips, p60 etc.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[mick.i]

Your IP will usually write to you 7 days before the review and ask for 3 banks statements, 3 wage slips and sometimes your P60.

Mine does anyhow!

[iva experts]

Hi Phil,

It does come down to the decision of your I.P, however its safe to say that they will want to see if you have been working overtime/bonuses (through payslips) OR received any windfalls (through bank statements).

I have heard in recent times that some I.P's are getting their client's to send copies of their payslips etc every month, I guess in a way this is easier as they already have the documentation for the annual review, but it’s completely up to your I.P.

Why don’t you give debtmatters a call to confirm what documents you will have to produce.


Best Regards. IVA Experts

[lynchmeistress]

Hi
I'm with DFD and they only want 3 payslips and P60. They only request bank statements if your wanting to vary the amount. If any of your outgoings have increased by more than £10 they want evidence, such as insurance etc. We're just coming up to our 2nd review.
Hope that helps.

[s.b]

Great, thanks for all your help on this

[Oliver]

Your welcome, good luck with everything.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Dominic]

I have a boxfile full of all my bills, bank statements, payslisps and P60

[hymers]

My review is coming up and I'm terrified because my husband has been working overtime due to sickness in his workplace and Im worried well be asked to pay more than we can actually afford if it is based on this.We have sent in 50% every month as agreed and all payslips -I receive a pension due to ill health but have done some temporary work I had to leave due to stress and depression but we have manage to pay off a lot more than expected in our first year but I am now worried this will come back to haunt us. Also for our first year we were not allowed enough money for some thngs such as petrol and several of our bills have now gone up but because my hubby worked all this overtime and we only kept 50% we managed ok this year, well scrimping and scrapping anyhow. I wish he review was done and dusted becasue it's making me feel ill.

[catullus]

1) Your IP will review your new income against your revised household expenditure taking account of inflationary increases since your IVA started. Try to think where your expenses have increased and ideally put some documentation together to confirm this. If this review indicates that you can increase your contributions then your IVA contribution will increase ny the full amount.

There is normally scope to decrease contributions by 15% without having to go back to creditors but that 15% reduction applies to the whole life of the IVA, generally.

2)Pay rises, large or small form part of the review.

3)I'm not sure about the First Aider payment. Lets call it overtime!!

4)You really should have checked something as important as this with your supervisor before moving flats but what is done is done.Your new rent will be taken in to account in your annual review. I don't think that your IP will have an issue with this unless your rent has risen significantly or you have materially tried to improve your living conditions ie 1 bed flat to 5 bed house.

5)Borrowing money in an IVA (even from friends) is a breach of the terms of the IVA (which I suspect you knew) and I think that you will have difficulty persuading the supervisor that a loan repayment to your friends will be an allowable expense in your revised I & E.

Probably better to come clean with the IP and see if there is some way to deal with this issue.

[Dominic]

Lets see no Ot, no windfalls, rent will go up as of next Janm added some chnnels to my tv subs affordable only cost of living willbe slightly up but nothing masive.

[pm5]

So if over the year our expenses have gone up but not salary, will the IP reduce the monthly payments into an IVA ?

[MelanieGiles]

Possibly - if the IVA allows for this, and some more recent cases (especially if they are presented in line with the IVA protocol) will allow the IP discretion to reduce payments by up to 15% so long as they are made up during a final sixth year. Anything higher than this would require the specific agreement of your creditors at a newly convened variation meeting.