Annual Review

[caraf]

Hi.
What do IP's look at and look for in your annual review. If nothing has changed much, or a couple of things have just increased ever so slightly, would your iva payment just stay the same ??

My husband has had a 3% pay increase but the monthly gas and electric figure has just gone up slightly, so they cancel each other out.

Also if the contingency fund has built up ?? would they take this cash off you and increase your iva payment so you dont end up with much contingency cash.

[MelanieGiles]

Increases in income and expenditure, windfalls and bonuses, whether you are affording your payments, dealing with any other case related queries.

From the information you have provided, it seems unlikely that your husband's pay rise would result in increased payments.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[pbeck]

You should keep the contingency fund building up as contingencies don't regularly happen once per year. Next year your car could suffer a major breakdown or something else unforeseen could happen, I can't see any supervisor claiming your contingency cash or increasing the payments just because one year you didn't spend it.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist