Annual Review - what is asked for?

[ivas4us]

I was thinking of using ebay and looking at job lots. I know they will all get the same but it works out really cheap.

[plasticdaft]

You probably wont get an actual allowance for b'days and xmas etc but if you can make savings from your expenditure then spend away.
We have always been tight when it comes to xmas and b'days(other than for each other and our 11 year old who is 12 at the end of the month).

[MelanieGiles]

You will not be allowed a specific allowance for birthday's or Christmas - try and save a little out of your housekeeping and social budget on a monthly basis.

[David Mond]

Can I just ask, what happens if they look at bank statements and they see that perhaps your not using your clothing allowance every month and then it might start to build up in your bank account. DFD give us £60 a month for clothing allowance, but I don't go out and buy £60 of clothes every month. Do they reduce the amount if they see it build up or do they make you pay more to them because your not using it.

Does anyone know if DFD ask for bank statements

ClearDebt certainly does not. If you save on your allowances and spend on other items that is fine by me.

ClearDebt prefers to see bank statements as part of the overall review process and helps sometimes if any variations are prposed in the future since creditors are assured that this "extra" due dilligence has been done.

[ivas4us]

[:D]

[flow13]

Can I just ask, what happens if they look at bank statements and they see that perhaps your not using your clothing allowance every month and then it might start to build up in your bank account. DFD give us £60 a month for clothing allowance, but I don't go out and buy £60 of clothes every month. Do they reduce the amount if they see it build up or do they make you pay more to them because your not using it.

Does anyone know if DFD ask for bank statements

I am with DFD and they ask for 3 months of bank statements from us. We dont use our clothing allowance fully either. I think its to look at the Direct Debits etc rather than the allowances. We don't use all of our food allowance either. But then other things come up - like we pay half to my stepchildrens trips etc.

[Michael Peoples]

The allowances given in an IVA are very tight but they are for you to use. I agree that clients should have a savings account to meet contingencies and the IP should have no interest in it at all as it is good practice by the client.

It is not every month that the car needs repaired or you need new clothes, shoes, glasses etc and the allowances are averages over the year. There are no allowances for Christmas, family birthdays, works outings etc which people do have to pay for so any extra money left at the end of the month can be spent as you please. We do not request bank statements at annual review but even if they were sent in we are not going to penalise our clients for good financial management if there is money in a contingency fund.

[MelanieGiles]

Absolutely agree with Michael on this one - and thank goodness for good common and commercial sense in this industry.

[ivas4us]

[:D]

[David Mond]

I believe more companies ask for Bank Statements on annual reviews than don't. Let me say this is NOT for seeing if a debtor has saved up on his budget but to check for any exceptional items for example a gambler who is in an IVA to see that there are no ingoings and outgoings.

Besides ClearDebt, the biggest provider of IVA's in this country DFD also requests same.

[Max]

I don't think Melanie asks for bank statements - it is nice for a debtor to be trusted by the IP. So many people on here have encountered "implied dishonesty" just because they are in debt - outrageous it is. There may be a few but in the very minority. Anyone who tries to pull the wool over the eyes of an IP who has got them out of trouble deserves what they get. Hard - but that is how I feel.

[flow13]

That is so true elv. I dunno where we would be now if we hadnt gone into an IVA. For our annual review they do ask for the bank statements. but we don't mind sending them, cos its just a small thing to do, after our IP has helped us so massively.
We don't have anything to hide, so we never get worried about annual reviews etc!

[Max]

I am pleased you agree - crooks get IVAs a bad name. I hope all goes well for you and yours for the future.

[flow13]

Thank you. xxx

I can't believe we are over half way with ours! The time has gone by so quick! But I have to say i am so glad we made the decision to enter into an IVA!