Hi everyone. I have been in an IVA for 2 years now but never had a annual review. I have just received my first request for one from my IP. It is for a review of the last 12 months. It asks for last 12 months payslips, my P60 (which will be 01 Apr 07 - 31 Mar 08 so won't cover the current 12 months in full). My question is i did have a small bonus in the previous year (ie over 12 months ago) which will/may be picked up on my P60. When I collate my stuff to send to my IP do i come clean and produce the payslip 18 months ago or not do anything until asked...just want to do the right thing really. Is that normal not having a review for 2 years? It says in their letter that it is their legal responsibility to do one each year??? I have been struggling to keep my head afloat over the last 2 years.....i haven't had a pay rise for 18 months...it is still being agreed with the unions at work. When i review my expenditure sheet i will probably have about £50 less than when i started 2 years ago on disposable income and i must admit that i have dipped into the money from my bonuses just to keep afloat but still have some of it left......I am worried sick about what to do or say to my IP. If push came to shove i could get all their money by asking a close family friend to help me but i really dont want to go there unless I really have to. I live alone and no one knows that i am in an IVA which makes this all really stressful as i have no one to talk to about this. I am looking at getting an additional job in a local supermarket just to keep afloat. Can any one give me and good advise?
hi daisy chain...just to welcome you to forum ...you have conme to the right place...you wont need to walk this alone.....and someone will be along soon to answer your questions
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
I am not sure of the answer to the question, but hopefully one of the technical experts will be along to answer shortly.
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
Your IP should conduct an annual review of your income and expenditure each year, in order to determine whether you are affording the repayments comfortably, or whether you can afford to increase them at all.
I am sure that if the bonus was very small, that will be taken into consideration as you say you have been, and are continuing to struggle to meet your repayments. It might now be time to consider whether the IVA ought to be varied to accomodate reduced payments.
It is a good thing that the IP is doing a review now, and this can only work to your benefit, so don't worry about it - IPs are not here to make you pay money you cannot afford.
The first one is that you should have had a review after the first year and your IP will have been negligent in not doing one. This will have no effect on your IVA, it is your IPs problem not yours.
Depending on your proposals you may have been required to pay 50% of any additional income into the arrangement, which you have not done. However your IP should have conducted an income and expenditure review which would have highlighted the £50 reduction in your disposable income earlier and should have prompted your IP to return to the creditors and ask them to accept a reduced offer of payment. I do not see how you can be criticised if you have used your bonus payments to make up this shortfall.
I would recommend that you send all of the information and payslips back to your IP and explain exactly what has happened and that you have had to use your bonus payments to cover your increased living costs.
Your IP will probably need to return to your creditors and report on what has happened and ask them to forgive your failure to pay in 50% of the bonus (if you were required to do that in your proposals). He will probably, depending on the outcome of your income and expenditure review, also need to ask your creditors to accept a reduced offer.
Going forward, if you have any problems then talk to your IP about them - do not struggle to make the payments if you cannot afford them. Your IP is there to help you get through your IVA and should not be feared. Also if you have not had a request for an annual review, then I would be tempted to be pro-active and give your IP a ring to remind him or her that it is due. Annual reviews are for your benefit as much as for that of your creditors.
It must be really hard dealing with all of this on your own. I am glad you have decided to join the forum. As well as a few experts on the site, including IPs, there are a lot of people who are going through or have been through what you are going through now and you will get a lot of moral support from them as well as good advice.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Thanks for all your comments they have really helped. I will sit down tomorrow and get all my stuff together and do a proper review of my expenditure. I am still going to pursue another part time job....gave in my application form at my local tescos today. What worries me more than anything is that I dont have a few hundred pounds in the bank for emergencies. Not sure if i can take the stress of waiting to see if my creditors accept a lower payment...it will be like waiting for my IVA to get approved again...i would rather keep paying what i do now and get an extra job for the time being to cover the cost. Good news is that I will get a pay rise early next year...either Jan or Feb and it will be back dated from last Aug. I am also actively seeking promotion at work..that would be at least £6K more a year..plus i have other irons in the fire on the job front which may land me with a job at a considerably higher salary.....so i will try and keep my chin up...although it is very hard at times. x
Hi Daisy, what a lovely person you are, i would definately take Melanie's advice and see what your IP says, you shouldn't have to take on another job to pay your IVA but your sentiments are to be commended to be honest, the last thing you want to do is become so exhausted that you then go off sick as you haven't had any down time. I wish you luck with your promotion and to be honest if your employers are lucky to have someone who is prepared to do what you are doing.
Best wishes and fingers crossed that you get the promotion.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Just a quick update. I spoke to my IP administrator last week whilst collating my payslips and P60 and explained that i never had a review last year (just about to enter into year 3), and that i did have a bonus 18 months ago and another one in Aug this year. I also explained that my I&E disposal income was less than 2 years ago because of no pay rise and that I had dipped into my bonus money this year to pay for a hefty car bill. I was put on hold and they came back to me and said, did i still have their share of the bonus for this year, which i do...paid my car from the money i had saved for my IP from the previous year and my sahre of this year. They said ignore what happened last year and just pay us for the bonus for this year. I even said shall i send you the receipts for my car and they said no...don't mention it when you return your docuements. I am just waiting to hear back from them on exactely how much i owe them even though i know roughley (first 10% for me then 50% of the rest to them) and i will then raise a standing order to them for their share of this years bonus. I am so relieved and surprised. They were really kind and considerate....wished i phoned them sooner now. When i did my I&E it wasn't as bad as i first thought..only £25 down....payrise backdated to Aug is expected end Jan! Still can't help feeling anxious though waiting for my IP to say everything is ok even though i am pretty sure it will be.
Last edited by daisychain22 on Mon Nov 24, 2008 6:34 pm, edited 1 time in total.
That's really good news Daisychain. A big weight off your mind.
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
