Thanks everyone, haven't had time to call them as I've been working, my anniversary date is 16th May, so I still would have expected to have heard something by now, oh well, will wait and see
Lem if my supervisor has been advising me correctly then they would have 60 days after the 16th May to complete the annual review and that would mean the mid of July it has to be done by.[:)]
My proposal states the annual report is to be issued to creditors within 2 months of the anniversary too. And I find the review team take it down to the wire. x
Last year's review was the first that took more than a week after the anniversary I didn't get it until 6 weeks after the IVA anniversary date and I have to chase my supervisor to find out what was happening
There are no delays with annual reviews in my office - we generally use the full two months following the anniversary to complete the review, which is permissible and suits our business model. The fact that we ask for information to produced a month prior to the anniversary allows us ample time to conclude all enquiries before finalising our report.
Lem - please contact me off line if you have any other queries.
Yes I agree Bol, I think it's because they told me that the review could take 3 months at a worst case scenario (they were the words they used) so it made me begin to think something was wrong which is why I was scared to contact them as we're getting close to the 3 month time. But I did call yesterday and they said it's all ongoing and if there were any problems they would have been in touch so I guess that's reassured me somewhat.
I can see that perhaps the review process may appear at first sight to be slightly worrying.
I wonder if our clients would prefer us to give less time for the gathering up of the information? For instance we could wait until the anniversary or a month afterwards if clients would prefer - although we feel that a lot of our clients would then struggle to get everything to us on time.
The annual review should not at all be a scary process - our clients know what to expect in that if their disposable income has increased then they must expect to pay a little more to creditors. Similarly if they have not properly accounted for their uplift monies this will be highlighted, but I cannot see that there would be any great suprises as a result of the review.
I am keen to receive feedback from my own and other clients as to this point, as we will always strive to make the situation easier and smoother where we can.
Mel my personal feelings are, we know we've adhered to the T&C's of the IVA paid our uplift payments in a timely fashion, declared any increase in income or expenditure. We send the documentation over and it's then the nerves start kicking in. A bit like an MOT for me on the car. I always have it serviced, son in law looks over it and says that'll pass or does any work that needs doing but while it's in there I'm nervous, I'm always convinced they're going to find something else.
For me who I think is a very organised person a shorter time span would be ideal but for some who are maybe not so reliable/organised then this woudln't work and you'd end up chasing them with a more sense of urgency.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I echo what Lesley has said really, I would prefer a shorter timescale, last year I sent the required documents in as requested a month before my anniversary date, then two months wait for the results.
I am a born worrier, and I was worried sick for the whole time.
With my company I was requested to send my documentation in around 4 weeks before the anniversary, which I did and my payment was confirmed within 5 working days and I received the annual report to the Creditor's 4 weeks later. This was all done within a very reasonable timespan which I was very happy with. It does say on my paperwork that the review could take 2 months though. I think, if you know what your new payments are going to be within a couple of weeks its fine to wait for the report. Worked well for me (so far) but I totally agree with Lesley in that it is a very nervous time even if you know everything is OK x
OK - all points taken on board, and for those clients who prefer a shorter timescale we will wait a little longer before sending out our request letters. It would be helpful if those clients who wish for a shorter lead time could e-mail me so we can record this on our files.
