IVA reviews

[Huggy]

Dear All

I am coming up to my first review [:)], does anyone know what information the IP supervisor requires to do the review??

[neverending]

Hi Huggy
I can only speak from my own experience and all my IP asked for was an updated income and expenditure form.My wage slips were sent in each quarter.
When you fill out your new income and expenditure form make sure that your surplus is the same figure as last time,i;e if your income has increased then make sure your outgoings have[utilities,travel food etc]As long as you have the means to back this up ,if asked ,then all will be ok.
Regards

[Huggy]

Hi Neverending

I have actually got my form, but I just wanted to see what everyone else had received.
Unlike yourself I haven't been asked to send in my payslips quarterly and also I notice from the website most people are only giving up 50% of overtime, where as I'm giving up 60%! Is it okay to ask for this to be reduced?

The letter states they will let me keep any increases in income up to 3% and they only require proof of extra expenses if this is above £10. I've added a little extra petrol, food and household expenditure, which takes care of the extra 3% increase in my husband's wages. My wages have not had an annual increase as yet (union's arguing), when the increase comes through will the review have to be conducted again?

Huggy

[accgroup]

Hello

At your annual review you will be asked for details of your income and expenditure over the previous year, as discussed above. Depending on the terms of your IVA you may be asked for pay slips for the whole of the review period (if some of your contributions are based on percentage of bonus/overtime/commission). You may also be asked to provide copies of your bank statements to back up your income and expenditure details. The purpose of the review is to ensure that you are paying the maximum amount you can afford into the IVA for your creditors, your Supervisor will review whether you can afford to increase your payments, or whether you are struggling to make the required payments.

Hope this helps




AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

[neverending]

Huggy
You will be allowed a 3% increase like your husbands so just list your income as it is now.If your pay rise is more than 3% then just contact your IP and tell him/her.There is no harm in asking if you could only contribute 50% of any overtime /bonus.You could state that you,ve noticed that the industry standard is 50% and that you would be more inclined to work overtime if you could keep 50% of it rather than 40% and that this is surely in everyones best interest.