Questions?

[Santa71571]

Hello,

Long time reader, first time poster.

I'm currently 21 months into my 60 month IVA.

I've never had any contact from my IP in relation to an annual review of my Inc & Exp. Who's responsibility is it to gather this information, mine or their's?

It's only from reading posts on here that I realised I should have had one by now!

Thanks!

[ivoriva]

It is probably the IP's and your responsibility. Its the IP's in the sense they should be conducting a yearly review (what are they getting paid for if they arent even doing that?!). And if your income goes up, or you get bonuses or overtime then you should probably let your IP know. Or at least not spend any of it until the IP has made clear what amount of it you need to contribute to the IVA - so that for me is good enough incentive to let the IP know...

[Oliver]

This is quite unusual, why don't you contact your IP and query this with them.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Sarah]

I agree i think this is very odd i would contact them

[finebridge]

Hi,

This is certainly unusual, i would contact your IP asap as you need to know you are paying the correct amount.

Please let us know how you get on.

Kind Regards

Nicola

Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[MelanieGiles]

I can't believe that you have not been asked to provide annual review information, but if the terms of your proposal do not require annual reviews then the IP is probably acting appropriately.

Read through your documents to be sure, as if you are required to produce information the onus is on you to produce rather than your IP to chase up. And it is probably worth a call, as Nicola has suggested, to your IP to find out why they are not asking for this. Presumably you have been receiving copies of the IP's annual reports?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Santa71571]

My documents state there should be an annual review so I will write to them and query it. It states "At annual intervals the supervisor will review my income and expenditure."

I haven't received any correspondance from my IP since the beginning apart from a letter last summer. There had been a mix up and the standing order they had sent me originally was only detailed for £20 less than I was supposed to pay every month (the amount increased by £20 following the creditors meeting). Should I be getting reports or statements?

Thanks!

[iva experts]

Hi Santa,

As others have expressed this is a concern, especially as it clearly states in your documentation that an annual review will be conducted.

Give your I.P a call so this can be sorted out, and please post your outcome to keep us updated.

Best Regards. IVA Experts

[Santa71571]

I have now finally received documents to review my income and outgo!

I am slightly worried that I'm going to be asked for more money.

I've moved house and now share a house with someone in an attmept to control the amount I was paying on bills because I simply couldn't survive on the money that was left over after bills before.

It's a better situation now but some of the outgoings I have listed have increased. Everything I've listed is accurate. I split all the household bills with the other person that lives in the house.

How likely is it that they will ask me to contribute more?

After all bills and IVA is paid I have £320 left for food (about £120) and petrol (about £200), plus a bit for personal costs (prescriptions, etc.) and contingency.

Can they just say, you have to pay £x extra, or will they stick to what I currently pay?

Having a bit of tizz about this, had my first sleepless night for a while last night!

24 months down, 36 to go!

[Adam Davies]

Hi
If your income and expenditure form that you have filled in shows a disposible income of more than your current IVA payment then yes your IP is required to increase your payments.If your net disposible income is the same or less than your IVA payments then your payments will remain the same or you can ask your IP for a reduction via a variation meeting.
Did they say why they have taken so long to review your case ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Santa71571]

Hi,

Last year they did contact me as I wasn't paying enough each month.
At the last minute the payment changed from £x to £x + 20 after the meeting. I'd set everything up to pay £x and was quite happily paying that until 12 months later when they called to say I was in arrears. I increased the payment to £x + 30 a month to catch up.

There was no review of my income done then though, although I believe that the fact that I had volunteered to increase my payment was put in the report and sent off to the creditors.

If I had to pay any more I'd have to choose between not eating or not going to work to be able to afford it...neither of which would have good results would they! lol

Thanks!