Review Questions (s)

[Endsmeet]

Hi,
This is more of a question for the 'experts' but any info would be really appreciated

I am well into my 1st yr of my IVA and have been 'managing' ok, not having the 50% overtime clause has helped a lot as well.

When my annual review comes up, I believe that my I.P. will require a few bank statements from me, what exactly do they require these for?
Apart from my monthly outgoings such as IVA payment and car insurance etc, I try and pay cash for everything else.
I also have a savings account which I pay into each month, the amount depending on what I can afford/surplus

The only time I tend to use my debit card is for purchases such as clothes and various other things such as small birthday presents and gifts which show on my bank statements.
I only try and use my debit card when needed as I have been a victim of I.D. theft a few yrs back and that was a C.C. so it wasn't really my money but I'd hate to have my actual living account dipped into by others

There are a couple of small credits to my account from payal which are payments for personal items that I have sold via Ebay

Basically what will my IP be actually checking for and will I have to prove what my cash withdrawal's are being spent on?

Or is it just a case of seeing that I am managing my money ok without going into any overdraft/new debt situations?

Thanks

[Lula]

Hi
At my review the follwoing was req, last 3 months pay slips, my P60 and any receipts/evidence for increases in outgoings. They didnt req bank statements

[singlemum]

Me too, they didn't ask to see my bank statements although i understand that you need to keep them throughout your IVA as they may need to see them. Is that right or have I remembered wrong?

[Endsmeet]

Hi,
Thanks for your replies, I have actually got an on-line current account and it only holds 12 months worth of statements so if I have to keep them for the life of my IVA, I'd better get printing[:0]

I'm not 100% sure but I think that my I.P. (payplan) said that they would be asking for 3 months worth of statements at my review.

Thanks again

[tinytori]

I have just had my 1st revwie, and the only reason I had to send my bank statments in was cos i mis pleased my sep payslip so they used my bank statment as proof of income. All they wanted was my payslips and proof and any increaeses in Rent etc

[dcl]

Hi Endsmeet
I'm with Payplan and at my annual review they usually just ask for 3 months payslips and an updated I&E

[r_l]

ive been in my IVA for about 2.5years. I have never been asked to supply bank statements, but i did read a couple of posts on here - where people have had to supply them. I think they are allowed to ask for them at any point. Im sure one of the experts will clarify?

[Endsmeet]

Hi,
Thats great, it looks like they will only require paysheets and P60 etc, obviously I will find out nearer the time but as I haven't missed any payments and have my paysheets they shouldn't need me to print anything out.
Thanks again for your help

[ianmillington]

Payslips are needed for obvious reasons. Items such as food etc, which are monthly allowances for you to live within, need no evidence and probably cannot be evidenced anyway.

Bank statements are mainly needed to enable the Supervisor to verify the amount you pay by way of regular expenditure (Mortgage, Rent, Council Tax, Gas, Electricity. Insurances etc). Whilst not every Supervisor will call for them I would ask how those who don't can then claim to have properly reviewed the I&E. The advantage from the debtors point of view is that most items such as these will almost always be more than last year and if nothing else can provide a defence to a claim by the Supervisor that contributions need to increase.

Ian

[fedup and broke]

Hi, one question - I am self employed and pay myself cash from my business - I therefore do not have any payslips. How will I prove my income if my IVA is accepted.

[Endsmeet]

Thanks for that Ian, my situation is that I am still at home so I just pay my Mum and Dad a fixed sum once a month.
That is also a cash payment so nothing shows on my bank statements apart from a withdrawal via cashpoint.
My IP is aware of my payment to my Mum and Dad so giving them copies of statements is of no use to them so maybe they wont ask for them.
Thanks Again

[MelanieGiles]

Self-employed people prove their income by producing financial accounts and tax returns as submitted to HMRC.