first year review.

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Joanne.40

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Post by Joanne.40 » Fri Aug 22, 2014 8:29 am
Ho. We have received the letter re our annual review. I am worried... we have loved within the agreed expenditure budget however we have not spent our money on precisely what was on the budget. Will we be in bother.

also sorry

I am thinking about withdrawing remaining funds each month from bank after paying direct debits is this allowed when on an iva?

Thank you
 
 

Foggy

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Post by Foggy » Fri Aug 22, 2014 9:19 am
What you actually spend agreed budget on is entirely up to you. As long as you have reported any extra income and paid any extra due there will be no worries.

I had (still have) two Cashminder accounts. My salary gets paid into the main account and I leave enough in there to pay all the direct debits and standing orders. The rest I transfer to the second account, which is my Spending account. I use that for shopping, petrol etc. Any left over at the end of the month gets transferred into a savings account.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Joanne.40

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Post by Joanne.40 » Fri Aug 22, 2014 9:52 am
Fab I feel much better now. We have had no.increase in salary etc and our spending has only been on essentials so shouldnt really feel worried! have just recently opened up a cash plus account as there is.no charges and I will be putting money in there. Will I have to.provide these bank statements or not? Thank you again really appreciated
 
 

Struzzo39

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Post by Struzzo39 » Fri Aug 22, 2014 12:03 pm
It depends I think on which company you are with. We're with payplan and don't have to supply bank statements. good luck am sure all will be fine.
Steven & Debbie
 
 

relieved33

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Post by relieved33 » Fri Aug 22, 2014 3:10 pm
We are with cleardebt and had to send one months bank statements, I assume to check direct debit amounts. Nothing goes to plan and we were forever juggling budgets and never had an issue at reviews.

We had to send P60, last payslip and copies of utilities if they changed.

Good luck and well done for getting through the year!!
 
 

lou3

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Post by lou3 » Tue Sep 02, 2014 11:23 pm
It won't matter exactly what you have spent the money on so long as you have declared any pay rises, bonuses etc.
They will take into account rises in living costs but will want proof of this and you should bear in mind that they have to keep expenses within the terms of the common financial statement so may not be allowed to take into account large increases in variable or non-essential expenses.
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