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just got the letter this morning for our yearly review.
Feeling a bit nervous about it all really!Dont know why!All our payments up todate,nothings really changed except my husband had a wage increase,but what he has gained has made us even as ihave had awage cut dueto maternity leave.
Ive been asked for 12mths wage slips,i was told 3 mths over the phone before i recived this letter.
Silly husband cant locate september - march slips!But luckily these are all available for work to print out from there intranet!
Once i have sent the wage slips in & a new expenditure form,what happens next?
Do i not hear any thing if all is ok?is there another meeting with creditors?

Hi Poppy,
I'll try to answer a couple of your questions if I can, but I'm sure someone will be along soon to give the definitive answers...!
Our first annual review took place in August so all of our paperwork was sent in in July. We were only asked to provide 3 payslips, but I did send in all 12 so that our 50% of overtime could be calculated. I had to provide proof of any expenditure that had increased by more than £10/month so I photocopied everything and bunged it all in the envelope.
I also included a letter that explained everything: For example, my husband had changed jobs which resulted in a pay-cut but we had worked hard to maintain the payments through overtime which varies from month to month. I too am currently on maternity leave, so I explained about the birth of our daughter, my reduction in pay and how my salary will be altered when I return to work next month.
I sent all the information (there was a lot to send!) by recorded mail and after about 2wks, I rang our IP to see if anything had been checked yet. I received a phone call within an hour from our IP who told us how much we owed due to the 50% of overtime and how our payments will stand for the next year. I felt awkward ringing about it but the review was on my mind so much that I just couldn't relax until I knew that everything was ok. The IP was excellent and explained everything that I asked about in such a clear way that I didn't feel bad about ringing after-all!
There was no meeting of creditors and within a couple of days of the phone call, I received written confirmation of the amount we owed although by that time, the payment was already made.
2wks ago, I received the annual review information that will be sent to our creditors.
I totally understand your nerves about the review because i felt sick all the time I was sorting the information out but the relief when it was over was unbelievable!
Good luck and I hope it's all sorted out soon.
Ricki x

Ricki -

Thats a very useful post.

I am already starting to worry about my first annual review although it is still some months away!!!

I am due to receive my annual payrise soon and my plan is to notify my IP immediately of this once I know the exact figures. As I have had no real change in expenditure since my IVA started I assume I will pay over 100% of the net amount with immediate effect (Overtime and Annual Bonus excepted - 50% of these only). My monthly payment will be increased accordingly. BUT then if - at the annual review I HAVE had an increase in expenditure then presumably the payment will go down again to reflect this?

On reading other posts I get the impression that some people wait until their Annual Review BEFORE upping their monthly payments in line with their pay rise - but surely you are then landed with a backdated "bill" to cover the amount since your pay rise?

I must say I think it is best to sort out and pay off Overtime / Bonuses / Pay Increase amounts on a monthly basis rather than risk a nasty surprise further down the line.

For our yearly review we had to send in 12 months wage slips or if some were missing (I am useless with filing!!), a copy of the bank statement for that month showing your wages going in was sufficient.

Our IP then totalled up the take home pay for the whole year and compared this to the annual figure stated in our proposal. Whatever the difference was, we paid 50% of this.

Generally it took a week or so for us to get a letter back confirming the income figures for the year and how much we were to pay. The letter did say that if for some reason we couldn't pay this additional amount within 3 months then we could contact them to arrange a repayment plan, ie increasing our monthly contribution to take it into account.

With regards to our I/E form, we just filled it out with the new figures and sent it back. We never needed to explain any differences and were never told that we provide proof of any large increases. They then wrote back, again within a week or 10 days, to confirm the new monthly contributions if there was a significant increase in wages.

There would only be a new creditors meeting if for some reason you asked for a variation, ie reducing your payments due to fall in income/change of circumstances etc.
Who is your IP company?

HTH
Kerri x

I know some IP's ask for quarterly wage slips to combat the overtime/50% thing but we informed our IP at our yearly review that we were expecting a payrise the following month after the review, but were told it would be included in the next yearly review and not this one.

Any payments we had to make we were given up to 3 months to pay (in the past we made 3 separate payments) but if for any reason we couldn't manage it, we just had to contact our IP to arrange a suitable repayment plan.

The annual review is performed to enable your IP to compile his/her report to Court and your creditors about the progress of the IVA and whether you are complying with its terms and able to increase your payments. You will be asked to complete a new income and expenditure summary, confirm that you have not received any windfalls during the year and provide wageslips to support your current earnings. Once the report has been finalised you will receive a copy.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Melanie -

Do you find that the court and creditors generally accept the submitted annual review as it stands? Are they allowed to "reject" tha review if they do not agree with the proposed new I+E or is the I.P.s decision final?

Thank You.

Hi Optimist

I don't even think that creditors read the annual reports that often!

And I very rarely get any form of comment from them - but of course you have to justify what you and the debtor have been doing over the previous year, so I suppose if they were not happy they would make contact.

And the IP's decision is pretty final, although if you don't agree with it you can go to Court and get an independent decision.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

My Annual report was done without requesting anything from me!

Chris

How interesting!!!

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Chris -

Was there any change to your monthly payment???

even after all expenditure i am runnng a surpluse of £300 min a month so i guess its liekly my contrivbutions will go up, mind you m rent will increase as of Jan as will council tax.

one thing i am not sure about i if you have surplus and you spend it as you want to are you allowed to do that or does that become declared money that can go to the crediotrs at review?

Thanks for that!
God knows why im feeling nervous!Maybe cos im not sure what to expect!
Oh well a year down!!

Dominic

If you have surplus income at the time of your annual review - your IP will ask you to increase your contributions from that point further and not retrospectively.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp