I'm about 6 months into an IVA, I've just had a letter for my pay slip review, tried to ring my relationship manager but was 15mins with still no answer. Can't afford to run my phone bill up, had to put the phone down.. I just wanted to ask them what happens next? I have a higher expenditure lately, with my daughter starting school and son starting nursery. I have really struggled this month and with Xmas around the corner, my stress levels are rising and I have had no contact from anybody from when I started until i got this letter today. I hope an Iva was the right decision, I've heard so many horror stories, really worried and very stressed.
I am not sure which company who you are with but it does sound like Freeman Jones (The company who my IVA is currently with) and they asked for payslips every 6 months together with a copy of the I&E form.
I use to send my payslips in every month but the 6 month review is just to make sure everything is running smoothly and to check that your salary has not increased above the 10% extra allowed before you have to declare the rest split 50/50, well that was my understanding.
So if for example your income increased by 9% then you don't have to declare it but on the annual review this 9% increase will be taken into consideration when looking at your I&E and will most likely mean an increase in contributions. So you get to keep the increase until your next annual review. Again this was my understanding. If you earn more than 10% above your normal monthly salary then this does have to be declared straight away.
Again if you are with Freeman Jones they are very good in helping you and explaining all. I use to email my Relationship Manager and always got a reply within a few days.
I have to admit an IVA is not an easy route and it is not meant to be but it does get easier as the time goes by and it does go by very quickly. I am sure all will be fine and you will get the answers you want very soon.
Send an email or text to your IP as you should not have to bear the charges. We operate a freephone line and normal landline number so our clients do not be out of pocket and you need top speak with them.
Hi, it's freeman jones I'm with.. I'm just so much of a worrier I can't wait until it's all over.. Although I was in over my head before I started an Iva, but I know I'm just going to stress out all the way through! I'm the kind of person that needs to be re assured and kept in contact with whoever I'm supposed too. At the moment I don't even know who that is!
I'm sorry that you've had difficulty getting through to us. We are currently experiencing high call volumes and it is something we're looking at as a priority.
I appreciate that at this time of year having changes in expenditure can be unsettling, but please try not to worry. If you can please email me your reference number to Steve.Hewitt@freemanjones.com and I'll arrange for a Relationship Manager to call you.
Thank you
Steven Hewitt - a member of the team at Freeman Jones
