How often do they review your income on an IVA ? What info is needed ?

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EmJ6

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Post by EmJ6 » Sun Nov 13, 2016 8:35 am
How often do they review your income on an iva? And what info will they need?
 
 

kallis3

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Post by kallis3 » Sun Nov 13, 2016 8:38 am
Hi and welcome,

Normally a review is done once a year and they will require payslips, P60 and possibly bank statements.

Some companies require the information every three months and if there is a change in your income for better or worse then you need to get in touch with the company straight away.
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Foggy

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Post by Foggy » Sun Nov 13, 2016 9:40 am
Different firms operate differently so only your own IP can really answer this question. As well as the variables mentioned by Kallis, above, sometimes they might want monthly payslips, especially if you are in am employment where income fluctuates a lot. What they require could also change during the course of the arrangement. one year not wanting much at all and the next wanting to know what you had for breakfast !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

luluj

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Post by luluj » Tue Nov 15, 2016 3:15 am
If your circumstances change mid year, or the budget becomes a challenge you are free to seek a review at any time. Don't be afraid to ask for one !
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Michael Peoples

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Post by Michael Peoples » Tue Nov 15, 2016 9:07 am
We ask for P60s and any wage slips that have not already been provided during the year. We also ask for any evidence of major budgetary changes but we do not ask for bank statements to see if you shop in Waitrose or Lidl.

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Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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