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Posted: Tue Aug 26, 2008 11:53 am
by venetia
Hi, My husband and I are in an IVA we have our annual review due shortly, can anybody tell me what is atually done in an annual review please
Thanks x
Posted: Tue Aug 26, 2008 12:03 pm
by Lisa2009
Your income and expenditure is assessed to see if any changes need to be made to your payments.
Posted: Tue Aug 26, 2008 12:09 pm
by Julie
Hi, like Mr S says, your income and expenditure is re-assessed. Basically you complete an I&E form and send proof of earnings to your IP. I think the evidence you send differs from individual IP's but it should state in your proposal what's expected.
Who is your IVA with? Maybe someone on here will have experience with the same IP?
Posted: Tue Aug 26, 2008 12:10 pm
by venetia
Is that all? I know they require 3 bank statemements and 3 pay slips, and there is a form to put if anything has changed, ie bills gone up and gone down, just wondered if there is anything else they look at?
Thanks for sucg a quick reply, most appreciated xxxx
Posted: Tue Aug 26, 2008 12:11 pm
by venetia
Thanks my IVa is with DEBT FREE DIRECT, any body know what they do? xx
Posted: Tue Aug 26, 2008 12:17 pm
by Lisa2009
Hubby was with DFD.
He sent off payslips, tax credits awards and bank statements along with any proof of increase in bills like council tax and insurances and such like.
You will be sent a form listing shopping, tv lisence, car tax, phones and so on.
Posted: Tue Aug 26, 2008 12:28 pm
by venetia
Thanks, so are they only interested in what you pay out, what earn and if any household bills have increased/decreased? Sorry for sounding thick, just wondered if there are any other checks they may do on you?
Thanks
xxx
Posted: Tue Aug 26, 2008 12:30 pm
by Lisa2009
No other checks that i am aware of. Just the income and expenditure.
Posted: Tue Aug 26, 2008 12:34 pm
by plasticdaft
venetia wrote:
Thanks, so are they only interested in what you pay out, what earn and if any household bills have increased/decreased? Sorry for sounding thick, just wondered if there are any other checks they may do on you?
Thanks
xxx
They do sometimes come round and check the garage for ferrari's and the loft for valuable painting you may or may not have hidden away!!!
Only joking,its a review,no one is trying to catch you out,as with everything else in an iva,honesty is essential.
Posted: Tue Aug 26, 2008 12:36 pm
by Lisa2009
LOL plasticdaft you're so naughty
Posted: Tue Aug 26, 2008 12:38 pm
by venetia
Better park the Ferrari in next doors garage then...LOL. Thanks you all for replying so quickly and informing me!
Many Many Thanks
xxxx
Posted: Tue Aug 26, 2008 12:46 pm
by plasticdaft
I am sure it will all go fine,but its hard not to worry about it.
Posted: Tue Aug 26, 2008 6:19 pm
by MelanieGiles
The annual review is as much for your own benefit as the IP's and does give you the opportunity to have your payments reassessed for affordability - both upwards and downwards.
Posted: Sat Sep 06, 2008 1:20 am
by jozee
Hi I have just received my annual review after sending all my past pay slips and P60 to them back in April. They have now adjusted my monthly payments up to 25% and added another £107 more on top. I have been in my IVA now coming up to 17 months. I can not believe how much this has increased. I feel very let down. Here I am finally getting my finances into order and then I have to find another £107 I mean this is my first review, god knows what it will be next time. My cirumstances have not changed. Infact I had to get another vehicle because my other one was beyond fixing. Lucky enough my parents helped me out. But I still will have to pay them back as it was from their savings and they are elderly. I don't know if I have done the right thing on getting an IVA as it looks like I will be worse off. Is there anything I can do about this review and the money they want. Is it the creditors wanting more?
Posted: Sat Sep 06, 2008 6:51 am
by Julie
Hi Jozee - did they explain why the payments have increased? Seems strange if you haven't had a change in circumstances, i.e. no pay increase?Have you missed any payments?
I would contact the IP and ask for an explanation. Do not try and struggle to meet impossible demands. An IVA is supposed to be an affordable plan.
Good luck x