www.iva.co.uk

I have been in my IVA for nearly a year now and am pretty worried about
an Annual Review.
What actually happens , does it mean that my payments increase massively or that my IVA will fail.
I have paid the agreed sum for 11 months and extra although some months
have been comfortable and others a slight struggle through the increased cost of living.
I also have a works business credit card which is in the companies name not mine
that i use for Travel and Food etc.
It is not like a normal credit card but you have to pay back the whole balance every month but i can claim back my travel, i am slightly worried even though i am up to date with everything and have been extra careful all year with budgeting that i will be penalised because of this.

The credit card won't even come into it.

They'll probably want P60, last three pay slips and an upto date income/expenditure.

They'll then use all that to ensure you've paid enough last year and determine the payments for the coming year.

Your review is just for you own benefit as well as the IP's, and all that happens is that there is a general review of your finances to see if you are struggling or whether you could afford to increase your payments. Increases happen in less than 5% of my cases, as most people find these days that their pay rises are more than absorbed by additional costs.

You really should not worry about the annual review process at all.

Well Melanie,
I am very happy with my IVA and it has released me from a lot of worry and pressure.
Last year i was working really unhealthy hours and had a second job just to make ends meet and realized i couldn't go on like this.
I don't do the other job no more but am still managing my monthly payment even though i don't really buy or spend much anymore.
I have a nice family, a roof over my head,
and i now look back on myself and think what did i really need to waste all of my money like that.
This week is what i call the TAKE IT EASY WEEK where i take sandwiches to work and try not to spend any money for the week.
Don't get me wrong i have £80 left in my account but i think it would be better to have that last me for 1.5 weeks instead of 2.5 weeks.

Dont worry about the annual review.
Send in any proof of increases in council tax, insurances and sucj like.
If nothing much has changed then things should just stay the same.

Everyone worries about thier first annaul review, i know i did, but dont, you will soon learn that your IP is a normal human and supports you as well as your creditors