www.iva.co.uk

Hi, All the best to everyone. I had my 1st annual review on the 22nd October this year. I have not recieved any paperwork for this, I did get a phone call from DFD to say I would remain on the same payments though. Is it normal practice not to send any paperwork?

You should have received a copy of the IP's annual report to creditors, which has to be issued within two months of the date of your anniversary Marsha. Give them a call to see why you have not received this.

Our first annual review with DFD was done in September and we had not received any paperwork two months on - I emailed the customer service team and requested a copy of the report and breakdown of all payments made to them and creditors - I had to ask twice but they sent it via the post for my records - email and you will get it !

Just a quick question at annual review are you contacted direct by your IP or do you need to be the one to contact them? mine is coming up for Feb 09.

I think they contact you. Ours has certainly said that about 3 weeks before it is due they will phone us.

Just make sure you have your new I&E ready for them, plus the payslips etc they will need.

My understanding is they contact you - although ours was done two months early due to a change un hubbies wages. I would say if you haven't heard from them a month after the review date is due then contact them - they are all very busy at present,however it is important they stick to their side of the agreement too.

IPs contact their clients - usually during the couple of months leading up to the anniversary with a request for a new income and expenditure account and recent wageslips.

You will hear in due course - don't worry - if you have not within another week write to your IP requesting a copy of the Annual Report.

One thing of interest in these IP report you might want to take note is whether there may be a higher cliam by creditors. The report you will get will tell you that and may mean or not that maybe a month more of contributions are needed in order that the dividend criteria is satisfied.

A list of all creditors claims upto now will be submitted by DFD for your to peruse.DFD will check to see if they are correct or for interest added if their cliam is higher than you submitted but nothing to worry about.

That is only the case if your proposal promises a minimum dividend. Not all proposals/IVA's do.

Mine certainly doesn't offer a minimum dividend.

Questions to the Expert(s)

When would an IVA have a minimum dividend criteria and when would one not and is it better or not to have a stipulation??

Usually practitioners do not in the proposal submited (debtors proposal but on their behalf)normally stipulate a guarranteed minimum dividend. All that is stated is what the proposal is and what dividend prospects there could be.

It is sometimes a minimum dividend when a creditor themselves stipulate in any modification put forward - it then possibly becomes a minumum expected dividend.

Certain creditors - the few that are still represented by PricewaterhouseCoopers - seek to modify a minimum dividend generally.

Will have a look at that and have words with Pat Boyden!