www.iva.co.uk

Hi all, was just wondering if you could help me. My husband and I have an IVA with DFD, and we are in the final 2 years. Now, we pay back 100p in the £, which is good and we can afford etc.

However, what I dont understand is because we are paying it all back, how come we still have to have an annual review each year, as its not as if the amount is going to rise. I understand that maybe its to see if the payments could be lowered, but I know that this hardly ever happens anyway.

Could anyone shed some light on this for me please?

Thanks Claire. x

Thanks ladyh. I can't believe we have got this far. When we first started we were scared to do anything in case it failed - silly I know. And I would guess most people feel that way. But we have found a pattern to budgeting etc and we are coping.
The good thing is, at least when we have reviews we dont have to worry about increases, even if we have had a rise in salary. lol. We are lucky in that sense.x

The reviews may lead to uplifts which would mean your creditors receiving their money earlier. You therefore would be discharged before the original term of the IVA.

Michael, that would be a wonderful thought! lol.

The annual review is a necessary process within the IVA, and it does not matter whether you are repaying 10p or 100p in the £ back.

How would an IP earn their fees if they don't do reviews even if you pay 100%...inc fees? There is about maybe 12k of fees, even it means just shuffling papers.

And even if one is discharged from an IVA early as Michael says, it makes little difference to your credit rating....the iva does not drop off for six years.

IPs are legally obliged to report to Court, creditors and the debtor once per year. We don't merely sit shuffling papers to justify our fees.

IP's work hard for their money, it's not just the annual reviews, it's all the other things which go into supervising the IVA.

Ok, the IVA may not fall off your credit rating for 6 years, but if you can finish early you have all that extra money a month you can either spend or save.

Why are you always so negative T4C?

I don't know of any other profession where all the work done to prepare an IVA is lost so far as fees are concerned if the proposals are rejected and, if accepted, the IP is then told how much he/she is going to be paid! I sometimes wonder why IPs do this work but thank goodness they do.! J

Exactly J!

They are very hard working, and, as you say, they don't know exactly what their fees are until the creditor meeting.

I often have those thought too J - but the sheer pleasure we get when we see the relief on people's faces is an absolute pleasure - even if it means working past midnight most days.

I have to say that even if we didnt have annual reviews our IP has been great in between. We have had a few problems like most others during an IVA, and the people at DFD have been BRILL!!!

And I know it sounds really silly, but each time we have our annual review there is always this feeling of apprehension and thinking 'ooh whats going to happen', and really we have nothing to worry about. We are nutters! lol.

Thank you for your replies. Even though we are in our 4th year of our IVA there are still so many things we do not know. This forum is great. xxx