www.iva.co.uk

whats an annual review on an iva??...

am i right in thinking each annual review you have to pay a lump sum into iva???...or am i misunderstanding another post?!

A yearly happening whereby you have your income and expenditure checked, it may be your payment needs reducing or increasing depending on income. Again with expenditure things do go up in price so expenditure allowances can go up. There are guidelines to follow for IP's but there is no lump sum to pay. Any extra monies to be paid into your IVA through windfalls or overtime/bonuses would be paid throughout the year avoiding a lump payment at annual review. x

thanks for clearing that up. so to be on the safe side im best to tell ip any change in any circumstance?

Vicki anything changes tell your IP they can give you case specific advice and will help the smooth running of the IVA. Upfront all the way and you won't go wrong. x