www.iva.co.uk

Hi,

I have just received a letter saying that i am now due my first yearly review of my IVA. What does this entail? Will my monthly payment amount change as i thought it was a fixed amount for 5 years??

Please can someone advise me as the first year has been a big big struggle financially and i have budgeted to the last penny these days and i really really hope they dont up my monthly payment!

Hi daz - n welcome to the forum from me.
A review is done yearly normally around your anniversary date of your IVA, its nothing to worry about n its in place to help you n your creditors.
Your payments should not increase if your income has not changed. If you are struggling then this gives you the opportunity to re- access your Income & expenditure with the support of your IP. Though if you are really struggling - you can contact your IP prior to an annual review n re access your I&E.

Hope this helps n good luck with your review n if your struggling - make your IP aware.

Hi,

Your monthly payment is not fixed, it depends upon your income and expenditure.

You need to provide an updated I&E but as everything has been, and will be going up then you should be ok.

Make sure you account for every penny and let your IP know that you have been struggling.

As others have said it's of benefit to you as well as your IP, you can put in a revised Income and Expenditure form showing any increases and hopefully things will be easier for you next year. x

Didn't your IP explain the annual review process to you at the time the proposals were being presented - and alert you to the fact that if your circumstances changed for the better then your payments would likely need to increase?

If not then it could be a good idea to have another chat with them, so that you know what to expect when the review is being completed.

Hi We have just had our first annual review and have had no changes to our payments. We submitted a new I&E which reflected the increase in prices from last year and it was excepted with no question. Dont worry about the review if you are honest about your incomings and outgoings you will be ok, it is no ones interest to make this time difficult.

We have had two annual reviews now with no changes to payments.

I think reviews are always a nervous time, I get a little anxious but the first one is always the worst. x

I'll agree with that Lesley.

Hubby has a review every 6 month I have one every year as I am self employed.

We send off payslips quarterly. Main review is done every 12 months though.

hiya im just going through my first yearly review and i have sent everything off. Im still waiting to hear what is going to happen and its the waiting i hate, we have managed some months and struggled others so im hoping our payment does not change or things could get really tough. my review was on the 30th june so im hoping i should hear anyday now

Nice to see you Heidi - I hope you are well?

im fine thank you, just cant believe how worrying it is waiting to hear about the review

thanx for the replies everyone. hopefully everything will go smoothly with my review. thanx again!!