www.iva.co.uk

I have got to complete my 3rd annual review I & E soon & one thing I notice is that DFD send me my original I & E form for comparison, surely the comparison should be from the previous year, in my case there has been quite a bit of difference from the original I & E through wage increases & expenditure.
Does anyone have any views on this, perhaps Declan from DFD can comment please.

I keep a copy of the I&E I send back on my computer and then put my new expenses along side these and then send the whole thing back.By the time I finnish I will need a piece of A3 paper and a new printer.

Hi, I have just done my fourth review with DFD and they always send my original one which is miles away from where I am now. I always keep a copy of the old ones so I can compare with the previous year. I normally send a covering letter back in with mine along with copies of my bills that explains my current situation such as my wages have gone up but I was no longer living with a partner so all of the household expenditure is now my own. I have found that my payment has stayed the same I had an increase one year of around £13 and they sometimes ring up and query bits but if you have all your bills etc as evidence its easily explainable to them.

You are correct - the comparisons should be made to the previous year, and not the original IVA figures which will be long out of date by the fourth year of an IVA.

Perhaps Declan can throw some light onto this policy within DFD?

Hello All - Declan submitted the following reply on this forum last year for this same question which I trust he won't mind me repeating below:

"The reason for sending out the original income and expenditure is to ascertain how much difference there is to your current income and expenditure to when you entered the IVA.
Previous reviews will always be kept on file and used if needed.
However, when competing a review it is essential we use the original details to compare the current situation to ensure you are able to maintain the original contribution that was agreed at the meeting of creditors. It also aids the reviewer to ascertain a new contribution against the original if necessary (lower or higher).
If you wish to have a copy of the previous year's review this can be issued by request"

Well if that suits their reporting function then fine - but I can understand why clients get confused. If there really is a need to ensure that clients are managing the contractual contributions - and it would be easily checked to internal records - perhaps a better way would be to provide clients with both sets of figures.

I agree with you totally Melanie, I wonder if any other IP Company does the same as DFD.

We now have our DFD I&E spreadsheet with the original figures, then yr 1's, yr 2's and I simply add a column each year so that it is seen over the full period at a glance - touch wood so far no increase !

Hi I do the same with a spreadsheet and I highlight any changes to make them easy to see. Only increased car insurance,petrol and utilities this year, just an increase of £68pm on expences which off set very slight pay rise.

Maths was never my strong point and I can't be doing with spreadsheets.

I have original I&E and that is what I use to sort out the next years I&E.

English is my strong point - maths I gave up after my third year at senior school!

My daughter is a part qualified accountant and now has a V A (VIRTUAL ASSISTANT) business and she showed me how to do spreadsheets. I am now so pleased with myself that everything is on spreadsheets.

Even if someone showed me what to do I wouldn't have a clue! English is another matter - I love that and always have done.

I'll stick with internet banking for my finances.

We always refer back to previous reviews to keep us right figures wise.

Paul

ps I thought I was great at maths and then realised we were 80k in debt. Maybe not so clever after all eh!?!

As I have said daughter part qualified accountant, she went bankrupt last year. She is great with other peoples money but c**p with her own.

[:D][:D]

I knew where ours was going but lied to hubby and tried to manage things as best I could.

Didn't work though!