www.iva.co.uk

Hello all,

I have my first annual review i just can't believe it has been a year , it really has been the best thing i have ever done apart from not getting in this situation in the first place! I have sent off all the relevant information they have asked for but i have my concerns
a. i have had a rate of inflation pay rise
b. my bonuses have been up and down all year and i am concerned that my payments re going to increase vastly because the payslips i sent off showed my highest bonuses of the year!

will my iva fail because of this or will they just increase my payments.

thanks as always

Hi, your payments may go up but you will get to keep some of the increase. If your bonuses are used to calculate your basic pay, it would be worth speaking to your case administrator to let him know the situation otherwise your payments may be set too high for the lower bonus months.

Hi
Have you filled in a fresh income and expenditure form ? your pay increase should be offset by increases in living expenses.
Have you paid over your 50% of any net bonus payment to your IP. Your payments will be based on your disposable income and not your bonus, unless you have not paid over your share and no longer have the funds
Regards

I would suggest that next year you deal with bonus payments and any other additional income as and when it is earned, to save worrying about the effect of the annual review. A lot of my clients do this on a monthly basis, and the review is then far easier for us and our clients at the year end.