Hello everyone - I am in a bit of a panic and I need some advice desperately - our reviews letters came in the post today and all the expenditure seems right as it was 11 months ago (obviously things have gone up - and I will account for these) it's the bottom figure that doesn't make sense to me, both my husband and I are paying £336.72 each into our IVA's but on our review sheet it says that the surplus for IVA contributions is £728.84 - would this be the new figure they want us to pay? also I can't pay that although it is only £55.00 extra per month we just don't have that extra income - plus my child benefit has been cut to one child only - but my son is not employed and is still at college, so not only can I not afford this extra £55.00 but I'm also down by £50.00 from Child Benefit and obviously gas, electricity, petrol has gone up as well and we are taking that money from our food allowance to cover this. Can anyone please advise whether my IP can increase my payments by this amount. Also I haven't had a payrise in over 3 years and didn't get one again this year. Any advice is much appreciated. Thanks[V]
Hi everyone again - I've just looked at my original income and expenditure statement and my advisor has missed out a few things such as repairs and servicing and haircuts - are we not covered for these in an iva now? just need to know if anything has changed since 11 months ago. Many thanks
You are allowed to claim for haircuts etc so you need to include those. Speak to your IP if you're not sure about your payments.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Kallis, I think looking at it now it must have been an oversight - she just didn't include these two thing in the new expenditure review sheet! (at least I hope so!!) - £55.00 per months seems such a lot to me now - and I was doing so well even with the things that have increased in price and the loss of the child benefit.
I forgot to ask how everyone is - I'm so sorry, I do look at the forum regularly and see everyone on, but I suppose it's always nice to say hello - sorry.
Oh - I've gone all wobbly (this hadn't happened in a long while - calm myself down)
Chill out Simbel! It's nice to see you and nice to know that you look in. We're always pleased to see old friends back.
Have a chat with her next week to sort this out. We always go through our I&E before the review is due so we know where we stand and have all the figures to hand.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Yes - I will speak to her on Monday. Thanks Kallis I will try and chill, although I don't think I will succeed oh well..... I was already fretting about the review date looming up and here we are!
I'm slightly confused, as the figures to complete the annual review should be sourced from yourself and not your IP firm, who should receive this information, review it and advise you if they feel any of the areas are unreasonable.
Hi Melanie - I think what she did was send me a copy of my last income and expenditure to see if there is anything that has changed - but then she omitted the service and repairs and haircuts. We keep a spreadsheet of all expenses and it has changed slightly - obviously things have gone up in the last 11 months, but the only thing that has really dented things is the child benefit, especially as my son still remains at college part time and is unemployed. Although, we are coping and I don't really want my IP to reduce our payments into the IVA, as I think there is a storm brewing next year when interest rates begin to rise again and the mortgage goes up. I will speak to my IP on Monday and hopefully get this sorted.
OK - that now makes sense, and of course the review is your opportunity to tell your IP exactly what your current expenditure is, including the items which have been missed off. I am sure this will get resolved sensibly, and good luck with the review itself.
hi to all hope all are well
simbel have you checked that you cant get child benifit for your son if he is under 18 and in education i beleive you can still claim, when my girls stayed on at school i received it till they finished their education it may be worth checking out even if he only does a few days at college it is classed as full time so child benifit is still payable
Good point millsy. I was able to claim for my daughter when she was at college and it wasn't every day that she went.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Same happened to me Simbel, I was provided my existing I&E but there were some errors from the agreed amount. I just corrected this on the return and there were no issues. So please dont panic.
I suggest you contact your IVA provider direct, instead of posting on here and getting yourself in a state of worry. Go to the source of where the information came from to ask the relevant questions and raise your concerns. An annual review has a purpose of ensuring that you are still able to meet your payments and as it says... a review of your current circumstances.
If you can not afford the payments, your IVA can be varied with consent from creditors or in accordance with the terms of your Proposal.
Also, if the intial income and expenditure was wrong, you should have checked this before signing a Proposal
Simbel is well used to this forum and knows that whilst we cannot give her case specific advice, we can give general support, especially as she is unlikely to be able to get hold of her IP until Monday.
I don't think there was a problem with her initial proposal.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
