www.iva.co.uk

Hi,

We have an annual review coming up with freeman jones after xmas and wondering what documents they need?

Do they need to see bank statements?
We have a seperate account for contigency and our share of overtime savings - do they need to see these statements also? If so is there a risk of having any savings in it taken away?
Do they need to see wage slips? And what happens if I have lost one?

Thanks,

Sorry for long question

X

Hi Frenchie,

No idea what FJ ask for but I am sure they will tell you - you can always ask beforehand so you are prepared.

Some IPs ask for bank statements, others don't. You are unlikely to be asked about savings as you are allowed to make some if you can and they won't be taken from you.

I imagine they will need to see wage slips and you will need to supply an updated I&E.

If you have lost a wage slip, can you get a copy from your employer?

Hi, not sure what FJ require for a review but one of our other posters who are or have been clients of FJ will know and assist I'm sure.

I send in wage slips 3 monthly, a P60 at annual review and a revised income & expenditure form.

Your savings from your allowances and your share of any overtime is yours to keep and spend as you wish. x

Thanks for this,

I intend to call my employer to find out if I can get another copy. That's a relief about the savings, for the first time ever in my entire life I have managed to save a bit (not much but still) from our share od overtime and was terrified somebody would take it.

X

You'll be fine with that - it's always useful to have something behind you and if you've managed to fund some savings from your overtime then brilliant!!

Thank you,

If anyone else is with freeman jones or has any other advice please do let me know x

To get a contingency fund is encouraged by IP's to cover those unplanned things that we always end up forking out for at the most inconvenient time. Sounds like you're doing ok x

Thanks,

my worry was that they would want bank statements for this account and want to take it if they feel it is too much - I am known for being a worry wart at the best of times. Also concerned that I can't find this months pay slip :0( so silly lol.

xx

We all worry myself included at review time. Until i hear all is ok I get very worried. x

still no freeman jones peeps who know exactly what they had to send? x

FJ should tell you beforehand exactly what you need to send. If you're not sure then send them an email and ask.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by frenchie696

Thanks,

my worry was that they would want bank statements for this account and want to take it if they feel it is too much - I am known for being a worry wart at the best of times. Also concerned that I can't find this months pay slip :0( so silly lol.

xx

we have been with fjones now just over 5yrs. we should have finish our period on the 28th dec 2011.but due lost of job and illness almost 3yrs ago we made a agreement for reduce payment and extended 6 months'
for the 1st 3yrs have been great but now for some reason our adviser have change to some **** who wants to put our payments up double for the remaining 5 months.he says that we are much better off now than we was 3yrs ago.we have tried to tell him that my esa and stuff might have gone up over the 3yrs but so as everything else like the cost of living and our 2yr old came in between.
any way
yes they would like to see all bank,wages so for
you are allowed a max of £500 if am right any over they are entitled to 50% to the crediters.
you send in all your wages/bank statments in,you write all your expendure's down etc.

as to your seperate account for contigency and our share of overtime savings .personaly i would see if you could tranfer them into someone's else account ie parents,bothers/sister someone you can trust or keep the cash at home.

hope this helps

*ratface - please do not use such derogatory terms on the forum*

Hi Frenchie 696,


The annual review process should be fairly straightforward so please don’t worry!

Broadly we are looking to verify that your income and expenditure remain the same. As other posters have said, we’ll send you an Income and Expenditure form that you’ll need to complete.

If your expenditure has changed and you want us to take that into consideration you’ll need to provide evidence to support your claim. For example if your gas / electricity bills have increased then copies of the new bills will do. Similarly to verify your income we will ask to see your wage slips. But don’t worry too much if you are missing one, we can usually either work backwards from the wage slips either side, or a bank statement that shows the “missing” income will do.

If you have been able to save money since your arrangement was accepted by carefully managing your budget then well done. If your contributions are up to date and if all additional money from any additional earnings has been paid, the savings are yours to keep.

Generally it is only if you have savings as a result of receiving a windfall, or savings you did not declare when you started your IVA, that you might be have to pay them into your IVA.

The treatment of money from overtime or bonus will vary depending on how much, if any, is included as part of you income threshold on your Income and Expenditure form. If you have earned over this threshold you may have to pay a proportion of this money into your IVA in addition to your normal contribution. The amount can vary depending on the specific terms of your arrangement, so have a chat with your relationship manager if you are unsure about how this would be calculated in your case.

Hope this helps.



IW

thank you - you have put my mind at ease x