www.iva.co.uk

Hi There

I have had an IVA with my husband since September 2014 and have just received the email requesting my first annual review.

The I&E details income and expenditure provided last year when we setup the IVA and we have to state what they are now which is fine. I just want to check though what I put down for the allowances I don't actually use i.e.Medicines and prescriptions, pet food and insurance do I just put the amount they have stated on the form as I told the IVA company last year I didn't use these and they said I am still entitled so could use this allowance elsewhere. Also the food and toiletries is £526 per month but sometimes I don't use all that but do I still put down £526. Also there are some allowances that are not high enough such as the sky allowance is only £26 but we pay £50 sky a month. Do I state £50 or just put £26 as that is the maximum allowed for that expenditure?

Any advice greatly appreciated

Many thanks

sosilly

I think there are limits to certain things (like sky) so what you lose out in one they may be trying to help you out with others to keep it balanced and realistic for you to achieve.

The maximum they will allow for Sky is the basic package, whereas most users pay more, so your IP has used the "unused" allowances to make this up. Not strictly above board, but the end result is what you actually pay out. As for underspending on housekeeping --- there will be months ( Christmas, Birthdays etc.) where you will overspend -- again this will average out.

Thanks guys so in the new expenditure box should I put £26 for sky or change it to £50 and the allowances I don't use at the moment just state the amount they have stated.

sosilly

I would put in what you actually spend and leave the others. The IP will then sort it out for you and then let you know if your payments will go up or down.

I always leave mine as is and just increase my gas / electric / rent if needed. Send them the paperwork if it's increased, well mine ask for it. But everything else i leave the same ie dental / tobacco etc

Many thanks

sosilly x

My 1st review was sent back over 2 weeks ago and initially was with PJG and now with Creditfix. Their Income and Expenditure form was different so I found it hard to break everything down exactly some things where up and some where down however the end result was the same if not slightly less but will absorb this. My only concern is that the IP will want everything wax act to the last penny and reasons why some expenditure has gone up by a few pounds over the year. I am no accountant and never do I realistically have the time to sit down and thoroughly analyse everything. Fingers crossed and suppose it is all to do how realistic and understanding your IP is

Unless I had any major change and the end figures were OK I left my expenditure as it was initially agreed.

While the allowance for Sky is £26 some clients use their allowances for sports/hobbies to fund the extra items. By all means increase thoise items which have increased as the IP does have a bit more discretion at review time but ultimately affordability is the most important thing. How you spend your allowances is your concern and unless there has been a substantial increase in income the likelihood is that the review will lead to no changes.