www.iva.co.uk

Hi All
My 1st annual review is now due and I was just wondering if you think my IP will increase my payments. Basically I do not have the overtime clause in my IVA (This has been confirmed by the IP) so havent paid over any money for this as I dont need to do I??
I understand that under normal circumstances my IP would increase my payments for the next year as I am earning more but what with the cost of power, Fuel and food and my girlfreind losing her job and although she has a new one it is for about £100 less a month in wages this overtime money is used up just to live so cant afford an increase really.
The figures work out like this
Last year we earned £2673 a month on average including the overtime, However our expenses are currently running at £2347 and my IVA payment is £308 so as you can see we are basically spending every pound of the overtime on living what do you think the IP wil make of this?? I am all for paying as much back to my creditiors as I can but it is hard living in an IVA. Will the IP take into account the costs of petrol and power as I have increased these on my new income & expenses form? I know I am taking a chance using overtime as part of my income in case it stops but with the cost of living rising so quick I have no choice at the moment.
Would be greatful for anyone thoughts.
Thanks

Hi,

I too, do not have the O/T clause. My IP stated that he was only actually interested in increases to my basic salary.

Has your basic increased a lot in the last year? I became better off by about 6k last year, but also had to move into a flat on my own and as you say the cost of everything is increasing at a ridiculous rate.

If the rises in your expenses are about the same as any salary increase i think you would be unlikely to see a rise in contributions.

That's what happened to me anyway

)

Hi Animaleyes
Thank you for the reply. My basic salary has only increased a little, I have had to make up the shortfall by doing an average of 20 hours a month overtime. It has been a really hard first year adjusting to life in an IVA. I have had a few times when I have had to re-arrange payments but on the whole my IP Accuma have been great. I am just hoping that they can see I am not haveing a great time with the overtime money it is being used to keep up with the cost of living and the fact that my girlfriend is now earning approx £100 less a month.

Just be honest with your I&E's.

If things are getting tough and you are relying on overtime you need to have a discussion with your IP, especially if there is a chance the overtime can/will be ending at some point.

If you "massage" your I&E it will only be you that suffers in the long time. You shouldn't have to rely on O/T, it suggests you I&E needs examining again

I'm with Accuma as well and they have been really good in respects to annual reviews.

I am being honest with my I&E figures but when I started the IVA 12 months ago my girlfreind was earning £100 more a month and with the cost of living going up so fast my wages havent reflected this. I think we will continue to be just about OK if my payments stay the same as the overtime is fairly constant for the future.

Sorry if that "be honest" came out wrong.

What i meant was that some people give themselves unrealistic budgets etc that are bound to fail.

I still think that you shouldn't have to be relying on O/T to live. Def need to chat to your IP i think

)

Thanks for the advice animaleyes76, I will give them a call before I send of the review paperwork and see what they have to say.
I cant see what they can do now the payment figures have been set at a certain level and I cant fall below that or it will fail the IVA.
I dont think the payment targets that were set were unrealistic last year I guess we were just unfortunate that my girlfreind lost her job and was only able to find another job at less pay. I will let you know what they have to say.
Thanks again

I have just completed my I/E review and have detailed every expense that I actually incur and hopefully my creditors will accept my figures as an amount I need to survive each month. the monthly expenditure for my wife and I is £1,963 against a total income of £2,634. We currently pay £757 into the IVA each month. I should say my wife and I have a joint IVA

My IVA is only 7 months old.I've worried about the annual review since the point of it's acceptance.I think we all do.To me it's as though it's too good to be true ie getting everything sorted out, no creditors and paying back a set amount.Think I look on it as a fairly heftly loan, but worry that the fixed rate interst is going to run out in Oct '08 and give me some unwelcome surprises!!! Other people seem reasured when they've been through the process.Cat

The review is just as much for your benefit Cat as the IPs, so treat it positively as it is your chance to see how the IP is dealing with your money, and also to advise of any expenditure increases which might be troubling you - such as fuel prices!

Hello
I have just had my annual review with Accuma and I have to say from start to finish they have been absolutely brilliant. As I have said before it may be that I have just been lucky with my IP but even his assistant (who is with Wilson Phillips) has been exceptional. I have had excellent communication from them and my I&E was accepted with no further increase to my monthly payments. I also included rises in the general cost of living and fuel increases. Basically any extra income I had received in my pay rise was eaten up by these extra costs. Treat the annual review as a positive experience, after all it means that you are one year near to completing your IVA!

Hi Destiny

Who is your IP with Accuma? How much was your payrise? I have had about an extra £130 a month which is being eaten up in the fuel cost rise!

I just did my yearly review up and everything had rocketed!! My apartments service charges have just lept from £1,000 to £2,000 ! eek!
I simply wrote to my Ip saying you simply cant increase my payments this year...you cant get blood out a stone!![:D]

Hi Poppy
My IP is Matthew Thomas Colburn Frayne and he replied to my email enquiry almost immediately. His assistant Kirsty is also very efficient. I don't think my rise was as much as yours but to be honest even with me shopping around and getting my gas/electricity bills down at the end of the month we were still worse off predominantly because of fuel costs. Unfortunately both my husband and I drive diesels (thought we were saving the planet and all that..)I only have a small car and the other day it cost me almost £50 to fill up and I only use it to drive to and from work! Just be completely honest about your income and expenditure and I am sure it will be fine. As I have said, Accuma have been really good.