www.iva.co.uk

Hey!

I am due my first annual review for my IVA with Financial Support Systems in the next couple of months and I’m wondering if anyone knows what they request / how they handle they annual reviews?

Not sure of specifics but I would prepare by having last six months of pay slips, bank statements and ensure you review your income and expenditure to ensure affordability remains in place.

Good luck

I’m with FFS and I’m just about to have my first review with them , so far they have sent me a online portal to put in a new expenditure and have only asked for three months pay slips and 3 months bank statements , it says that’s step one and that step two will go ahead in another months time so I’m not to sure if they will ask for more details but so far it’s 3 months of everything I was actually surprised they haven’t asked for my end of year p60 as I have earned over time this year but the last three months pay slips don’t show that

Hi Lauren
I’m also with FSS and was just wondering how your review went as I see you said there was 2 parts to the review.
I’m having my first review with FSS in July and was wondering if you could tell me what to expect
Thanks in advance
Bob.

Hi Bob,

I'm also with FSS and I will be hitting year 3 in September

The follow up is just basically the results, so through ur review documents that they will ask you for, they will then determine if your financial circumstances have changed from the previous year, income and expenditure and ultimately, work out if you would be paying the same, less or more each month

Hope this helps

Hi Lauren
Ok thanks that’s great. I’m just a nervous wreck as the review date draws closer for my first review lol.
You’ve put me at ease now.
Thanks for the reply
Bob.

First review nerves- I remember them well.

Just ensure your income and expenditure truly reflects your day to day living - it is what it is right now and everyone is having to consider their spends on all levels, so you won't be alone in asking for greater flexibility.

Let us know how it goes.

Hi lulu
Yes I’m keeping a good record of everything.
Like everything else at the moment council tax up , my rent up, Gas, electric up.
So was hoping to pay a little less but then I just got a pay rise lol so maybe a little more to pay?
I’ll keep the group posted how it goes.
Bob.

Fri Apr 15, 2022 2:25 pmCharBinx wrote:

Hi Bob,

I'm also with FSS and I will be hitting year 3 in September

The follow up is just basically the results, so through ur review documents that they will ask you for, they will then determine if your financial circumstances have changed from the previous year, income and expenditure and ultimately, work out if you would be paying the same, less or more each month

Hope this helps

Hi Char,

I’m with FSS too, what info do they ask for on the portal please ?

Hi all
Well that’s the first review over with. Not as bad as I thought it would be.
My payments are up by £150 a month but it’s affordable now as I have just landed a new job with bigger monthly pay..
I also had to pay £1112.00 which is what I’d earned in overtime and working extra days over the year.
That’s quite a lot I hear you say ?
What I did over the year was make a savings pot in my banking app .
Any overtime I did I would split 50/50 %
50% went in to my IVA pot so when they asked if I could pay the £1112.00 I said yes and payed the whole amount which I’d saved in to the IVA Pot. ( little tip there)
Worked for me.
Any how wasn’t as bad as I thought it would be so my stress level is down lol.
The guy on the phone was very helpful , the new job I’ve got has helped , so I was expecting to pay more .
I will be hitting 60 next May and my plan is to get this IVA Over before I retire so 4 years left on this IVA.
You guys on here have been a great help over my first year.
Thank you all

Hi Bob,

Thats great news that it went so well for you!

I just signed up for an IVA with FSS as well, would you mind telling me what the process was like? and what documents did they ask for? probably similar to you i am quite nervous about the review.

I also just secured a new job with new income so i am probably going to have to do a review before the annual one to let them know of my new income.

Hi John
They send you a link in a email you open it and it has all your income & expenditure .
All you do is go through it all and up date any thing that has gone up or come down., upload your last 3 months pay slips and last 3 months bank statements. Your yearly P 60 form too.
Any bills that have gone up upload the documents on to the portal too.
Keep your original income & expense form from your original IVA document as you can use that as a reference , made it so much easier for me.
Good luck on your first review, it’s not as bad as you might think it is.

Hi Bob,

That sounds great, quite painless in a sense, I might be way overthinking it haha, so glad i came across this thread.

Im relocating to London next month so even though i have a nice chunk of increased income almost all of it is going to increased rent and transport just wondering what the process is like and what Financial Support Systems are like as IVA practitioners.

thanks for the tips as well, definitely going to setup a separate space where 50% of any additional income will go.

Hi John

FSS Have been great with me very understanding. They will help you out as much as they can.
Yes set up a %50 pot also I did a round up pot so anything you buy I just had mine round up to the nearest pound , you can do more if you like, then just forget about it.
You’ll be surprised how much you will save in a year .
Bob