What documents are needed for the annual review

[batawi3]

Dear All,

Please could someone enlighten me about the procedure for the annual review as mine is due in March next year. Do you have to provide your yearly payslips and bank statements or either one will do? I havent really had any information from my IP about this and would like to start preparing the documentation.

Thank you

Batawi3[:)]

[illihor]

There is no easy answer for this one. It is entirely down to the IP. Some like payslips and statements, some only ask for statements as they can see your salary on that anyway.

Each one seems to do things slightly differently, try and speak to your IP to clarify what documents they need.

If you find it hard getting hold of them then make sure you get together as much paperwork as you can to cover everything. That way you will have everything ready and can head off any potential paperwork demands that may arise.

Kind Regards.

Lee

[neverending]

If your IP has requested your payslips each month or quarter then it is unlikely that you will have to send any other forms regarding income.What you will have to do is complete a fresh income and expenditure form.Make sure that your disposible income is no more than your agreed monthly IVA payment otherwise you will have to pay more.[Unless you want to !!!!]

[batawi3]

Thanks Neverending and illihor for the replies, I guess I would prefer to send the payslips than my bank statements. Since entering the IVA, my IP has not been in contact with me at all about payslips etc. I guess because they are largely an accountancy firm and IVA's are merely a sideline and not their main business. Neverending, of course I wouldnt want to pay more, you had me laughing there. Thanks for that, its much needed now that its christmas and there is no credit to splash out on presents for the kids. I have two kids and this year they are going to have small but meaningful presents. If you think about it, so much money is spent on Christmas presents, and I for one know that my kids never really played with their presents much after spending all that money. Merry Xmas everyone and remember there is light at the end of the tunnel

[neverending]

Your so right about Xmas,its become a commercially driven spendathon.It may be hard for the kids to understand when presents are scaled down this year but believe me after a few years they adjust as only kids can.In an IVA you realise that quality of life is so much more important then the materialistic things that we chased for pre IVA.Its a hard wake up call but as I,ve said many times before on this forum you WILL enjoy the little treats in life so much more than you did before.Enjoy Xmas and look on the bright side............we could all be turkeys !!!

[batawi3]

Neverending, LOL at your message, merry christmas and happy new year to you and all forum members

[camiva]

Hi I just started my IVA. 1ST payment is about to be make. I have just been promoted at work I am going to earn around 150-200 per month more do you think I will have to adjust my monthly IVA payment. I suspose i should contact my IP. Merry Christams to all and thanks for all the great info over the past few weeks.

[bluebelle]

Hi Camiva,

When you say you are about to make your 1st payment.....has your IVA actually been approved or are you in the early stages of the IVA application?

[camiva]

its been approved and 1st payment due next week. My new salary does not kick in until next month. I will reread my proposal.

[bluebelle]

I think that you may be lucky providing you only found out that you definately knew you got the prmotion after your creditors meeting.....what 'normally' happens is 50% of any pay raise you can keep....50% goes to your creditors and therefore your monthly payments will be adjusted accordingly. they allow you to keep some as they need people to have incentives to get promoted and/or earn extra money. I am sure that one of the experts on this forum will be able to advise.

[camiva]

Thanks! Thats good news. My promotion was on Tuesday and my IVA was at the start of the month. I'll check it out in detail after the holiday.

[ray72]

hi batawi3 my ip said i was to keep my wage slips for my review i am now on the second payment and as for extra earnings 50% must go to creditors as for little presents on a low budget as long as you have the love of your family and light at the end if the iva is all that matters and as neverending stated it is to commercial now, what you got to think of is a lot of those buying lots of gifts/food/drink/ect. are more than likely getting on the road that we are on, remember we all done it, just make the most of what yopu have and dont look back MERRY CHRISTMAS EVERYONE ON THIS FORUM, AND AN EVEN HAPPIER NEW YEAR.