what will I need for my annual review

[kathryn.a]

My annual review is due in June, after my first year in my iva. What will i need and what will be involved generally. will they need copies of my payslips and do i need to keep hold of my bank statements.

[ianmillington]

Hi Kathryn

You will certainly need your payslips and will probably need to give them copies of your bank statements.

[fedup and broke]

Hi Ian - I am self employed and therefore do not have payslips - I pay myself cash from my business - how will I show this?

[Sensible77]

I've just had my first annual review with Payplan. It was done over the phone and took about 10 minutes. They went through my Income & Expenditure sheet from when I started the IVA and adjusted it as necessary. My surplus was obviously less than at the start of the IVA, but with a pay rise I had less year, it’s almost the same and subsequently my payment did not change. They then sent a letter to me confirming what I’d told them over the phone with a request to sign and return it to them together with the previous 3 months payslips. I’ve never been asked for bank statements, but they can have them if they want!

[MelanieGiles]

Self employed people prove their income by producing management and historic trading accounts and copies of tax returns.

I don't ask for bank statements, unless there is an area of expenditure which is unduly high, but other IPs have different policies.

[fedup and broke]

Thanks melanie - I thought that would probably be the case

[k24civic]

I've just had my first annual review with Payplan. It was done over the phone and took about 10 minutes. They went through my Income & Expenditure sheet from when I started the IVA and adjusted it as necessary. My surplus was obviously less than at the start of the IVA, but with a pay rise I had less year, it’s almost the same and subsequently my payment did not change. They then sent a letter to me confirming what I’d told them over the phone with a request to sign and return it to them together with the previous 3 months payslips. I’ve never been asked for bank statements, but they can have them if they want!

Hi great info here thanks
When did your IVA start? and when was your review with Payplan
I am 6 months in now..Life is getting better!!
Thanks again

[Sensible77]

My IVA commenced on 13 June 2007 and the review was done on 25 April 2008. This was earlier than I expected but when I questioned them about that they said it was done about 6 weeks prior to 12 months in case there were any issues that needed to be sorted out.

[ianmillington]

That raises a good point. Creditors expect us to notify them of the outcome of the reviews in our annual reports. Those reports have to be with the creditors no later than 2 months after the anniversary of the IVA. If we wait until the anniversary before the review, the report runs the risk of being late, and the Supervisor has broken the law, so your Supervisor is very sensible (pardon the pun) in asking for the information a few weeks in advance.

Ian

[s.b.w]

My annual review was usually bank statements and payslips.

Some can ask for more, but usually it's the basic stuff unless you have any major changes taking place.

Good luck

sharon