Yearly review

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kayleigh

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Post by kayleigh » Sun Apr 19, 2009 2:30 pm
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Do all IVA agreements have a yearly review?. It is just that I can afford the proposed arrangement at the moment but will need to replace my car within the next 12 months and it is needed for the work I do. Also I get a car allowance and this has been added to my income.
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MelanieGiles

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Post by MelanieGiles » Sun Apr 19, 2009 2:33 pm
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Yes - and you should highlight your concerns about your car to your IP as soon as you can. Perhaps a higher car maintenance allowance could be budgeted in to take account of the need to replace the car during the IVA.
Regards, Melanie Giles, Insolvency Practitioner
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kayleigh

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Post by kayleigh » Sun Apr 19, 2009 2:46 pm
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Thanks for the advice. I can just about afford the proposed repayments at the moment due to the fact that I am on a tracker mortgage and my payments have plummeted. I need to replace my car within the next few months so will need a payment holiday of about 2 months. On the bright side I am expecting to be promoted so everything is all up in the air.
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David Mond

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Post by David Mond » Mon Apr 20, 2009 6:07 am
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Ask your IP - I dont think you will have any problems in getting one.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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