I am due my annual review soon and I have some questions. I am with Freeman Jones. When I had taken out my IVA i wasn't currently earning any over time at all. in the past few months I have been earning about £250 a month in overtime. I know that I can earn up to 10% of my pay, then i must pay 50% of whats left each month which i have been doing. My question is - when the annual review is carried out, are bank statements looked at? Also, will my payments increase due to having over time?
Sometimes they will ask for bank statements and P60's or monthly pay slips --- you will ned to ask what your own IP requires. Overtime is dealt with each month as it is payed to you, it will not increase regular payments to the IVA -- they will only go up if your basic pay increases ( payrise) or your expenses fall.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
I am one of the team here at Freeman Jones. It sounds like you are doing exactly the right thing by sending in your payslips regularly and keeping up with paying in the right % of your overtime each month. This means that you shouldn't have any additional monies building up.
We don't generally ask for bank statements at your annual review. However, you might find that some of your expenditure items have increased (utilities for example) and we would usually ask to see the bills to verify this.