Annual review worried

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1

peaceofmind25

Posts: 1
Joined: Sat Feb 08, 2020 9:00 am

Post by peaceofmind25 » Sat Feb 08, 2020 10:24 am
My 1st year annual review with PayPlan is coming up soon. I really don't know what to expect and I'm getting a bit worried. I'm kind of thinking of it like my annual appraisal at work which is stressful. I've followed the rules and done a lot of overtime since the IVA started (approx 24 - 32 hrs a month) and Ive always sent my payslip to IP and made extra payments. Does anyone know what they do in these reviews? Do they ask for your bank statements for over 12 months and scrutinise every single purchase you make and what you are spending your money on? Do they ask for you payslips, P60 etc? I've got nothing to hide as I've made extra payments from overtime 8 months out of the 12 months.

Foggy

User avatar
Forum Expert
Posts: 30208
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Feb 08, 2020 11:28 am
The review is to account for your income over tha last year to make sure it is as stated when you started the IVA --- they will want to see proof of that -- generally a P60 and maybe last three wage slips. Some IPs ask for the whole years wage slips.
They will also want to check that your major essential items of expenditure are roughly the same, so will want a few months bank statements. If some bills have gone up they might want evidence of this to increase your agreed expense allowances.
They will not have the time to scrutinise your spending in detail, nor, probably, the will.
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

magicsam

User avatar
Posts: 51
Joined: Sun Oct 21, 2012 10:14 pm
Location:

Post by magicsam » Sat Feb 08, 2020 1:04 pm
My IVA was with Payplan and from memory I think they asked for my last three payslips, P60 and to reappraise my I&E in case of any major changes. I was surprised (and pleased) about how little the level of examination was, you shouldn't worry it's just a formailty.

rhythmb

Posts: 25
Joined: Tue May 01, 2018 9:14 pm

Post by rhythmb » Sat Feb 08, 2020 1:08 pm
When I had my first year review last May with Payplan all they wanted was 6 months of wage slips and for me to update my I&E. Nothing else needed and nothing to worry about. They didn't look at my bank statements and when I questioned why they said they don't usually.

magicsam

User avatar
Posts: 51
Joined: Sun Oct 21, 2012 10:14 pm
Location:

Post by magicsam » Sat Feb 08, 2020 1:14 pm
Thinking about it they did ask for at least one bank statement but over 5 years they never ever queried any transaction.

diego_sucre

User avatar
Posts: 4
Joined: Mon Oct 14, 2019 11:48 am

Post by diego_sucre » Mon Feb 10, 2020 4:14 pm
Had my 1 year review with payplan and they only asked for 3 months payslips, no bank statements. Then quickly went thought my budget to make sure there wasn't any major changes. I wouldn't get yourself too worried. As long as you are honest along the way, there will be nothing to worry about :D
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”