Hi everybody. I don't know how to start so firstly Vanguard doesn't exist anymore, vanguard website is Ebenegate website now , their number which I have since I start my iva in 2017 , I call them today and suprise Ebenegate adviser answer the phone.
Ok so to the point, now 3 months later after send them all documents required for annual review ebenegate sent me back annual review confirmation with around 1700£ additional income. From their calculations my threshold for last year was £1570.62 per month and they ask me to pay 50% from my additional income. The think is I got letter from Vanguard from annual review 2019 and threshold on the letter for forthcoming year is 1702.80£. First annual review with them and huge misunderstanding. They didn't even ask for 12 months payslips just last 3 months + p60 and 3 months bank statements. So how they can know how much exatly I earn since my last review? No question for bills, tenancy agreement nothing at all. I'm start to be little bit scared about my figurę IVA with them.. I remember only one phrase from Ebenegate welcome letter "We working close with all creditors" now I can see how close they are
Vanguard IPs still, effectively, supervise your IVA --- but the actual admin is done by Ebenegate from their offices abroad. Ebenegate is owned by Creditfix, who like to do most things their own way -- which upsets many an apple cart !
I only need to give stepchange last 3 payslips, last p60 and last month bank statement at each review (just done 3rd review) Payslips usually give your year to date earnings, P60 shows total earnings in previous year, asking for all payslips seems excessive really.
So how annual review is calculated? For example you start you Iva in January 2018 , then January 2019 it's time for annual review so you give them p60 from 2017/2018 tax year (april 2017 - last day of march 2018) and 3 months bank statement (october, november, december) how they can make proper review without knowledge about you earnings from May , June, Julay , August and September? My IVA for example start
1 September and how I understand for next 12 months until 1 September fallowing year I can't exceed threshold for additional income including 10% allowance for example 1500£ per month so 12 x 1500 = 18000£ for year from 1sep until 1sep next year. everything over 18000£ in this period is additional income I'm right? Vanguard advisor explain me everything this way, after each annual review I call them and ask for the numbers how much exactly I can earn until next review. Last review I was told by Vanguard threshold is 1700 per month x 12 months = 20400£ per year
I check my all payslips and I earn 19100£ Ebenegate which replace Vanguard said threshold for last year was 1570£. Everything is really stressful and confusing now. Looks like my IVA never end with Ebenegate
Most IPs still account for extra income on a monthly basis, so, on your £1500 income, you are allowed to earn up to £1650 per month and split anything over that 50/50 with the IVA. This, of course, has the disadvantage that if you earn an annual bonus it gets all lumped into one months income and you lose far more to the IVA than if it was spread out over the year. So, working on an annual basis can help smooth out bumps.
When I did my IVA I accounted for, and paid in, extra income each month -- this avoided any surprises at review and I was working in real time ( not a year behind or a year ahead). Far easier to keep track of. I also had the advantage of not having to deal with a large, impersonal, firm and could actually speak to my IP, when needed, rather than a call handler in a call centre 6000 miles away !
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