Last year at the beginning of March was my first year annual review with Payplan for my IVA which commenced in May 2018, will it be the same timeframe this year?
The annual review is strictly on the anniversary date of the intial creditors meeting, but the standard terms stipulaste that the results of such a review are sent to creditors within two months of that date. So, some IPs will start early, others run late, a few miss the timescale completely !
A newly emerging trend is for IPs to also insert interim reviews for the purposes of increasing revenue when the debtor has a substantial pay rise, denying the debtor a period of enjoying the whole increase until annual review.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
