need some advice about annual review process

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Post by u769325 » Fri Jul 23, 2010 4:22 pm
Coming up to first monthly review. Needed to get some safety work done on my car.
When approved my IVA nickled and dimed every penny out of my costs so there is no contingency for a plumber or anything else. No I need to amend the budget I am told it need a new creditors meeting.
My IP only offers you can underpay and then make it up later. (Where from) or extent the IVA. It getting me down and I need some advise from those who have gone through the annula review process.


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Post by carole2662 » Fri Jul 23, 2010 4:33 pm
Just had our review and it all went fine. I increased my spending on electric,petrol and car insurance which all went through ok.Just make out a new I&E and put it forward but remember to be truthful as you may need to provide evidence of the increases.


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Post by plasticdaft » Fri Jul 23, 2010 10:30 pm
You should have an allowance for vehicle maintenance surely??

Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.


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Post by MelanieGiles » Sat Jul 24, 2010 4:11 pm
It is not the role of the IP to wither away a client's expenditure to the bare minimum and then leave them exposed and struggling. The levels of expenditure are the remit of creditors, and if your IP genuinely did do this without any basic understanding of your requirements I don't think you have been terribly well advised - although there are industry guidelines which we are supposed to adhere to where possible.

Also check the terms of your IVA proposal - because you ought to have the ability to reduce your payments by 15% with the discretion of the IP.
Regards, Melanie Giles, Insolvency Practitioner


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Post by ashb » Sun Jul 25, 2010 3:19 pm

You could explain all this to your IP. I had a car issue which I did not have the money to fix but I was given a three month break and this did help me allot
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