Annual Review

[Aaron]

Hi,

Can anyone tell me what happens at the annual review, what will I need to provide and when? Mine is due in July.

Thanks

Aaron

[MelanieGiles]

Hi Aaron

That will depend upon the individual requirements of your own IP. For my own clients, I like to see the following within one month of the anniversary date:-

1 An updated income and expenditure summary
2 Copies of the last 3 wage slips
3 Confirmation that no windfalls have been received during the year

If any expenditure has significantly increased during the year, you can expect to have to provide details of that as well.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jamesfalla]

Aaron

Your annual review should not be anything to worry about and you should be able to provide the info required (as outlined by Melanie) easily.

While we are on this subject, I think it is useful to remind people that if you have a change in financial circumstances at any time, do not wait for your annual review to tell you IP. It is always best to report any change however small.

If your income or expenditures go up or down, this may mean that your IVA contributions will need to change and this should be dealt with immediately.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[Aaron]

Thanks Malanie and James....I'm just in the process of emailing my IP to let him know I have been paid £1k bonus, though £713 after tax and NI (of which I can keep £500 and pay the rest towards my IVA) so I'll send that over tomorrow online. Also had a pay increase recently, though my expenses have gone up, I should be able to afford another £10 ok, so will also increase my monthly contribution.

Thanks!

[MelanieGiles]

Oh I wish all clients were like you Aaron!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk