Annual Review

[e.h]

Hi - when excatly does your annual review take place in an IVA? We had our meeting with Creditors on 31 October 2006 and it was agreed on that day. Does that mean that our IP will be contacting us with new I&E forms etc sometime after 31 October?

Thanks in anticipation.

Liz

[BECKY]

My iva was a yr old on 30th september and I was sent a new I&E around the 15th so I had time to get it back.

[iva experts]

Hi Liz,

I believe that your I.P should be contacting you before you anniversary date. Most I.P's send a letter out with a new Income and Expenditure form attached.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[poppy84]

my review date should have been the 29th september,i recieved the i&e form a wk before that,stating i had 2wks to forward them the documents they had requested.
Which i did a wk later.
2 wk later i had still not heard anything so contacted accuma who told me my review would be done in 3wks time!!
I think they have a back log.
Now im hanging around wondering when it will be done!

[MelanieGiles]

IP's have two months from the anniversary of your arrangement to file their report to Court, yourself and the creditors, but would be wise to start gathering up this information at an early stage in case they have queries. In my practice we ask for income and expenditure updates in the month leading to the anniversary.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi Melanie
I wasn't aware that a copy of the annual review went to the court.
I learn something new each week
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[BECKY]

when the review is done does anything get sent back to me. Ie a copy of disbursments of funds or just a letter to say review has been filed. Sorry if I sound a bit dumb just not really sure of the process!!

[kitkat44444]

Hi Becky,

My husband and I both have IVAs which we set up at samem time and our 1st year was up on 26 September but we got a letter from IP with a blank income/expenditure form back in mid August. We completed and sent it back the following week (together with supporting docs for our decreased income and increased outgoings).

We then heard nothing until yesterday when we received a copy of the report our IP made to our creditors and the court. At no point prior to this did our IP speak to us about our change in circumstances or to discuss a possible variation in our payments. Can anyone tell me if an IP is allowed to submit their annual report without any feedback/comment from their client? Doesn't seem right to me.

Kitkat44444

[BECKY]

Hi Kitkat44444
My review was sent back a couple of weeks ago but like poppy im with Accuma and think they have a bit of a back log. I have discussed my i&e in regards to my review with my ip as soon as he received my paperwork. Is there a change in ur I*e you need to discuss because i think if its the same as in ur proposal and its pretty routine.

[kitkat44444]

I had kept my IP informed throughout the year of changes in our circumstances and included a letter with my I&E account explaining again reasons for changes and requesting a temporary variation. I have the day off on Monday 'cos its my birthday so think I will phone them as email is getting me nowhere - nice way to spend your birthday!!! I am seriously considering bankruptcy but means I will have to bite the bullet and tell my mum about our debts before she sees it in the paper!

Kitkat44444

[BECKY]

Im very lucky as my ip is very understanding and helped me come up with a temp solution and im lowering my repayments for 6 months then having a nother reveiw. U should def ring him on monday Im sure theres some arrangement u can come to if ur having problems ( make sure its ur actual ip u speak to though as I struggled to get anywhere with the admin staff , not saying all companies have this problem but I did!!)

[kitkat44444]

Funny you should say that - Since my IP set my IVA up last year he has passed us backwards and forwards between about 4 various assistants. Sometimes feel he has washed his hands of us. I realise he is busy and don't like to chase him up but after a few weeks it is hard not to feel left on the shelf!

Kitkat44444

[MelanieGiles]

Annual reviews should be done in conjunction with discussions with clients, and you should receive a full report of what has happened to your money over the previous year.

If there is a need to amend the level of your payments, even more reason to have direct discussions with the IP.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[BECKY]

Just be very insistent that on this occasion u want to speak to ur actual ip . My iva was moved to a different company as the first closed, with them I was never able to talk to my ip I was passed to 2 different assistants and never received any communication from ny ip , not even on the day of my meeting. I found my new ip to be much more responsive he gave me his direct line and direct email. You just have to be firm he's being paid after all and if you feel ur circumstance merits a conversation with him rather than an assistant u have to stand ur ground.

[kitkat44444]

Will do Becky and thanks for the encouragement!

Kitkat44444