Annual Review - what is asked for?

[Helpme27]

Hi all,

I am currently finding out lots of things about the IVA process and one of them is the annual review.

What happens in the review? Do they have to see wage slips and bank statement etc again?

Also if you have earned more that year then the previous what do they do about that. My partner is a Lorry driver and sometimes his wage can be £400 one week and then £600 the next, depending on overime. Do they average that out or just assume that he should be able to earn £600 every week.

I know that you don't have hardly any money to yourself through the IVA process but are they going to leave me in the minus?

[kallis3]

It varies from firm to firm. I am with Payplan and they just require the last three payslips, and up to date income and expenditure form and a P60.

Some other firms require bank statements as well.

I think the wages will be averaged out over the year, but you need to speak to an IP about that and they will go over things in detail with you.

[MelanieGiles]

That's the same for my firm Jan. Cannot understand the need for bank statements - never have, but I am sure someone will be along later to argue the case for this again!

[kallis3]

I wonder who you could be talking about?[:D][:D]

[Helpme27]

Thanks for your help. Trying to gather as much info on this before I sign anything! )

[ivas4us]

does anybody know which firms require bank statements as well?

[MelanieGiles]

Cleardebt

[ivas4us]

Thanks for this, better remember when my review is due. Would like to get things ready in advance.

[Helpme27]

Can I just ask, what happens if they look at bank statements and they see that perhaps your not using your clothing allowance every month and then it might start to build up in your bank account. DFD give us £60 a month for clothing allowance, but I don't go out and buy £60 of clothes every month. Do they reduce the amount if they see it build up or do they make you pay more to them because your not using it.

Does anyone know if DFD ask for bank statements

[kallis3]

May I suggest that you open a savings account for any part of your allowances that you don't use?

You are allowed to do this, and at least then it would be seperate from your normal account and will be there for when you need to use it.

[Helpme27]

oh right, i didn't realise you were allowed a savings account while going through iva.

Thats really good to know, thanks

[MelanieGiles]

Perhaps someone from a firm who does scrutinise bank statements could answer this one - David? I am sure that an IP would not reduce allowances, just because they found that they were not being fully utlilised, or that any firm would have the time to be so specific with their review to be frank.

[plasticdaft]

Get anything you dont use from your budget and keep it in a tin hidden in your house.

I wouldnt trust putting money into any savings account regardless of how small an amount it is,because there must be a way for IP's to take this if it grows into a decent egg!!(not much chance of that but you never know).
You wont get any decent interest in a bank account anyway so why bother?

[ivas4us]

I think a cheap little safe with different envelopes for different budgets should do the trick as well.

[Helpme27]

Is an allowance for birthdays and christmas out of the question? Its just that I have a rather large family (7 brothers and sisters) and don't really fancy telling them all that they cant have a birthday present because I've been silly with my money and am now doing an IVA.