should the review be annually

[andrew.r]

I have an IVA which has been running for nearly 2 years now. There was a review after 12 months which I expected and the payment increased. The company handling my IVA have a new insolvency practitioner and I have been advised very recently that they want to do a review of income every 3 months so as to ascertain if the monthly payment should be increased, of course there is no point in reviewing income alone, surely any increase/decrease in expenditure should also be taken into account.
My question is should the review be annually or can they dictate to me how often the review should be? A few weeks ago I phoned to let them know that my income had increased but so had my expenses and they advised to wait until the annual review which is in about 2 months time, they now say they want to do a review now and at the anniversary and every 3 months then on. Please can you supply some difinitive guidance on reviews.

Thank you.

[MelanieGiles]

That's overkill in my opinion - are you sure that the three monthly reviews are not just on your wage-slips to see if you have to pay over any extra monies earned under a 50% uplift provision? I do this in my own practice to ensure that clients do not get a nasty suprise at the end of the year, when they may have already spent monies that rightly belong to creditors.

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
There is no problem with having to produce payslips every three months,as Melanie states it stops any nasty suprises at the year end review.If your ependiture has increased you need to ask for a new income and expenditure form before the annual review
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

[Sensible77]

I have to send copies of my payslips every 3 months to Payplan, but it's just to comply with the 50% pay increase clause. My I&E will be reviewed just before each anniversary.