www.iva.co.uk

I have been in a IVA since March 07 (first payment in April), at the end of November I received a small payrise and this has been backdated to April. I rang the company I have my IVA with to ask if they wanted me to send half of it and they said that as my annual review is soon they are going to send me a new income and expenditure sheet and they want 3 payslips. Is it normal to complete a new i&e sheet 3 months in advance of the review.

Yes - most IP firms like to have this well in hand by the anniversary at which time they have to file their report.

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

Hi Janey
What company are you with ? as I have been in a IVA for the same period and as yet not heard anything.I am with debtmatters.

Merry Christmas Phil

Hi Janey,

I'm with Clear Start and they certainly requested the review documentation in advance of the date. I wouldn't worry too much about that, just make sure you submit realistic costs - don't forget, you've had a payrise, but in the year the cost of living has gone up as well... Most routine annual increases in income will probably be balanced by increased costs, so be sure to reflect that in your I&E.

Best wishes

Martin

Thanks for your replies.

Phil I'm with Payplan, paying 40p in the pound which is £396, take home pay was £942 before the payrise so quite tight but manageable.

Janey

Hi there Janey
I would advise you to keep 50% of any pay increase/bonus etc to one side, so that you have it ready and available once the review is complete, difficult I know, but if you get into the mindset of keeping half of anything extra aside (at what ever stage of the iva term) you will always have it available when it is requested (and it will be!)by the IP following the review and the good news is you can keep the other half!

Thanks Melanie

I am doing that, and actually rang Payplan up to see if they wanted me to send half of the backdated amount but they said to wait for the review so have put the full amount in my savings until it is needed. It's a little complicated as I have been off work for quite a while and am on half pay but have put enough aside to continue to pay my IVA in full for as long as I can. Haven't been out of the house for 9 weeks so have managed to save on travelling/petrol expenses etc. so on the whole hasn't been too bad. I've been told to write a covering letter explaining so hopefully it won't go up by too much.

Take care.

Janey

Hi Janey I am also paying 40p in the £.however dont have the 50% uplift.But I have had a payrise which may put mine up which is £550 a month.In month 30 my car hp payment will going in which will be another £157 per month so was just interested to see if all ip companies were the same to what they want If anybody else is with debtmatters who has had a review please could you pass any info on it would be appreciated.
Merry Christmas Phil