www.iva.co.uk

Hi everyone,

Just a quick question. My mortgage has gone down twice since my annual review this January and i have just received another letter today since the last cut in base rate starting in April.I have had a lot of variations recently due to changing circumstances, the last one took six months and made me quite ill due to loss of paperwork and no communication etc.(over it now though!).

My question is am i obliged to tell IP that mortgage has gone down again or is it acceptable to save the extra cash and wait until next review and of course the rate could go up and i am worried about that too.Surely there are lots of individuals in the same situation.

I know that payrises windfalls etc are declared but after looking through proposal could not find anything about change in expenditure.

Thanks for your help.

Hi,

Just to be on the safe side I would tell them

I have just e-mailed them. Lets see how long it takes!Thanks.

I asked when I started and was told thet the point of an annual review was just that, once a year otherwise it could get out of hand

To be safe it may be worth taking out the money that you are saving from your mortgage and putting it to one side so that if your IP demands it,you can pay it over.

Regardless of the annual review, if you do have any change in circumstances you are supposed to notify your IP about it. They may do what ours did and tell you to leave it until the review.

If you don't tell them, I would do as plasticdaft suggests and put the money to one side in case they ask for it.

I know what you are saying but expenditure circumstances change all the time, stuff goes up and stuff goes down. Surely you cannot be expected to report every change? If you did you might as well have monthly reviews

I see where you are coming from stoneyb but I would rather tell my IP straightaway rather than waiting for a possible nasty surprise further down the line

I agree with Ray.

Something as big as a mortgage drop should be reported to them, but not small changes in expenditure.

I would class telling them about the mortgage the same as telling them about any overtime you have done, or bonuses you have received.

If you tell them, then at least you will have done your bit.

I'm worried that it will be a one way street where you pay over any surpluses but if an unexpected expense comes in then it's just tough. I'm keeping mine until review. If it's still there by then they can have it

StoneyB make sure you keep receipts from unexpected things,car repairs,new cooker etc,to present at review time. An IP is more likely to be sympathetic if they can see you have had extra expenses.

Most IPs take a practical approach that a review once per year is sufficient. If clients were to ring us every time their income and expenditure changed, we would not get any proper work done! And at the end of the day you all have lives to live as well.

Well I'm not the one to comment on a particular issue really, still in the holding pen for my IVA [;)]
But from a very practical point of view based on what has been said, it would seem that we have to make a note of these smaller changes in I&E for the annual review, while anything bigger must obviously be reported.

I would also say that we have to carefully balance between the two otherwise the IVA will become just as stressful as the the situation we took it to alleviate.