www.iva.co.uk

Hi looks a great website nearly a year done and we have not told anyone about our IVA, so its supportive to see others in the same situation.

Its been quite a hard first year with things going up etc, for example council tax was 120 when i started IVA and now 142.

We do struggle sometimes but we are so greatful for the opportunity to have had the IVA we have just got to carry on and go short some months.


I will be coming up for my annual review in december please can someone advise what documentation I will need for this annual review please, I do everything on line and dont have bank statements and stuff, so if i know whats needed I can get it ready for December.

Thanks

Michael

Hi Michael. The annual review is relatively starightforward and your IP will want to see wage slips, P60, accounts etc to determine if your income has changed. In addition, if there have been significant changes in expenditure, your IP will want to see some proof or receipts for the file. If your wages have gone up by the cost of living and have lead to no increase in surplus income you will receive a copy of the report and that will be that until next year- unless of course there are changes during the next year.

Hi MP.....I have just noted your comments re cost of living increases. My wife and I are both on O.A.P and company pensions...all are linked directly to the cost of living and any future 'rises' will be on that basis - will we be expected to give 50% to creditors (if inflation takes off - it is going to make it very difficult over a 5 (6)year IVA?.Thanks

Depending on the terms of your IVA the 50% is only applied after the cost of living increases have been added. It is highly unlikely that there will be any significant uplifts as even if your index linked pensions rose as a result of higher inflation, this would only pay the increased costs of living.

Thank you Michael....had me worried there....Phew!!!