www.iva.co.uk

Annual Review??
Can anyone explain to me what happens on the annual review and what is the annual report that is sent to the creditors??
Just owndering what to expect.
Thanks x

Hi Kelly,

You will be asked to complete an income & expenditure form and send payslips etc. This will enable your IP to assess if the payments you are making are still at the right level.

You'll be told of the outcome and you should also receive a report that details a breakdown of monies paid to your IP. This will show what fees your IP has taken as agreed and any monies paid to the creditors. However, some agreements do not pay to the creditors in the first year.

As long as you've declared any extra income etc, its not normally anything to worry about.

Dear Kelly05,

Julie is right with the details she has explained to you, not normally anything to worry about.

Take care.

The annual reporting process is designed to enable your IP to update creditors as to the progress and efficacy of your case for the previous year. Part of this process is to review your income and expenditure to see whether you can afford to increase your payments, and to ensure that assets are being realised in line with the purpose of the proposals. The report is also filed at Court.

Hi again Kelly,

It is also important to remember that the annual review is not only to see if you can afford to contribute more into the IVA but also to ensure that your current repayments are still affordable for you.

Your IP is acting in the interest of all parties (you and your creditors).

Take care

Some IP's will require you to post an I&E off, others will do it over the phone.

I'm waiting for my second one (due to be done tomorrow) and I fully expect the payments to go up. Just wondering by how much!

My wages went up £39 per month in September. Declared this to IVA company, payments not altered. Are they likely to alter this year? Council Tax has just gone up massively. Was wondering - do they look at a whole years bank statements?

we have just sent our wage slips in I was just wondering.
my employer runs a buy as you earn share sceam I've been paying £5 a week into it for 2 years now I had to cash them in for christmas. the think is they were paid in thru my wages as they were supject to NI & tax. would my IP treat this as income

Slightly off topic, but my IP made me sell my shares and cash in my endowment policy, so I would have thought you would have to declare these to your IP?

As for annual review my IP did not want my bank statements, only wanted proof of income via copies of my payslips and proof of increases in expenditure above 5%, such as fuel which in 2008 went up loads for me. My IP was very fair with me and only increased payments a little and didn't increase when I couldn't afford it.

Good luck with your review and the rest of your IVA.

My IP reviews payrises at the yearly review, regardless of when it happens.

As regards shares, I think you should have declared these to the IP and any money you made from them would have been classed as a windfall.

One of the professionals will hopefully be along to advise further.

I haven't really made any money in them no more that I would of by putting £5 a week in to a savings account

I think it is something you need to take up with your IP.