www.iva.co.uk

Have just submitted our expenses form for our 2nd annual review. Nervous as ever, the only thing worrying me is that I got a 'substantial' payrise in April. I notified our IP at the time and was told that as it didn't exceed our maximum limits we wouldn't need to increase our monthly payments. Does anyone know if the payments might increase at the annual review?

Thanks in advance.

Million dollar question

Bear in mind stuff is more expensive than last year.

Depends what you put on the income and expenditure form. If it comes out ok on paper your payments may not increase.

You need to check your proposal but you may keep 50% of any increase each year anyway.

Hi Dumbeh,
I suppose if you`ve had a substantial payrise there`s a reasonable chance your IVA payments might sneak up, but it depends on all of your other outgoings (utilities,insurances,petrol,food,etc..) and how much they`ve risen.

I will soon be due my second review. I`ve had a 2% payrise this year, but I know my outgioings have risen by more than that.

Hi,

We are in exactly the same position with both of us having a payrise since our last review but under the 10% threshold so will be calculated in our review which we hsve just submitted.We have tried to account for all cost of living rises etc but expect to have 50% of any incresed DI after vetting added to our payment.

Regards.

If on recalculating your I&E you have a greater disposable income for the next year then yes your payment will increase. Let us know what the outcome is.