www.iva.co.uk

Hi, I started an IVA in August 2014, I was wondering when do the IVA company (Freeman Jones) get in touch to ask for bank statements etc? Also, I started a university course in Sept that is NHS funded and I receive a monthly bursary for this, I have told Freeman Jones but they haven't asked for specific details of amounts and I am worried about when my income is reviewed what they will say as my income has increased, even though it is to cover my studies and childcare costs etc. I am happy to pay more in to the IVA if I need to, but don't seem to get a definite response from them on what they want me to do. Shall I just wait to hear from them or get in touch again? Thank you

You should be fine as you have kept FJ up to date but there is no harm in contacting Sarah from FJ who posts here. She has helped numerous FJ clients in the past and her details will be in the ask an expert section.

Thank you very much, I will contact her.

I think as you say it's best to keep in touch and keep them updated no surprises then at review times etc. All the best and hope uni goes well for you.

Hi

We had our IVA with FJ and we had to send payslips in on a monthly basis, when review time came we had to complete a new I&E and send proof of any increase in expenditure i.e. Council Tax bill to prove increase etc. we never had to submit bank statements, I suggest you get in touch just to clarify what you need to be sending them so your review will go through without any hitches its a stressful enough time but as long as you have submitted everything they ask for should be straightforward

Thank you welshwiz, they have never asked me to send payslips in, I will have to get in touch with them to clarify. How often do you have to do the I&E? Thank you for your advice.

We were lucky only did 2 years of IVA managed F&F to finish early, Fj sent a new I&E a month before review due, in fact that is one of the good points with FJ they did do everything within the timescale, we always had reviews on time.

Hi Lesley.01

Thank you for emailing in and for your time yesterday.

If we can help any further please don't hesitate to get in touch.

Sarah

I'm with Freeman Jones. Their communication isn't too great, it has to be said (apologies to Sarah, who is probably the most accessible as she posts on here and is very helpful!) - I've really had to be persistent in getting a response from them when I've had queries.

If it helps, with regard to bank statements and wage slips, I email mine to my Relationship Manager on a monthly basis. Strictly speaking, I don't have to - I'm required to supply them every six months when my review comes up - but I find it far easier to do it monthly in terms of maintaining my own records. I download a PDF of my latest statement from my bank's online service, and combine that with a scan I've taken of my latest wageslip to make a single PDF, and send it as an attachment. That way I have monthly statements and wage slips stored in folders arranged by year in my IVA folder on my computer which should match up exactly with what Freeman Jones have.

I also have an Excel spreadsheet with all my IVA payments to date on it, and my outstanding balance so I can see how it's progressing. I'd recommend asking your RM to email you the spreadsheet they have showing your outstanding balance and payments so you can maintain your own at your end and know where you are and how you're doing. It's very good for peace of mind and staying organised. And it also reflects well on you as a client to be so diligent with how you're managing your IVA. Additionally, it's potentially less work for your RM too!

I hope this is of some help to you!

Thank you very much, that's great advice! I will start doing that so I can stay organised as I'm so new to it all, I didn't know what to do for the best!

Happy to help! It's all a bit overwhelming at first, what with the various rules and regulations you have to get your head around, and it's a big step to take. Personally, it's the best financial move I've ever made and I'm so much better off for it. Most important, though, is the fact that the constant stress and worry about money is no longer a part of my life, which makes a massive difference. I can't emphasise enough how much of a difference it makes. And maintaining my own records is a huge part of that because it gives me a feeling of control that I never had when times were tough before my IVA - alongside the stress and worry, it was a feeling of helplessness because it felt very much like the bank was in control. And being the anally retentive listmaker that I can sometimes be, it's very satisfying having it all laid out!

I wish you the very best of luck with it all. A word of caution about Freeman Jones though; they get the job done, for sure, and you're in safe hands, but as I said in my earlier post, they're very poor at communicating with their clients, and getting through to them on the phone is nigh on impossible. They really need to work on that. Any issues I've had with them are particular to my own situation, so I won't go into them here as I don't want to give you any cause to worry! There's really no need to. You've done the right thing and I wish you every success.