www.iva.co.uk

I'm currently in an IVA and I'm about to come up for my first annual review. What will happen if I do not submit my current financial information before the annual review yet continue to make my monthly payments? My Iva is not in arrears and has been paid on time with outfail.

Hi -

I have to ask the obvious question!!!!

Why would you want or need to withhold your new financial circumstances? An IVA must be based on openness and honesty all round.

Are you just waiting for confirmation of something before sending in your new figures? If so - why not send in an estimate as a preliminary measure and follow this up with a final confirmation later?

Optimist12 provides a very sound response.

basically failure to submit to an income and expenditure review is breach of the proposal terms and the worst case is that it can result in the Supervisor having to terminate it on grounds of non-cooperation.

Ian

Just one other point - surely you need to wait until you receive correspondence from your IP about your review.

As sometimes they can happen up to 2 months after your acceptance date and depending on the IP does seem to depend on what information you are asked to send in.

If it helps ours was with Grant Thornton. We sent in our payslips, revised I&E and also evidence of any significant increases to our bills etc. (ie Payment info from Contents Insurance)

Its important to note that your Ip is not out to catch you out particularly if you are fortunate enough to have saved some money over the past months they are checking to ensure that you can still make your monthly contribution and if viable increase your contribution to your creditors.

IP's aren't scary people and if you stick to the rules set out in your proposal what have you got to be worried about?

Its best to be honest, your creditors have had to write off a lot of money, i still feel really guilty sometimes that i'm in an IVA and not able to pay back everything in full that i borrowed / spent.