Annual review - help & advice please!!

[Pickles]

Ive got my first annual review coming up & im pretty scared. i split up with my partner a few months ago & moved out. I tried to rent a flat but couldnt afford it so im renting a room from a friend. I still contribute 50% towards a secured loan on the house & my name is still on the mortgage. Im worried about what is going to happen, its not like im much better off now anyway but i want to know whether they will look at my existing financial commitments i.e the mortage etc or do they look at what im physically paying now? Also, does anyone knows what happens in the review? is it done over the phone or do i fill in forms? do they do more credit checks/does it go through the courts/how long does it take to agree it for another year - i can't bear weeks of an agonising wait. Ive reguarly made my payments inc my overtime/bonus payments. This is really stressing me out so i'd appreciate advice - im sure people split up mid-iva all the time i guess im just lucky its not a joint iva. we've no plans about the house at the moment, i realise that if i want to come off the mortgage this will have to go through my iva company but im not thinking about that at the moment. Thank you

[MelanieGiles]

Hi there and welcome to the forum

Your review will be carried out between you and your IP - so no requirement for the Court to be involved. The IP will take into account your change of circumstances, and how this is affecting your ability to maintain your monthly contributions. Did you have the standard equity release clause in the final year of the IVA in your case?

[Pickles]

Thank you for your prompt relpy, there is something in the contract that says they are entitled to a % of the equity in year 5 but if there isnt any i think the iva extends for another 6-12months. I dont mind this i am always optimistic that something will happen in those 5 years to mean my ex will buy me out or ill be able to make a F&F offer at some point. Do you know what happens at review time? is it fairly quick? do i fill in forms? is it over the phone? what is it they need from me? I hate this so much, i feel physically sick & like i want to hide under my duvet or move to an island in the middle of knowhere & never come back! Thank u [:0]

[MelanieGiles]

Hey - it's not that bad! The review is just as much for your benefit, as it gives you the opportunity to put forward changesin your budget. Most firms do the review by post, but I know some do them by telephone and either way is fine.

[Skippy]

I know it's easy for me to say, but please try not to worry about the review - it really isn't worth making yourself ill over. You'll be fine, and as Mel says it's for your benefit as much as your IP's.

Please keep posting as we're all here to support each other, and everyone understands what you're going through x

[Pickles]

Thank you all, I've got my first annual review tomorrow. Can't wait to get it over with, wish me luck! x

[Shining]

Pickles last year when I went through mine I was on the forum in tears, I got the support I needed stopped myself being in a panic and the review went as smoothly as anything, I don't think I'll panic for the second but it's always the fear of the unknown

[Pickles]

I think that's it, I'm scared they'll make me pay more which I can't afford & I'm scared of changing everything. I just want it over with so I can relax for another year. I've been dreading the review & it was a bit of a shock when I got the call because I thought I had another month. Roll on this time tomorrow! x

[kallis3]

Put down exactly what your income and expenditure is at the moment. They cannot make you pay more than you can afford.

At the end of the day, if you are renting a room from a friend, and they come up with something unrealistic, you can always chose BR.

[Pickles]

That is my absolute worse fear, I cannot go br, it would devastate me because we'd lose our house, my ex partner would then in turn have to go br & would then lose his job because it's in the financial sector. My family would find out & would be ashamed of me. This is why I'm so worried, I know it's unfair but there stigma is awful, I feel like I walk round with a dirty secret as it is now & you are perceived as a failure! I just have to keep telling myself that no ones died, I'm still healthy, I have family & friends that love me Inc a supportive boyfriend, I'm never going to be homeless & I have a good job, there r people far worse off but it's hard to focus on the positives at times like this! x

[kallis3]

Hopefully your review will be ok, but you have to think about what is best for you.

Your family would not find out if you went BR unless you chose to tell them.

Wait and see what happens with your review before worrying about anything else.

We can help you afterwards if it doesn't go your way.

[MelanieGiles]

You will not be going bankrupt as a result of your annual review, neither will your IP expect you to be making unaffordable repayments - so have faith in a very fair system for reviewing and make sure you put all of your actual expenditure forward.

[Pickles]

I had my review yesterday & it all went very smoothly. Thank u all so much for your help & support, I can now relax for another 12 months x

[kallis3]

Glad it went ok Pickles. Good luck for the next twelve months.