www.iva.co.uk

Hi,

I'm new to this site.

I have a question about annual reviews...

I was wondering what my rights are when my annual review is due and If my creditors want more money, can I agree to how much; can I decline to the amount they are requesting, can they cancel my agreement if I don't agree?!?

I am a bit worried incase they want to take all my money off me!

Thanks for your help.

Rick.

Hi Rick and welcome to the forum

The legal answer to this is that you can appeal your Supervisor's decision at Court under Section 263 of the Insolvency Act 1986 - but would need to be pretty sure of your case as you would incur the costs of the application personally if you were to lose.

Don't worry about this, as most issues like this are usually amically resolved by common sense and a bit of give and take on both sides.

Hello and thanks.

My situation is this... basically my first annual review is due this May and what worries me is that if my adviser wishes to see my bank statements, if he/she finds any spare money, can they legally demand I give it ALL to them?

Apologies if I'm repeating myself!

Thanks for your advice.

Richard.

It really depends what the spare money is all about Richard! Do you have spare money in the account and, if so, where has it come from. Your IP is not likely to be too interested in cash balances (unless they are substantial) but will be keen to learn what you have earned over the last year, and whether you have complied with any required to pay over additional monies which were either covered in your IVA proposal or demanded by creditors at the creditors meeting.

Hi Rick,
My Bank statements show monthly transfers from Paypal, for the stuff i've sold on e-bay, as i understand it, this is mine to keep, but a get 4 bonuses a year and have to pay half of this into my IVA, also my outgoings have increased, as i have taken out an extended warranty on the washing machine (14.30 p/mth) and council tax has gone up.

Thanks Melanie.

I used to pay all the monthly household bills and pay for the food shopping, but now my wife pays all this as we are now living together; this is her contribution as I pay the mortgage.

This has freed up about £400 a month to myself, would this be "substantial" ?? I don't mind giving them some of this spare money but I am not prepared to give them all of it; if they demanded that I did then I don't see the point of continuing with my IVA because I may as well of stayed as I was paying back my creditors myself at nearly £900/month (I currently pay them £388/month.)

As for my earnings over the past year, I had a pay rise last october so they will probably want some of this, right?

Regards

Richard.

If you have more disposable income as a result of a greater contribution from your wife (I assume you were not living together at the time of the IVA) then you ought to complete a household income and expenditure budget and present this to your IP for his/her review.

The other way of treating this is that your wife is paying you rent and that this is your income, which will also result in a payment increase.

I am sorry that you feel the IVA may no longer the right solution for you - this often happens when people's circumtances change - such as your own - and it is sometimes easy to forget the relief that getting away from creditor pressure brought.

I suggest an honest chat with your IP is on the cards, and would imagine that the two of you will agree to meet somewhere in the middle to agree payments you are happy to make and he is happy to justify to your creditors.