Financial review

michbright

I had to ring the OR last week regarding Barclaycard calling several times a day and the fact that I've started a new job and need to tell them of my income.

The lady dealing with my case said that DH and I are due a financial review in February and that I'll only have to give them the details then.

DH started a new job 4 days after we went BR in October and I wasn't working at the time so the OR said he would contact us in the new year to get details of income, so this isn't entirely unexpected. However, I'm now worrying about this (I'm a BIG worrier) as I don't know what to expect.

Has this happened to anyone else and if so, what can I expect? Will it be like the initial interview all over again or just a review of our finances taking into account the new income/expenditure?

I have a feeling we'll be subject to an IPA because of my income, but this will fall away in June as I'm pregnant and will be going on maternity leave then. The OR did confirm that Maternity Allowance is not taken into account so I'll just have to inform them when I go on maternity leave. With only DH's income, his surplus is under £99. With my income, DH will have a surplus over £99, but I won't.

If we are to be subject to an IPA, I want it to be set up as soon as possible so that the 3 year countdown can begin.

Any help and advice would be most appreciated. This forum has been a great source of help and support in the past, so thank you!

creditpunch

Don't quote me but I think the 3yr countdown beings from date of BO so delays aren't a bad thing

deedee_3

Sorry Credit Punch the 36 months start on the day you first pay the IPA.

Michbright they will probably ask you to fill in a new SOA. If you want to pop up your individual SOA here the chaps can check them over for you and make sure you have everything down.

http://www.makesenseofcards.com/soacalc.html

peachyprice

Hi Mich, the review will moist likley just be an I&E form to fill in and shouln't involve an interview.

Unfortunately the 3 years for an IPA do not start from the date of your BR, it's 36 monthly payments regardless of when it starts, even if starts a month before AD you still have to go the whole 3 years.

If you're going on mat leave in June they may not bother for the sake of 4 months, it'll cost more to set up thatn they'll collect.

michbright

Thanks. I really wasn't looking forward to another interview. They haven't given DH a nil tax code either, which is good.

Regarding IPA, I am aware that it starts with the first payment, which is why I'd rather it's sorted sooner rather than later.

When I mentioned to the case worker that I would be going on maternity leave, she said that by the time I go on maternity leave, everything should be dealt with and there shouldn't be any more queries. Not sure what she meant by that, but I'm hoping it doesn't mean they'll take my maternity allowance into account.

I'll post a new SOA up when our financial review takes place as I'll have a better idea of my income then - still waiting to start due to delay with CRB check.