IVA Annual review

Olivia_Jones

What is the annual review that an IP undertakes whilst in an IVA?

Charco_2

Your IP earns two fees when setting up and administering an IVA for you.

1. Nominees - this is the setting up fee for researching and drafting your IVA, and getting it through the creditors meeting
2. Supervising - this is a fee earned annually for monitoring your IVA. Making sure the details are still correct and that you're paying all that you can afford (no more, no less). When/If your circumstances change you should inform your IP (or his company) to let them know if perhaps they should be recalculating your contributions (up or down)... however some IPs also try to review your situation annually (check bank statments, wage slips etc to re-verify your income and expenditure).

In the fourth year your IP may do a more thorough investigation (like if you have equity in a property or other assets) to make sure you have paid your creditors all you can afford