help! IVA annual review due!

lady12

Hello, just wanted some advice as I am worrying about this a bit!

I've got my FIRST annual review due with Payplan soon and was wondering what documentation they ask for?

Obviously payslips, but was there anything else?

also, I have had a pay increase of £100 a month, am i correct in thinking that they will want 50% of that? however, the cost of our fuel bill has gone up but i suppose the pay increase will cover that.

any advice please?

Charco_2

Yep, that's the trick...

You're pay has gone up £100 - fuel bills are up, council tax will be up a little, kids are a year older and bigger and so a year hungrier. You want to add a few extra £s on each item of your expenses to negate the effect of your pay increase...

lady12

also, if our mortgage payments went down, would they only be entitled to half the extra money as half the money would be my husbands?

Charco_2

Yes but not quite.

Your I&E should be drawn up on a percentage basis - if you earn 40% oof the household income, you pay 40% of the household bills (well, that's the theory) so if your mortgage was £500 a month you'd be paying £200 and your husband would be paying £300... if your mortgage came down to £400 a month it's not exactly £50 saving each, you actually only save on 40% of it (40% of £400 is £160 - so you save £40 from your £200)

Does that make sense? Have i explained it well enough?

lady12

i think so, I actually earn more then he does, so that would mean they would be entitled to my 60% of it. so therefore, our mortage is currently £457 a month, if it came down to £400, payplan would want £40 of the extra money (roughly)?

Charco_2

Yes, it'll depend on the percentages obviously BUT if you need an idea to lose a few £s (not lbs) then gimme a shout... Most IPs take a list of the expenses you tell them and put a limit on the amount you can spend on each category - but they're not so quick to tell you about all the categorys you miss out and if there's allowable expenses there then why shouldn't you get them?

To_be_Free

I just had my yearly review and even though I had a decent pay rise my payments have decreased by £27 a month due to the price of most items going up.