Hiccups on first annual review?

ToffeeBlue

Dreading response to annual review. Mortgage down = payments up. Anyone any thoughts/stories?

james32_uk

As part of an annual review you should be expected to complete a new income and expenditure report. Although your mortgage has gone down perhaps you can balance off this increased surplus with increased expenditure elsewhere?

ToffeeBlue

Thanks for the advice. Already completed/sent the form, have increased a couple of expenses because they have gone up since last year (or were 50% under budget when you really think about it) but some of the headings were missing, almost as though they want you to miss something out, or am I being really paranoid? Just have a feeling of impending doom that the red pen will go to work.

ciderwithrosie_2

My review form doesn't have all the categories the original IVA form had but there's a section at the end for additional spends, this is where I put things like the money I sub my son at Uni, service contract on washing machine, but the basic outgoings versus income has stayed pretty much the same.

For the last 2 reviews I've written my IP a letter to clarify any changes ie why certain things have gone up or down.
Here's hpoing you don't have to find bigger payments

regards CWR

ToffeeBlue

Didn't even think about a letter to be honest....it's probably too late now, just have to wait and see what happens ..

ToffeeBlue

Is £10 per month truly enough for a cat? I am sick with worry now...

Charco_2

Hey, prob not too late, if they come back increasing your monthly contributions then post your I&E up and I'll see if I can rustle up a few savings...

I suspect a lot of companies omit some of the categories you're entitled to

ToffeeBlue

Thanks for the support....

ToffeeBlue

Still no news

Just flicking through the posts something else has sprung to mind. If our payments go up by a fair amount and during the following 12 months and we struggle to make the full payments, say for mortgage increase, will we then be expected to catch up over the following 3 years?

Oh, and something else. Should any increase be split between myself and OH pro rata?

Sorry for the questions but the mind is still whirling.....:o

devonshire

when i had my annual review i too was worried sick but stuff has become more expensive due to inflation, they have to allow for all that. my payments remained the same thankfully
let us know how you get on
good luck

Charco_2

If our payments go up by a fair amount and during the following 12 months and we struggle to make the full payments, say for mortgage increase, will we then be expected to catch up over the following 3 years?

No, you should only be paying what you can actually afford to pay... if your costs go up then you must contact your IVA Company and discuss it with them, don't simply wait for the annual review!

Oh, and something else. Should any increase be split between myself and OH pro rata?

Are you in a single IVA? Joint IVA?
Yes if your household disposable income increases, then obviously this represents an increase indiviually for you and an increase for your wife.