Annual review / 3 payments remaining

nolongerinthered

HI all,

Wonder if anyone can help me with this. My IVA only has 3 payments remaining (so happy about this :j) but this weekend in the post i recieved an income review from my IP (grant thonrton). As i only have 3 payments remaining i dont see the point in filling it in, but am i obliged to? Also, can they then choose to extend my IVA?

Thanks in advance

FoggyBrain_2

Hi. First of all well done for getting this far ! Yes, you are obliged to complete your FINAL review. They need to make sure that there are no missed overtime payments or bonus paymants, and you will possibly have to fill out a windfall declaration (i.e you haven't had one). If there are any missing payments or you haven't made any minimum dividend promised an extension is not impossible. Your IVA will not be considered finished until you have been issued with a completion certificate by GT, which they will not do until the final review is conducted and the results given to the creditors for all loose ends to be tied up.

All that said, there shouldn't be any nasty surprises at this stage ... not long now :-)

spaceman5

FoggyBrain wrote: »

Hi. First of all well done for getting this far ! Yes, you are obliged to complete your FINAL review. They need to make sure that there are no missed overtime payments or bonus paymants, and you will possibly have to fill out a windfall declaration (i.e you haven't had one). If there are any missing payments or you haven't made any minimum dividend promised an extension is not impossible. Your IVA will not be considered finished until you have been issued with a completion certificate by GT, which they will not do until the final review is conducted and the results given to the creditors for all loose ends to be tied up.

All that said, there shouldn't be any nasty surprises at this stage ... not long now :-)

This maybe true in this case, but as per previous posts, i finsihed my iva back in march, never had a final review or anything, in fact it was only when i checked my online statements in march, i realised that i started my iva 5 years ago in april, so found out that way march was my 60th and final payment, granted i have not had my completion certificate yet, but after numerous phonecalls, i have been assured my iva is complete, and i should be recieving my certificate sometime soon, they even returned aprils payment as soon as it hit their account, as i let that one go through just incase i got my sums wrong, so they cant see ny problems even without doing a final review

FoggyBrain_2

In the end it all depends on how the particular IP operates. In this case thay have asked for a final review, so I imagine that's their modus operandii.

hesslehotspur

hi nolongerinthered, sorry to but in on your post but grant thornton are applying for my iva at the moment, what exactly happens on these annual reviews? my income varies drastically from month to month and i was wondering how it gets assessed.

nolongerinthered

They have responded to my email now and advised i dont have to fill it in, which is good news as i couldnt be bothered photocopying 52 payslips to send to them!

nolongerinthered

hesslehotspur wrote: »

hi nolongerinthered, sorry to but in on your post but grant thornton are applying for my iva at the moment, what exactly happens on these annual reviews? my income varies drastically from month to month and i was wondering how it gets assessed.

Sorry, no idea how they actually do the assesment. The paperwork u fill in has to show all your incomings and outgoings and you have to send them a years worth of payslips and your p60

FoggyBrain_2

Glad I'm not with GT -- my lot only want three months worth !