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Iva annual review
superwoman29
Posts: 21 Forumite
in IVA & DRO
Hi everyone, i'm about to complete my annual review however i have a few more expenditure items to add to the review.
My husband now has to travel to work so a family member has lent us some money to buy a motorbike, so we have the added expenses of petrol and insurances such like, also the money to buy the bike was only borrowed how will the iva company comply with the extra expenditure items??
Also our wages have increased but these change from month to month how can i prove this to the iva company?
My husband now has to travel to work so a family member has lent us some money to buy a motorbike, so we have the added expenses of petrol and insurances such like, also the money to buy the bike was only borrowed how will the iva company comply with the extra expenditure items??
Also our wages have increased but these change from month to month how can i prove this to the iva company?
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Comments
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superwoman29 wrote: »Hi everyone, i'm about to complete my annual review however i have a few more expenditure items to add to the review.
My husband now has to travel to work so a family member has lent us some money to buy a motorbike, so we have the added expenses of petrol and insurances such like, also the money to buy the bike was only borrowed how will the iva company comply with the extra expenditure items??
Also our wages have increased but these change from month to month how can i prove this to the iva company?
The wages thing will be an easy fix, they will probably just ask you to send in x amount of wageslips, which they will then use to work out average wages, the bike may be a bit more problomatic, the expenses of petrol and insurance should easily be added to your iva, the problem may arise with the money you have borrowed from your friend to buy the bike, i could be wrong here, but it could be construed as obtaining credit which is a big no-no whilst in a iva, and i dont think your ip will be able to lower your monthly payments so that you can pay back this money to your friend whilst in your iva, from what i have read in the past your ip will need a signed letter from your friend to say they are not expecting their money back until after the iva has finished, thus meaning your payments will be unnaffected, what arrangement did you come to with your friend?, will the extra wages cover payments to your friend?, if so the ip may be able to do something so that these extra wages will not have to be paid into the iva, and you can give it to your friend instead, but dont take that as gospel.
Whilst i was in my iva i was very lucky with my ip, in the 5 years i only ever had 1 increase in my monthly contributions, even though i got a payrise each year, and i also got a hefty bonus each year(when i say hefty i mean about £500, which is probably not alot to most people but to us was a small fortune) which under the terms of my iva i always declared, but at annual review time my ip practically prompt what my expenses would be to make it sound like we had more expenses than we had, as to keep our payments down to what we was paying, not lots mind you, but they added things like night entertainment(which we never went out, so never used), gave us a bigger budget for food shop than we used, gave us clothing allowance, again which we rarely used etc, bigger petrol budget, i think they have guidelines as to what you can spend on what each month, and i think they virtually had us at the max of every allowable expenditure, again though this is down to ip, i`m sure not every ip does this, and we was very lucky, dont get me wrong it did not make us well off by any means, by the end of the month we still never had any money in account, and we never brought any extravagant items, but we was probably just slighly better off than other people in iva`s, so just make sure when you do your income and expenditure are correct and i am sure you will be fine;)Take every day as it comes!!0 -
Wow Spaceman -- you had a great sounding IP -- which firm was that at ? I am a few months off of my first review, so will see how that goes !
On the OP's questions, my understanding is the same as yours.0 -
FoggyBrain wrote: »Wow Spaceman -- you had a great sounding IP -- which firm was that at ? I am a few months off of my first review, so will see how that goes !
On the OP's questions, my understanding is the same as yours.
Yes as I said in the post I was very lucky with my ip, dont expect every ip does it, but then again at the same time, I dont suppose they did anything wrong, all they did was make sure we got everything we was entitled too, and made sure the creditors got their share, which at the end of the day, that is what the ip is there to do, my creditors did actually get an extra £1920 than what I originally signed up for, as the 1 increase I had was £40 at the first annual review so they got an extra £40 x 48 payments, and as I say we was not any better off each month, just meant occasionaly we could eat branded foods rather than value items all the time:DTake every day as it comes!!0
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