First IPA review

Polly_Wolly_Doodle

Hi all,
We've had our first set of papers through for our first (six months since BR) IP review.

When i filled everything in we had a shortfall of £500, this is due to huge car servicing / mot costs that were funded by juggling between our spending areas, some chunks are for annual things rather than monthly so that helped.

So far i haven't heard anything back (it's only been a week) from them can you tell me what the normal procedure is?

How long does it take for feedback, is it written or will they phone, if there is no change will we hear at all?
If they did assess that we don't have any surplus would the IPA stop or would this never happen without a drop in income?

Thanks guys, just quite shocked that there are so many unforseen expenses and at the start we thought we'd given realistic amounts and now it isn't looking that way.

kepar

My wife who is just about to finish her IPA, has never had a review so I cannot really help.

But if you have drastically changed it from the original I am sure the OR will contact you.

If your servicing wasthat high you should have contacted the OR to see if you could have your IPA suspended.

Ineedaname

Once an IPA is set up it runs for 36 months, it never 'stops', but is variable if your financial circumstances change. If you have a sudden unexpected expense, such a high car repair bill, and are struggling to find the money, then usually an OR will allow a payment free month or two so you can cover the bill.

If your OR reduces your IPA to a nil amount, it will still run with the nil months counting towards the 36 months. If your circumstances change again you are legally bound to inform the OR within 21 days and an increase in surplus could mean you start paying again.

Polly_Wolly_Doodle

Thanks guys, i am slowly realising Kepar that i should be questioning things more, and i am getting there, but when faced with a 'you have to pay £x to get your car through it's mot' because i had my other pots of money available i didn't think to contact the IP. I suppose at least this had happened early on in the IPA and it'll be interesting to see what they advise for the future.
Will your wife get a final review do you think prior to discharge?

Thanks INAN, i know they can vary the level of the contribution that we pay but tbh we took that more to be if the mortgage interest rate increased, which was our big fear at the outset of the IPA, or if one of us got a pay rise (fat chance). I am more apprehensive that they will penalise me for spending so much on getting the car through the mot. Unfortunately it is also needing more work, but at least i can now get quotes and ask the IP.

Ineedaname

If the OR has exempted your car because you have a proven need for it and given you allowances to run it, then getting it fixed is a necessary expense. I'm sure you would have got the best prices possible for doing that. The only thing the OR might have suggested is something I'm sure you considered yourself, whether it was best to fix or to replace? Either way, you would have had to pay a similar amount of money out I'm sure.

kepar

No she hasn't had one with days to do. so too late now.