IVA yearly review - What to expect?

Max_Maxwell

UpToMyNeckInIt wrote: »

Point is, that if a customer in these circumstances is not on-the-ball, they could end up under-claiming expenditure, with their IVA payments going up significantly, if not properly scrutinised by their case officer. I wonder if this is the cause of so many problems? I bet many firms are willing to simply demand the higher payment without checking that closely.

Very true, UptoMyNeck.

On another thread I've already commented on the reluctance of my IP to entertain the idea of any increases to allowances. I'm grateful to my learned friends on here who have pointed me in the right direction of the latest guideline figures. But as you rightly say, not everyone will pursue this avenue, or work hard at their numbers to ensure they are claiming what they are entitled to. And no IP is going to come back to you after reviewing your latest I&E statement and suggest you make increases.

I don't want to repeat my other thread here but suffice to say if an IVA is to be sustainable over the term one cannot be expected to see no increases to their living expenses in that time. It turns what is purported to be a manageable solution into an unsustainable millstone.

FiatFan_2

Cheers for the heads up on the 2012 figures, good while before my review but best start planning now. Just compared agreed figures to min/guide/max from the table and surprised to see the 2012 guide is within 5% of what we're paying. Think I might try blag £23 for some sky next year

UpToMyNeckInIt

My IVA started at the end of July last Year, so your IVA firm too is likely to commence the review 2-3 Months before your first anniversary.

FiatFan_2

October we started, so expect July/August we'll see the paperwork. Plenty time to tweak it, but must be more thorough about keeping records of food/fuel costs as fuel will soon eat up any extra allowed

FiatFan_2

Just thinking, when some have mentioned sending bank statements to their IP. Is this just current accounts or savings as well?

debtfree2016

HI FiatFan, I have just had my second review, and they have only ever asked for my last 3 months payslips and a copy of my P60. In relation to your accounts i'm not sure about savings accounts I was told that I couldn't have them. After being paid I withdraw all monies except to cover DD / SO and £20 Contigency.. So even if you are asked to provide statements there would be nothing on them. Then pay for everything with cash

FiatFan_2

thanks debtfree2016, not that I have savings at the minute but it came to mind for the future, although most will be building up allowances for car tax, professional fees etc

I had been doing a similar thing, but not too successfully so hopefully by putting some allowances out of reach in a credit union savings account I'll only have access when I need them.

debtfree2016

Hi FiatFan, I would check with your IP regarding savings accounts and if they are allowed. Their stance is if you can save then you can pay more to the creditors. I know when you say about allowing for car tax etc and savings, I personally keep the money out of the account and to one side.

UpToMyNeckInIt

The consensus from most IP's I heard from on other forums, is that you are allowed savings. It does after all show that you are able to budget correctly. You will apparently be fine, providing you can demonstrate that these savings have been made from your various allowances.

However, the cynic in me thinks that debtfree2016 may also have a point: It might be difficult at review time to argue for increased allownces, if your IP correctly identifies that you are able to accumulate savings anyway.

Add into the fact that, given that it is nigh-on impossible for us IVAers to open a current account, I doubt you will be able to open a savings account. I have come across some people in this situation, who have been allowed for example, to open up another CoOp Cashminder account etc. (which pays no interest), but not an interest-paying CoOp 'Savings' account.

With that in mind, you might be better off withdrawing any excess cash, and keeping it well-hidden. That way, even if your IP wants to see bank statements etc. if they cannot see any significant savings, you might stand a better chance negotiating increased allowances.

FiatFan_2

good comments there, thanks. I've already got a credit union savings account and had already spoken to the about being in an iva and they've no issues with it. I've set up a standing order to start taking a little bit of money for now and see how it fairs compared to trying to save when the moneys in the house.

Receipts al be the key to getting allowances increased, although it's swings and roundabouts as some have reduced and some increased so nearly balancing out finally.