Stepchange IVA first annual review

Just_Stoopid

We will shortly be having our first IVA annual review with Stepchange. I'm anticipating it will be straightforward and not much has changed. Has anyone been through an IVA annual review with Stepchange? What documents do I need to provide?

Thanks.

National_Debtline

Hi JS

The main purpose of the annual review is to establish (a) how the IVA has run so far, and (b) whether any changes to it are necessary/possible taking into account the debtor's circumstances.

These changes could be increases/decreases in monthly payments, depending on how things have evolved. If the debtor has acquired any assets during the IVA, their value will be taken into account and they may be sold in order to give the creditors a greater dividend.

If, as you say, not much has changed, then it may be a fairly short and simple review with your current payments continuing unaltered.

I can't speak for Stepchange's procedures but I imagine that they will expect you to produce recent bank statements and pay slips, plus details of any changes in benefit amounts received e.g. DWP letters. That's not an exhaustive list but the best people to ask are Stepchange themselves.

Regards

Dennis @NDL

FiatFan_2

Hi Just_Stoopid, who's administering your iva for step change? I'm with Jackie Westerman and when I done my first review last year they sent me a review pack through with the following,

Confirmation of net income including evidence of allowances, expenses or deductions.
Additional income declaration, i.e have you paid all over payments?
Check and amend original I/E sheet with notes and evidence for amendments.
Recent P60's
3months worth of Payslips
3months statements for all accounts held

I then sent all that back and received an email back within the month to say the amendments had been approved and given details of what my allowances would be for the following year.

If you've been fortunate enough to have received a wage increase within the last year, try and maximise your allowances within guidelines or with evidence to maintain current payments without having to pay more over. Unfortunately based on my experience the IP won't allow your payments to reduce, but am sure they'd happily increase them given chance.

HTH