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IVA annual reviews
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The main thing I'm worried about is the IP went through my income and expenditure and when I said I didn't pay things like pet insurance and public transport, they said its best to put something down on there as this will look more appealing when we submit your proposal to your creditors.
I don't spend half as much as listed on my i&e, so don't know if I should take all the cash out and buy everything with cash.
The main reason I entered into the IVA was to stop paying 1k per month on minimum payments and now this will allow me to save some money.
Sadly the drafting IVA departments can give this advice and in my opinion shouldn't really as if you aren't paying it, you aren't paying it! The department that reviews your IVA when active in my experience would then update the I&E accurately, although I can't speak on behalf of the competence of all IVA companies. You do have pretty much every 'extra' expenditure allowance above bills which alot of others don't have. This isn't a bad thing and allows for more flexibility through your IVA, however if you aren't paying something like it a yearly/monthly bill like pet insurance this may get picked up on and removed. The IP will not care that they can't see 50p each week being spent on a newspaper, or dry cleaning payments etc. You can save your cash in your account or in a savings account you don't need to worry about saving it in cash. We would actively encourage clients to save the monthly allowances so they had the funds available when it was required (i.e. yearly bills or when your washing machine breaks) so don't worry about that.
Worse case I would say is that your pet insurance gets removed and they ask you to prove your public transport so you have may to buy a weekly bus ticket once (or whatever it is your amount is based up) but this will be down to how thorough your IP is!0 -
Yeah i think i may be getting a bit paranoid haha. When going through all that with me they asked how much I spend on travel to work and I said none as I walk to work. They said they'll put something there to spread out what I pay to make the proposal look more attractive.
Surely they wouldn't have done that knowing that if they asked for proof of travel come the annual review I wouldn't have spent that much?
Maybe they won't be too bothered as long as I keep up with the payments on time, which unless I loose my job I will be able to do so no problem.0 -
Hi, I have completed my IVA review for first time . I was really paranoid like you, but it was easy. They’ve asked me to send last P60 or March pay slip, last three months pay slips, last months bank statements. My job, living arrangements was same so didn’t had to send anything. My insurance gone down but some expenses gone up which they updated in to my budget . Wasn’t that much change in income and expense, so they kept same amount monthly payments. They only look at your income, expenses. Not interested in your daily expenses unless there is a big amount coming or going from your accounts.0
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