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Iva annual review
Hello,
I was just wondering how long it normally takes (I’m aware it will be longer due to the pandemic) to hear back when you submit an annual review. I’m with Aperture and on my last review there was no changes in income or expenditure so nothing changed. This year I have started a new job where I earn a bit more but also my expenditure has gone up as well. My Iva payment was set to increase in November when my car finance finished however, I was in a crash in May and my car was written off and my insurance settled the finance. My payment was set to go up to £176 a month, but with the everything else in my expenses going up I’m only left with around £120 a month.
I was just wondering how long it normally takes (I’m aware it will be longer due to the pandemic) to hear back when you submit an annual review. I’m with Aperture and on my last review there was no changes in income or expenditure so nothing changed. This year I have started a new job where I earn a bit more but also my expenditure has gone up as well. My Iva payment was set to increase in November when my car finance finished however, I was in a crash in May and my car was written off and my insurance settled the finance. My payment was set to go up to £176 a month, but with the everything else in my expenses going up I’m only left with around £120 a month.
I’m just wondering how this will effect the Iva. Will they have to hold a creditors meeting to agree to the new amount? Will it be sorted before they just take the new amount in November? Will I need to send in extra proof of things?
They also asked for my p60 but I haven’t received one yet will that be okay?
thanks in advance
thanks in advance
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Comments
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The insolvency practitioner has discretion to reduce payments by up to 15%. Any reduction above this amount will require a variation proposal to creditors.
Any increases in expenditure will need to be provided to the IP. An IVA is evidenced based, the IP is not able to simply take your word on changes. Your P60 should have been provided to you in may/June. It seems very odd this has not been received.
It will seem odd to the IP if your HP payment has ended and your income has increased but your affordability has reduced. You will need to offer a substantial explanation as to why this is for the IP to agree to a variation.0 -
Thanks for the reply!
My car insurance has gone up significantly since the crash along with road tax for my new car. I also travel further to work now so my petrol has gone up aswell.
Never even thought about not receiving my P60, I’ll get on to HMRC about that.
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Its your employer at the time that would send you a P60 not HMRC"You've been reading SOS when it's just your clock reading 5:05 "0
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The IVA company may be able to offer a payment holiday, so they will freeze your payments if you can't afford it at this time, or let you make a lesser payment. It's worth just being honest with them, they are usually really helpful and as long as you keep them updated they should be understanding.0
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