The purpose of the IVA annual review is to reassess the affordability of your IVA payments and to check if there has been a change in your circumstances.
IVA Annual Review
Understanding Your Annual IVA review
During your IVA, you will be contacted by us, telling you that your ‘Income and Expenditure (I&E) review’ is due. You will receive this request annually, and normally 4 weeks before the anniversary of the approval of your IVA.
The I&E review is a legal requirement as stated in the terms of your arrangement and must be completed on an annual basis to determine whether your IVA monthly contributions are affordable to your monthly spending. In many cases, the amount you pay into your IVA will stay the same, and in some cases, it may be reduced or increased, depending on your financial situation.
Don’t be alarmed!
If it is time to complete your annual Income & Expenditure review, don’t panic! This is very normal and nothing to worry about! We have worked hard to make sure this process is as straightforward as possible.
What will your review show
Your I&E review is used to capture details of your yearly income and expenditure, we also request supporting documents such as bank statements, & payslips.
In simple terms, your I&E review shows us your monthly outgoings and incomings over the last year, letting us know whether what you are paying into your IVA on a monthly basis is both affordable to you and realistic of your current financial situation.
In the majority of cases, I&E reviews will result in IVA repayments staying the same, however, these reviews can also alert us to people who may be struggling, allowing us to review their financial situation and offer them support where we can, whether it be in the form of a reduction in their monthly IVA repayments, or a temporary payment break, to help get them back on their feet. In rare cases, those who may have more money than the previous year, from things such as a pay rise or promotion, may be asked to increase their IVA monthly repayments, as stated in the IVA terms and conditions.
Completing your review
You will receive a request from us to us annually, and normally 4 weeks before the anniversary of the approval of your IVA. We have made the process of completing your review straightforward and hassle free. If anyone requires assistance to complete a review we will provide support.
Please note that completing your annual income and expenditure review is a legal requirement of your IVA.
The results of your review
The I&E review can take up to 3 weeks. During busy periods this may take longer. When we have assessed your submission. We will contact you with the results. Please rest assured we will be in contact with an outcome as soon as possible.
IVA Final Year Review
In order for us to ensure you have complied with all the terms of your arrangement, we must carry out a final income and expenditure review. This is to determine if any additional income has been earned during the past year. As this has to be brought into your arrangement.
Therefore, we urge you to complete this as soon as possible. Any delay in completing your final income and expenditure review will result in a delay in the closure of your IVA.