What is a financial review?
This needs to be completed at least once a year around the anniversary date of your IVA approval. We will assess your incomings and outgoings to see if the payment that was originally set is still affordable. If you work, we will also assess your income from the past 12 months to see what you earnt compared to what was anticipated. We will let you know in advance what we need from you so that we can complete this review.
A financial review may result in an increase in your regular monthly contributions if you can reasonably afford it. You may be expected to pay in additional income from any increased earnings over the past 12 months.
How do I know when my financial review is due?
60 days before your financial review is due, we will contact you and ask you to gather information to send us which will enable us to conduct your review. We will also send you reminders in the weeks leading up to your review being due.
What documents do I need to provide?
If you are employed, we need copies of your last 3 months wage slips plus your March wage slip from the previous year or your latest P60.
If you are self-employed we require a copy of your latest tax return and if your income in recent months differs to that declared in your latest tax return please provide business account statements or copies of invoices to demonstrate the difference.
If you receive any benefits we would require proof of these (entries on your bank statements showing your benefits being paid are sufficient).
How do I submit my documents?
In order to make this process as easy as possible for you, we will send you a link to our Review Portal where you can answer questions about your income and expenditure, make any necessary changes and upload any documents from your mobile phone, tablet or PC. If you are unable to send documents this way, you can also send them to us by post or email.
How long will it take for my review to be completed?
We aim to complete your financial review within 60 days of your anniversary date.
Will my payment change?
Our Financial Review Team will review your documents in order to assess your affordability. During your IVA, your income may increase or decrease due to changes in your circumstances.
While an increase in your income could mean that your regular IVA contributions are increased, we will look at your overall circumstances as part of our assessment.
Once your review has been completed, a member of the team will contact you to discuss the review before any changes to payments are implemented.
Can I complete a financial review at any point?
You must tell us about any change in your circumstances as soon as you can, including any new income you receive or changes to your regular income.
If you have a change in your circumstances, we can review your income and expenditure at any point during the IVA however you will need to notify us of this change when it happens.
What if I have received a lump sum or windfall in the last 12 months?
If you have not already told us about any lump sums you have received or have become entitled to, including any windfalls, please ensure you provide as much detail about it as you can.
We can then assess how much if anything needs to be paid into the IVA from the money you received or are expecting.