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 proof of income.  We will let you know in advance what we need from you so that we can complete this review.

An annual review may result in an increase in your regular monthly contributions if you can reasonably afford it.

You must tell us about any bonuses, overtime or similar income which is above any amount included in the income disclosed in your proposal, within 14 days of receiving it.  We can then assess how much may be payable into your IVA.

You must also 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.

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.

You must tell us about any lump sums you receive or become entitled to, including any windfalls, as soon as you can, providing 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.

Your original proposal to creditors will have listed any assets that you own, such as your car, or house. Details of how these are protected from the creditors will also be listed in the proposal. If you are still paying for these an allowance should have been given in your outgoings to maintain the payments.

If you have a property or other valuable asset your proposal and chair’s report will explain any obligations you may have in relation to these.  If you have any questions about this, please do not hesitate to get in touch with your Supervisory Team using the contact details provided.

We accept payments via Standing Order or Debit Card. If you pay by debit card, we can implement a continuous payment authority so that the payment is automatically debited on the day it is due, so you do not need to call.

• Default Notice (section 87(1)) once you have fallen into arrears.
• Annual Statement (Section 77a) on each anniversary of the account opening.
  These letters are normal, and no action is needed.
• Notice of Assignment (Section 82a) if the debt is sold to a 3rd party.
  These letters are also normal, but please send us copies of these.

If your arrangement fails and is terminated, then creditors are allowed to back date any interest and charges that would have been applied to the account prior to the approval of the IVA. So that the creditor knows what charges should have accrued on the account in the case that the IVA does terminate, they may leave their systems to add these to the account. However, the IVA freezes the balance at the date your IVA was approved as long as you successfully complete the arrangement.

Distributions to creditors do not normally start straight away, this is due to the Nominee Fee and Disbursements (Costs) being paid. Creditors will approve this when the IVA is accepted. Distributions can be as early as 3 months into the arrangement, and up to the 2nd anniversary.

Creditors will assess the return they will receive from the IVA and work out if it is profitable for them to monitor the account whilst the IVA is in place. If the account isn’t profitable for them, they will sell the debt to specialist companies that deal in accounts on IVAs.

If the debt was from before the IVA was approved, then contact us with the details (Name & Address of the creditor and account number) and we will contact them to advise them of the arrangement. There are provisions in the arrangement to deal with this. If it is a low balance there should be no problems, however if it is a larger debt which will affect the amount the creditors are going to receive then we may need to hold another meeting with all your creditors to decide how we move forward.

If the debt is from after the IVA was approved, then contact us to discuss how the debt has been incurred and what we can do to help.

Information has to be shared with lots of people at the beginning of the arrangement, and some are quicker than others to update their systems. Always check your chairman’s report to see if the company is listed on there, if not contact us as it may have been missed off.

No, we need to treat all creditors fairly. If you make a payment to any directly, they will not all be receiving the same percentage, also this may leave you short to make your IVA payment.

It may be tight to begin with as you get used to your new budget, it will get easier as you get used to it. If there has been a significant change, then contact us we will review your incomings and outgoings and let you know the best course of action to help you.