Make your money work better for you
Your annual review is your opportunity to review your finances and check that your current budget is working for you. To make the most of this review your bank statements and receipts to check how much you're really spending each month.
Planning and sticking to your budget is probably the single most important skill to master whilst on your IVA.
How your review works
We'll write to you to ask for you to provide details of your current income and expenditure. You'll be sent a blank budget that shows last year’s figures along with a new column for you to enter your current income and expenditure.
This is your opportunity to let us know of any changes and a chance to review how the IVA is working for you.
During your review, we'll look at how well you're managing on your personal budget and make sure that your household has enough to live on. If your budget or the payments you're making need to change, we'll make the appropriate adjustments (this means it can go up or down).
What information do I need?
To help us complete your review we'll need your:
- last 3 wage slips
- last 3 months’ worth of bank statements
- current P60
- benefits awards letters showing the amounts that you receive and frequency of pay
- any evidence of increases in expenditure
Your annual report
Every year we’ll put together an annual report after we've completed your review. We send the report to you and your creditors to give an update on the progress of your IVA.
The report includes details of how much you’ve paid into your IVA and any fees taken, and shows how much has been paid back to your creditors.