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England, Wales and Northern Ireland

Why is my IVA reviewed each year?

We conduct a review of your income and spending every year to comply with standard IVA conditions. You can tell us of any changes and if the IVA is working for you.

During your IVA review, we look at your personal budget.

  • We make sure that your household has enough to live on
  • We make changes to your budget or payments if needed

This means your IVA payment could go up or down, depending on the review.

You review will also cover:

  • Your income
  • We use your payslips and P60 to see if you have earned above your additional income threshold.

    50% of any amount earned over the threshold goes to the IVA.

  • Requests for increased costs
  • If possible, we will include these in your budget.

    They may need reducing to stay in the spending guidelines.

  • Any change in circumstances

You can review your IVA at any time. We will support you as best as we can.

Clare Lindley and James O'Carroll of StepChange Voluntary Arrangements are licensed to act as insolvency practitioners in the UK by the Insolvency Practitioners Association.


What is an additional income threshold?

You agree to use additional income for payments as part of the terms of your IVA.

This could be overtime, bonuses or commission.

Your “additional payment threshold” is the amount you can earn before extra payment is due.

This is shown on the letter we send after each review.

  • If you earn above this amount you must tell us
  • You need to pay 50% of the amount over the threshold into your IVA

You must contact us within 14 days of receiving any extra money.

  • We will calculate if you need to make additional payment
  • If so, the payment must reach us within another 14-days

The additional income threshold is calculated again after every budget review.

We will tell you of any change in this allowance.

What is a ‘net surplus adjustment’?

Under the terms of your IVA, you can keep 50% of the difference between the last agreed IVA payment and any increased IVA payment.

The “net surplus adjustment” is the 50% you keep.

You can use this for any expense not in your budget before the next review.

Why is an annual report sent to me and my creditors?

You supervisor must tell your creditors how your IVA is doing every year.

The annual progress report covers:

A copy of the report is also sent to you for your records.

I have received letters from creditors - what should I do?

You may receive letters from creditors while on your IVA, including around the last review.

This is normal and not something to worry about.

Under the terms and conditions of your IVA:

  • Creditors can only claim what was owed on the date your IVA was approved
  • They cannot claim extra interest or charges

If you get annual statements from creditors during your IVA:

  • They may not have the correct balances claimed in your IVA
  • File them for your own records

You must tell your IVA Supervisor if:

  • If a creditor writes to say they have sold your debt
  • If a creditor writes to say another company is taking over the debt

Forward these letters to your IVA Supervisor so they can contact the new company and discuss your IVA.

Want to know more about your IVA?

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StepChange Voluntary Arrangements is a registered trading name of Consumer Credit Counselling Service Voluntary Arrangements Limited, a wholly owned subsidiary of StepChange Debt Charity.