IVA Yearly Reviews

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It is stated in the standard terms of an IVA that the Supervisor is required to review a debtor’s income and expenditure once every 12 months; in order to do this the debtor must provide the Supervisor with the necessary documentation.

The Supervisor has up to 60 days following the anniversary to submit an annual report to creditors, which usually details the outcome of this review.

Failure to submit these documents for review is considered a breach of the terms which should be reported to creditors and may lead to termination of the arrangement should the creditors choose. In most circumstances, the creditors will grant an extension of time in which the debtor must submit documents for review.

If documentation has been submitted to the Supervisor and they have not confirmed the outcome of the review, the debtor should contact the office for an update.

Thanks for reply Tylah.
I am going to contact my IP but just wondered if you could let me know what to expect / what my options may be to prepare myself.
I am in final year of IVA, all payments have been taken on time (none missed or late) but no yearly reviews have been done. This is all my own fault (Not IP's) as I moved and paperwork was in box that was stored away in garage and i found it at weekend while having a clear out. Although payments were being made I just forgot about the reviews and letting them know my new address.
Any advice will be greatly appreciated.

It’s difficult to say without knowing the terms of your specific IVA. Although IVAs follow the same statutory guidelines, they can be tailored with specific clauses and each insolvency firm’s proposal may differ slightly.

I don’t want to scare you but it sounds as though you may have breached your IVA in several areas such as failure to provide your Supervisor with updated an address, failure to adhere to Supervisors requests and failure to provide the Supervisor with documentation for the review. Your Supervisor may have already reported to creditors to discuss these points and therefore has a clear idea of how he/she is to proceed. Even if you have been maintaining your IVA payments, your IP may not be able to conclude your IVA before conducting a full review of your earnings for the duration of your IVA.

Its important to get this clarified with your IP and I urge you to contact them immediately.