How to prepare for your IVA annual review

This page contains information about debt solutions available in England, Wales and Northern Ireland. Debt advice in Scotland involves similar but different solutions. Before considering an IVA as a debt solution, please make sure you fully understand the risks involved when entering an IVA.

Review your budget

Time for a review

Each year your IVA payment is subject to review, in line with the terms of your proposal. This is done to ensure that the payment you are making into the IVA is fair for both you and your creditors.

This is nothing to worry about. StepChange have designed the process to make it as simple as possible for you.


Two months before your IVA review

Two months prior to the anniversary of your IVA approval date we’ll send you a copy of your latest budget. If you have any changes, you need to write them on the budget sheet and return this to your supervisor.

For any significant changes you would need to provide us with proof of your new expenditure and this is normally shown on your bank statements. For example, if your utility costs have risen you would need to send us proof of these new higher costs; the same applies to mortgage payments or any other expenditure.  You also need to provide evidence of any reductions in payments.

Once this new budget is completed you need to return it to StepChange Voluntary Arrangements (don’t forget to enclose other documents such as your latest P60 along with your wage slips and bank statements). We’ll look over any evidence you’ve provided.

Your new IVA payment

Your caseworker will calculate your new IVA payment based on the evidence supplied to us. We only contact you if anything in your new income and expenditure budget is over guidelines and you haven’t provided the required proof.

You’ll receive the new budget in the post with details of your new payment and when this will start. Over many years we’ve found that the new payments can rise, fall or in some cases remain exactly the same.

And if you’ve got any stepped payments in your IVA these will be taken into account. Stepped payments are often included in IVA proposals due to a known change in circumstances at the drafting stage (perhaps a hire purchase payment is ending at some point during your IVA).

And finally, make your IVA review easier

There’s an easy way to make the annual review easier: keep track of your bank statements and wage slips throughout the year. When you receive your P60 you should put it in a safe place, or send it to us ready for your annual review.

If you’re not a client but are looking to start an IVA please read our new guide to individual voluntary arrangements.

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