What is an annual review?

During your IVA [1] we will undertake regular reviews of your circumstances. These are normally conducted once a year around the anniversary of the arrangement [2].

If during these reviews, it is agreed that your circumstances have not changed, then you will continue to make your monthly IVA payment as normal. If however, your circumstances have changed for the better, you may be asked to increase your monthly payments accordingly.

If during the period of your IVA your circumstances change for the worse and you cannot maintain the agreed payments then we will assist in establishing how to resolve the issue. This could involve proposing a variation [3] to people you owe money to to reduce the monthly payment.