IVA Annual Review – How You can Prepare for It with Tips

IVA Annual Review

The annual reviewing of your IVA agreement might seem a headache for you. If you are not fully prepared for it, all the thoughts about your agreement falling apart might come true. 

However, don’t worry. I am here to tell you all about what an IVA annual evaluation is, how does it work, and how to prepare for it.

Without any further ado, let’s start.

What Is IVA Annual Review?

When you enter the Individual Voluntary Agreement, your IVA firm makes an iva review which is conducted every 12 months. IVA annual review has quite a lot of importance regarding different matters that are present in your agreement. 

The IVA annual review tracks your debt management progress made in those 12 months and lays down a financial plan for the next year in accordance with your IVA terms.  

Usually, the things that are being checked in your annual evaluation relates to the debt paid so far, the remaining payments to the creditors, your expected income, and financial position in the upcoming months are also planned out at times. 

How Does the Annual Review Affect IVA Agreement Terms?

The annual review is conducted to look at your financial standings of that current month, the terms can change if your financial standing has changed significantly. 

Apart from there might be a possibility that you have achieved certain benchmarks or goals and because of that your agreement terms may change. 

Usually, after review, the monthly payments are changed by keeping some factors in mind. The IVA firm might also be able to negotiate some terms and agreements with your creditors in order to keep the IVA viable. 

If you are planning some major financial moves in your life, the terms might also get affected, such as getting a mortgage. All this is reviewed by your financial agency and then through negotiations with the creditors, the terms change. 

It is not always necessary that your terms will change after an IVA review. Even if your financial standing has changed, your consultancy firm might not change your terms due to various reasons. 

How are Your Monthly Repayments Affected by the Review?

Yes, your monthly IVA payment can change after the review, and let me explain to you why it can differ. 

For example, let’s say, that you earned £2000 monthly when you started the IVA agreement and your monthly IVA payment stood at £300. Now if your income has increased, you might be asked to pay more towards your IVA payment. 

That is because IVA’s sole purpose is to get rid of debt as soon as possible and pave a safe path for you to avoid bankruptcy. 

On the other hand, you might be asked to pay more if your expenses have decreased. The £2000 you earned from which, let’s assume £1500 were your initial expenses. Now if those expenses have significantly decreased throughout the year, that leaves you with more income on hand. 

Hence, in this case, you may have to pay more as to IVA payment

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Things to Look at Before Your Annual Review

There are some things and documents that you need to get in order before moving towards the evaluation of individual voluntary agreement. These documents are important and you don’t have to worry about data protection, the IVA firms are liable for the data protection of their clients. 

Bank Statements

Bank statements are a document provided by the bank which holds all the transactions that you have made through banks, all the funds transferred, received, payments, and charges. Everything is listed in bank statements. 

Make sure you request bank statements from your bank when moving towards your IVA evaluation


A payslip refers to the note that is provided by an employer to their employee, the document mentions the income, the tax, and other relevant details. 

You need to provide payslips in an IVA evaluation to track and analyze your income

Income And Expenditure Report 

Income and expenditure export is not always required for an IVA evaluation, however, it is important that you have it and you make full use of it. 

The income and expense reports show all your expenses and incomes for a specific period of time, if you don’t understand how to construct this document, you can always refer to an accountant.  

P60 TA Form 

The P60 Tax form shows the tax paid against your income and it is mostly required during an IVA evaluation. The tax form helps to rebate tax if you have paid extra tax against your income. 

Make sure you have all these documents and you need to provide your agency with them because with the help of these documents the financial conduct authority of the firm can analyze your IVA truly and fairly. 

What is the Difference between IVA Annual and IVA Final Review?

The IVA yearly evaluation is conducted every 12 months but on the other hand, the IVA final evaluation is conducted only when you have completed the term of your IVA.

To know more about the completion of IVA, click here


What is the Date for the Annual Review?
There is no specific date for the annual evaluation of your IVA agreement, the IVA evaluation will happen on the date you entered the IVA. If you want to request an IVA evaluation on your behalf, you can do it anytime, I will advise you to do a personal analysis of your agreement every 3 months.
Why Do the Terms and Conditions Change after the Review?
The terms and conditions change in accordance to provide a viable solution to your IVA plan. If the terms and conditions do not change while your financial circumstances drastically change, the IVA will not be viable for the parties involved. Hence, the terms have to change to provide a feasible agreement for everyone.
Is it Compulsory to Pay higher Monthly Payments after the Review?
No, you don’t need to pay higher monthly IVA payment after the evaluation. The change in payment will be determined by the firm as they see appropriate and at times there is a possibility that your payments actually will be decreased for the time being. That decrease might be temporary and to cover it up you may have to increase payments in the future to keep the IVA on track.
What Happens if My Income Has Decreased?
If your income has decreased your IVA debt payments might get affected. This will be reviewed in the annual evaluation of your IVA, in this case, the firm will decide the upcoming debt strategy and management for you. However, if you want personal debt advice in this situation, you can refer to your IP or some external debt advisor. A friendly tip, please don’t follow any debt advice that is not in accordance with the law. Companies that are authorised and regulated by the financial authorities, will always provide you safe advice.
Where to get your IVA Reviewed?
Usually, the IVA firm with whom you are working will evaluate your IVA at the end of your agreement year, you can also get it evaluated by a personal legal advisor and financial advisor. Stepchange IVA reviews is a good facility for a free evaluation of your agreement. You can check their website by clicking here.  Please make sure that you select a good IVA company that is authorised and regulated by the financial conduct authority of the government.

Final Thoughts

Many people are worried before an annual review of their IVA, however, if you completely understand the purpose of the evaluation and have all the necessary documents which you need to provide, there is nothing to worry about. 

For making your agreement work, the revaluation of the agreement is necessary and important. If you have an upcoming evaluation, I wish you the best of the luck with it.


Do you know your debt free date?
Do you know your
debt free date?
  • Affordable repayments with an end date in sight
  • Reduce pressure from people you owe money to
  • Stop interest and charges from soaring