Every year, as part of your Individual Voluntary Arrangement (IVA), you’ll be asked to complete a review to make sure your IVA remains fair, affordable and sustainable.
This is nothing to worry about, it’s simply a chance to check in, adjust things for you if needed and make sure your plan still fits your current circumstances.
What is an Annual Review?
An annual review is a chance to:
- Update your income and living costs if anything’s changed
- Confirm your monthly payment is still affordable
- Keep your creditors updated on your progress
You’ll receive a written summary of the review once it’s complete and we’ll update your creditors too.
What you’ll need to provide
To complete your review, your Insolvency Practitioner (IP) will ask you for:
- Bank statements and payslips covering the last three months
- Your latest P60 statement (if you have one)
- Updated household bills or expense evidence (if anything has changed)
It helps to check your current budget, which we’ll send to you about a month before your review. Compare it to your real costs and let us know if anything’schanged (e.g. new rent, childcare or utility bills).
What happens during the review
- We’ll look at your wages and/or other income to see if anything has changed.
- We’ll review essential expenses like rent/mortgage, food, travel and childcare.
- If you’re paying too much or too little in certain areas, we’ll adjust your plan to keep it sustainable.
Support check-in
If you’re struggling, this is a good time to raise concerns – we’ll explore options with you.
What if my income has changed?
If your income has increased
You may be asked to contribute more – usually 50% of any increase in surplus income – in line with IVA rules. Your IP will ensure the new payment remains affordable.
For example, if your original IVA payment was £100, and your surplus income increases by £100, you would now have £200 left after expenses. You would pay 50% of the £100 increase (£50) towards your IVA, making your new payment £150, while keeping the remaining £50 for yourself.
If your income has decreased
There are two routes you can take:
- Small reduction (up to 20% under the 2025 IVA Protocol[1]) – Your IP can approve this without creditor consent.
- Larger or longer-term reduction – Your IP will propose a formal variation to your creditors. They may agree to lower payments, however this may require you to extend your IVA to compensate for reducing your payments.
What if nothing’s changed?
If your budget’s stable and you’re managing well, you can continue your IVA with no changes. We’ll simply update your creditors on the progress you’ve made so far.
Remember we’re here to help
Your annual review isn’t a test or a judgement – just an opportunity to make sure your plan still works for you. If you’re worried about an upcoming review or unsure what to send, speak to your IVA Case Officer.
Get advice now[1] The 2025 Protocol only applies for IVAs approved after July 2025. Previous IVA Protocols apply for IVAs approved before then.
