IVA Annual Review: What Gets Checked?

Most IVAs include an annual review. Your Insolvency Practitioner or supervisor checks whether your payment is still affordable and whether your income, expenses or circumstances have changed.

Annual reviews are not optional admin. Missing them can put the IVA at risk, even if you have been making payments.

What Documents Are Usually Needed?

You may be asked for:

• recent payslips
• bank statements
• benefits letters
• self-employed accounts or tax returns
• rent or mortgage evidence
• council tax and utility bills
• childcare, travel or medical cost evidence
• proof of changes such as job loss, maternity leave or illness

Send documents on time and keep copies.

Can Your IVA Payment Change?

Yes. If your income rises or essential costs fall, your payment may increase. If your income drops or costs rise, the supervisor may consider reducing payments, a payment break or a variation.

The goal should be a payment that is realistic, not one that looks good on paper and fails later.

Overtime, Bonuses and Extra Income

Many IVAs have rules requiring you to declare overtime, bonuses, commission, pay rises, refunds, compensation, inheritance or other windfalls. The exact rule depends on your IVA terms.

Before spending extra money, ask your supervisor whether any part needs to be paid into the IVA.

What if Costs Have Gone Up?

Tell your supervisor quickly if rent, mortgage, utilities, food, travel, childcare or medical costs rise. Provide evidence. A review should consider essential living costs as well as income.

If you wait until arrears build up, options become narrower.

What Happens if You Ignore the Review?

Ignoring an annual review can lead to:

• reminders and requests for documents
• your IVA being marked as in breach
• missed opportunity to reduce unaffordable payments
• creditor reports showing non-cooperation
• possible IVA failure if the breach is not fixed

Read what happens if an IVA fails if your review is already overdue.

Annual Review Checklist

1. Create a folder for payslips, bills and bank statements.
2. Tell your supervisor about changes as they happen.
3. Check your budget against real spending.
4. Keep priority bills up to date.
5. Ask for a variation if payments are no longer affordable.
6. Do not take new credit without permission.

Frequently Asked Questions

Do IVA payments change after an annual review?

They can. If income or essential costs change, the supervisor may adjust your payment or consider a variation depending on the IVA terms.

What documents are needed for an IVA annual review?

You may be asked for payslips, bank statements, benefits evidence, bills, rent or mortgage details and proof of changes in household costs.

What happens if I ignore my IVA annual review?

Ignoring an annual review can lead to breach action and may put the IVA at risk, even if monthly payments have been made.

Sources checked

• GOV.UK: IVA Protocol 2025 for protocol IVA duties and review context.
• GOV.UK: Individual Voluntary Arrangements for IVA responsibilities.
• MoneyHelper IVA guide for IVA risks and affordability context.