I would be concerned if I were your IP and you were running an unauthorised overdraft Victoria. Are they aware of this, and how much are you currently paying into your IVA?
I wouldn't have thought so - you should not have an overdraft once an IVA is in place.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'm surprised orange - you should not have an overdraft.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Some ivas do allow for a small overdraft but I'm not sure whether this is an age thing, down to circumstances or just something a couple of ips slip in. Victoria - as the iva is your husband's you can run your accounts in any way you like.
An overdraft should not be necessary for people in IVAs, as they should be left with sufficient disposable income to cover their day to day costs, with some left to meet contingent expenditure. A small overdraft facility should not cause too much concern for an IP, but we would much rather see our clients managing their budgets outside of credit facilities.
When all our figures were worked out from the start, we were £40 down a month. Thats just by paying your usual living costs, but we were told that the £160 a month we are paying is the minimum amount they could take. Therefore my overdraft is vital just for the bills let alone anything else.
A very dangerous game - agreeing to meet payments which were unaffordable from day one.
If this company could not do the IVA for less than £160, it would have been better to find one that could or they should have referred you to one. ll IPs have benchmark figures below which they will commercially not take on work, but good ones will have a referring relationship with other IP firms who will act at a lower level. I do, and this means that clients who approach me for an IVA are not denied that option, simply because it does not suit the commerciality of my practice. I operate in the same way in my corporate insolvency work as well.
