not told you should not have a overdraft

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simon.g

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Post by simon.g » Wed Jan 09, 2008 10:18 pm
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Hi,
I've been in my IVA for just over a year now, all payments have been met. I'm new on here and have seen that you should not have a overdraft on your bank account;as it's classed as credit. I was not told this! Now i am really worried that my IVA is going to fail as I have gone in to it a couple of times. Please help me with some advice. Many thanks.
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marsha1

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Post by marsha1 » Wed Jan 09, 2008 10:19 pm
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How much is it for and are you in the overdraft at the moment?
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MelanieGiles

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Post by MelanieGiles » Wed Jan 09, 2008 10:23 pm
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If you have used it occasionally, and it is currently in credit, I would ask the bank to remove the facility and therefore there is no temptation to use it in future. If you are in overdraft at the moment, I would confess this to your IP and seek their advice as to how to deal with it. You may get a mild scolding, but your IVA is unlikely to fail as a result.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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simon.g

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Post by simon.g » Wed Jan 09, 2008 10:52 pm
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Hi there,

The overdraft is for £500, currently I am £42 in to it. I recently went over due to starting a new job and not getting paid for a month in arrears and with Christmas as well. It's a relief that it is not likely to fail. I will be cancelling it ASAP and speaking with my IP to get some advice!! How do you think I should explain, honesty the best policy? Thanks again!
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MelanieGiles

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Post by MelanieGiles » Wed Jan 09, 2008 10:55 pm
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If you only owe £42 this is immaterial and I do not feel that this warrants troubling your IP. They probably have better things to do, and you have learned a valuable lesson - no credit during an IVA without the IP's permission!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
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simon.g

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Post by simon.g » Wed Jan 09, 2008 11:00 pm
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Cheers Melanie, I'll sleep better now, ha ha!!
Valuable lesson learnt indeed.

Many thanks.
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