overdraft and credit card (abbey)

[r.t]

hiya all,i have just opened a new current account with abbey for use if my iva is accepted. i was given a £300 overdraft and a creditcard with a small limit. does anybody know if these will be taken away if my iva is approved???[}:)]

rt

[iva experts]

Hello r.t,

When opening a new bank account for you IVA, it must be a basic bank account with no overdradt facility or credit card etc. Otherwise if your IVA is accepted you would be tempted to use the overdraft and credit card. I have seen members on this forum fall into that trap - its not pretty.

I would cancel these facilities straight away.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[aguise]

I would ask them to remove the overdraft and credit card, as said you are not allowed them in an iva without IP permission. So best to avoid any future problems.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Skippy]

I didn't have a basic bank account as such - mine was a normal current account with Lloyds TSB without an overdraft. I kept my chequebook and debit card, and I only had to give them up when I went BR.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[r.t]

hi all

thanks for all your replies/opinions on my post
i will be cancelling my overdraft and credit card on my new account. forum member AGUISE said i need permission from my ip if i was silly enough to keep the overdraft and credit card on my new account. is this something on the legal side of things when entering into an iva or is it just that they need to know what sort of account you are operating whilst in the iva?
thanks everyone

[vickir]

Once you are in an IVA you cannot apply or take up any further offers of credit without auth from your IP, a credit card or overdraft would just put you back in debt - why would you want to go there?

[r.t]

im not taking the overdraft or credit card and have no intention of going back into debt at all, i was just curious as to what happens to overdrafts, debit and credit cards.....

[aguise]

Hi again rt
As vickir says any credit in an iva has to be with the express permission of your IP. An overdraft is a aform of credit ands is not allowed as is obviously a credit card. Just tell the bank you dont require them and they should remove them for you.

Ang

[r.t]

thanks ang
will call bank on monday and tell them i dont want any overdraft or c/card!! credit is a thing of the past for me!!!
ta

[aguise]

I think we all feel like that rt. I take great comfort in not having any now.

All the best Ang