Overdraft

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Whoopsadaisy

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Post by Whoopsadaisy » Mon Aug 20, 2007 9:22 pm
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We are two months into our IVA, although considering bankruptcy due to fifth baby on the way....
Anyhow, the overdrawn rule....how strictly is this followed? Can it be checked?
We have just gone £7 overdrawn due to a banking error (now back in credit)
We have a free £200 overdraft with our account (not a creditor)
Do we need to get rid of this facility?
Are we in breach of the IVA if we don't?
Thanks
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agnewli

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Post by agnewli » Mon Aug 20, 2007 9:25 pm
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Im not an expert but i think its ok if it doesnt affect your IVA(ie-getting into debt and not being able to pay it back)
Lisa
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Chris.z

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Post by Chris.z » Mon Aug 20, 2007 9:25 pm
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Hi Whoopsadiasy , If you don't mind me asking who did you get the Bank Account with??

Chris
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agnewli

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Post by agnewli » Mon Aug 20, 2007 9:26 pm
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Anything owed before the iva can be included in to your IVA but anything you owe after this is your responsibilty! ( i think)
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Sadsack

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Post by Sadsack » Mon Aug 20, 2007 9:28 pm
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Sorry guys

Any form of credit has to be ok'd by your IP. I am, however, surprised that you were able to get an overdraft whilst in an IVA. Which institution offered you this facility?

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/
Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/
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MelanieGiles

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Post by MelanieGiles » Mon Aug 20, 2007 10:16 pm
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But at that level, I suspect that most IPs would turn a blind eye!

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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