hi again,after setting up a new bank account and closing my other one where some of the debt was,i was under the impression that having an overdraft with my new bank was ok,since phoning my iva company im told im not aloud an overdraft,is that the case ?[:(]
iva nearly arroved so 60 months to go[:(][:(]
never cment on me speling its rubbish and i didnt go to schola lot okk
made bankrupt 1st august 2012 at 10.00am
now disharged so bankrupt no more thank god im free of debt now
No credit facilities are allowed within an IVA. I got myself a new bank account that came with an overdraft but I just wrote to them to have the facility removed.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
You can have credit within an IVA so an overdraft can be allowable but check your proposal. However, whether you can have one or not it should only be used as a buffer and not used to the max each month.
I agree with Lesley - whilst in our IVA we were always told no credit and if overdraft was offered we had to reject it ...your proposal details will tell you exactly what you can and can't do whilst in an IVA
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I sgree with Michael - unless it is specifically a no-no in your paperwork then you can have a small one to use as a buffer.
I'd never take one myself but you never know if that small amount might help at some point.
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
From what I have seen since being on the forum all IP's seem to have different rules.. My IP says we can have credit up to £500 without informing them, my understanding of this would be that I could have an overdraft - not that I would ever have one nor would I recommend one - I run my own business and I have found that the pressure of not being able to use a credit card / overdraft / loan to help support the cash flow has focused my mind on getting in monies owed and making the cash flow far more positive than previously..
Also we have had clients who have had overdrafts without our knowledge and then when the bank has done a periodic credit check and seen that they were in an IVA they have then frozen the account or removed the overdraft.
