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Posted: Mon Aug 20, 2007 9:22 pm
by Whoopsadaisy
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
Posted: Mon Aug 20, 2007 9:25 pm
by agnewli
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
Posted: Mon Aug 20, 2007 9:25 pm
by Chris.z
Hi Whoopsadiasy , If you don't mind me asking who did you get the Bank Account with??
Chris
Posted: Mon Aug 20, 2007 9:26 pm
by agnewli
Anything owed before the iva can be included in to your IVA but anything you owe after this is your responsibilty! ( i think)
Posted: Mon Aug 20, 2007 9:28 pm
by Sadsack
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/
Posted: Mon Aug 20, 2007 10:16 pm
by MelanieGiles
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