www.iva.co.uk

Hi,

I have had my IVA for nearly two years, however when I took out my IVA I didn't include my peronal overdraft at the time, as I was a director of a company, and my personal bank account was with the same bank as my company's bank account, therefore I was concerned it would affect the company's bank account and credit rating if the bank realised I was taking out an IVA.

I have now left the company as a director and would like to know if it would be now possible to add my peronal overdraft to the IVA?

Thanks,

Hi
You will have to speak with your IP as they will need to decide on the action to take,it may mean a variation meeting.
You should include all unsecured debt when proposing an IVA.I presume that your IP knows nothing about this.
How much are we talking about ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

£6000

Does it depend on the IP then?

Thanks for your help

Hi
If it will not affect the dividend too much the Ip can invite the creditor into the IVA without a variation meeting.However as it,s 6k you may find that the IP will have to call a variation meeting to ask your creditors to receive a lower dividend or to allow you to pay this debt outside of the agreement.
Can you afford to pay more into your IVA to cover this debt ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

I could afford to pay more into my IVA as I'm currently paying back about £150 per month towards my overdraft however the interest charges mean I'm only actually reducing the overdraft by about £110 per month, so yes I could afford to pay more into my IVA.

Hello sbeel,

Please contact your I.P as soon as possible, as this is a problem how are you managing to pay the minimum amount of £150 per month? Your I.P is the best one to advise on this.

Best Regards. IVA Experts