Will taking out an IVA impact on my bank overdraft ?

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Monica.06

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Post by Monica.06 » Mon Aug 12, 2013 10:45 pm
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Will taking out an iva impact on my bank overdraft facility?
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Foggy

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Post by Foggy » Mon Aug 12, 2013 10:51 pm
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Yes, in a word. If you have an overdraft it will be included in the IVA, if you are not using the overdraft facility it will have to be withdrawn, If your bank is one of your creditors (or HSBC or First Direct)you would be advised to change banks in any event.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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MelanieGiles

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Post by MelanieGiles » Tue Aug 13, 2013 1:06 am
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Who do you bank with Monica.06? And do you have other debt with the bank? Is this a business overdraft?
Regards, Melanie Giles, Insolvency Practitioner
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luluj

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Post by luluj » Tue Aug 13, 2013 6:22 am
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Welcome to the forum Monica. Any overdraft currently in use should be added into your IVA as a debt. Going forward the use of overdrafts whilst in an IVA is not viable and you would be expected to work without this facility.

Best wishes and let us know if there is anything else we can help you with.
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There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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