www.iva.co.uk

Apologies if i haven't posted for a while!

I am in a bit of a panic with regards to my IVA; I joined the Halifax when my IVA started and requested a Halifax Electron Card account, a couple of years after opening the account they told me that i had to have it upgraded to a Halifax Visa Debit Current Account because the majority of the services on the Electron accounts were being withdrawn.

I agreed to this as it seemed as though i had no choice, and got my Visa Debit Current Account. I am in a panic now as i have just realised since logging into my online account after a long time that they have given me a £100 overdraft limit on the account!! I have only got 3 payments left on my IVA and i am in a real panic about seeing this overdraft service on my account.

Is this going to mess up my IVA because of this!!??

Many Thanks

I wouldn't worry about it, especially this far into your IVA. Providing you aren't actually using the overdraft you haven't incurred credit.

hi
I have the same account and have gone into on line banking and reduced the over draft amount to nil

My iva proposal also says you only have to inform your IP of credit over £500 so i don't see a problem
We won't be using an overdraft but if you want a visa debit this is the account you need

Thanks for the advice guys!

I have been really lucky to have had a great IP, as they managed at the time to get no amendments put into my proposal.

I am really looking forward to it all finishing; i have been in some sort of debt since i was 21, and it will be like a new life for me, a very grand beginning - thank god!

I would say that having an IVA has taught me the value of money and has also made me very fearing of credit; i will definitley buy with the money i save from now on. An IVA has given me a very harsh lesson, opened my eyes to how evil credit cards and loans can be, and seen how easy it can be to save for that TV or computer if you have that little bit of patience to wait for them - it is really rewarding when you buy something that you have saved for.

I can only say to people that are in an IVA now, is to hang in there as 5 years will go so quickly, for me i cannot believe how fast this has all gone!

great post pagan Dave
Gives hope to us all who are just starting out on the road to recovery
We have been juggling with debt for Five years if only i had done something about it earlier !!!

great to hear that you have managed to get to the end, well nearly the end at the moment and have also learnt the valuable lesson of what an IVA can teach.

Well done for nearly getting to the end, I'm sure the last few months will fly by! Are you planning on a bit of a splurge with the extra money?!?!

Skippy

Her's indoors has got Christmas planned already! [:D]

We are looking at moving to the Lake District in the not too distant future, so we are going to save every penny to do it! I think when you have been paying the same amount every month for 5 years, you sort of don't miss the money and get programmed that it is not there, so i am going to put the money that would have been paying into the IVA into a savings account.

best of luck if you have managed for 5 years then hopefully you can soon get a nice little amount of savings put away.

I don't blame her!

Good luck with the move to the Lake District - I've never been there but it looks beautiful x

Not wishing to put a dampner on things - but exactly how is your IP avoiding claiming your bonus payments when there has to be a windfall provision in the proposal? Do be careful that there is not likely to be a nasty suprise coming, if your interpretation of these provisions differs from theirs.

Melanie

I did phone to notify them of the bonus that i was going to get and my case officer told me it is ok to keep it as there were no modifications on my IVA; i don't know if my case officer was wrong or not telling me that?

MelanieGiles wrote:

Not wishing to put a dampner on things - but exactly how is your IP avoiding claiming your bonus payments when there has to be a windfall provision in the proposal? Do be careful that there is not likely to be a nasty suprise coming, if your interpretation of these provisions differs from theirs.

This is a very positive post and I am really pleased that you have got this far. Good luck with the debt free and hopefully stress free future you so deserve.

If I were you I would get them to confirm this in writing. Every IVA has a windfall clause built into it - some limit the windfalls to anything more than £500 - so if your bonus was less than this sum, this could be the reason why they are telling you to keep it. Best to be sure - and to have something to refer to if they decide to change their minds in the future.

hi pagan dave would have thought your annual income and expenditure reviews,assuming you sent payslips and p 60,s,that i thought was standard procedure in a iva,would have determined your ongoing payments with your ip,s instructions through out the life of your iva.i assume your bonuses are on your payslips so they have been disclosed to your ip.if so your ip,s annual review letter they send you regarding yearly payments should put you in good stead.well done for aproaching the finishing line,one warning though ,if you go to the lakes buy a strong brollie you will need it.[:)]