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Posted: Mon Dec 14, 2009 5:32 pm
by seb_s
is an overdraft allowed when you are in an IVA ?
Posted: Mon Dec 14, 2009 5:34 pm
by kallis3
Hi Seb, and welcome to the forum.
No, you cannot have an overdraft in an IVA.
Posted: Mon Dec 14, 2009 5:49 pm
by merrypotter
hi, no its not
Posted: Mon Dec 14, 2009 5:49 pm
by nursecrippin
its classed as borrowing money, so deff not allowed
Posted: Mon Dec 14, 2009 5:51 pm
by kallis3
Are you having problems with your IVA seb?
Posted: Mon Dec 14, 2009 6:03 pm
by cfc1
Hi All
Kayliss3
A bit I mean first month i started my IVA my My car cost me £500 as the service was due. I have just had my first review(Phone call on Friday 11th Dec 2009) and it went fine but they noticed that I had an overdraft which I thought I was allowed . Thay have asked me how long I need to repay the overdraft i said by the time i get my next review !! I havn't heard anything since but they are going to write to me. My IVA people are pretty fair (well so far anyway)
Posted: Mon Dec 14, 2009 6:06 pm
by cfc1
Hi kayliss 3 CFC1 is me Seb_s for some reason my overdraft post went as seb_s im even logged in as cfc1 . Oh dear .
Posted: Mon Dec 14, 2009 6:08 pm
by kallis3
You need to speak to your IP if you are struggling with your payments, but an overdraft is not allowed.
Posted: Mon Dec 14, 2009 6:47 pm
by cfc1
kallis3 wrote:
You need to speak to your IP if you are struggling with your payments, but an overdraft is not allowed.
Im not struggling with my payments as such but I would struggle to pay an overdraft back . They said over three months origianlly which is not possible. They question I have got is how serious is what I have done ?
Posted: Mon Dec 14, 2009 6:58 pm
by kallis3
You should not have done it, but, I am sure that if speak to your IP and ask to be allowed to pay it back over a longer time and immediately cancel the overdraft then you may be ok/
Posted: Mon Dec 14, 2009 8:27 pm
by MelanieGiles
Most IPs will take a reaslistic view about something like this and turn a blind eye to the default on your part providing you can see a way to repaying the overdraft. Let us know how you get on once you have had time to speak to your IP.
Posted: Mon Dec 14, 2009 10:01 pm
by cfc1
MelanieGiles wrote:
Most IPs will take a reaslistic view about something like this and turn a blind eye to the default on your part providing you can see a way to repaying the overdraft. Let us know how you get on once you have had time to speak to your IP.
Thanks for your reply. I will let you know how it goes.I have confidence in my IP.I'm just not sure where i got the impression I was allowed a small overdraft.
Posted: Mon Dec 14, 2009 10:03 pm
by kallis3
I don't know where that came from either cfc.
Just make sure the overdraft facility is removed from your account.
Posted: Mon Dec 14, 2009 10:05 pm
by cfc1
kallis3 wrote:
I don't know where that came from either cfc.
Just make sure the overdraft facility is removed from your account.
Will do ..