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Posted: Mon Aug 12, 2013 10:45 pm
by Monica.06
Will taking out an iva impact on my bank overdraft facility?
Posted: Mon Aug 12, 2013 10:51 pm
by Foggy
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If you have an overdraft it will be included in the IVA, if you are not using the overdraft facility it will have to be withdrawn, If your bank is one of your creditors (or HSBC or First Direct)you would be advised to change banks in any event.
Posted: Tue Aug 13, 2013 1:06 am
by MelanieGiles
Who do you bank with Monica.06? And do you have other debt with the bank? Is this a business overdraft?
Posted: Tue Aug 13, 2013 6:22 am
by luluj
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.