Hi , I have received a letter from my bank saying that they have been notified about the IVA proposal and they need to call up the full debt by issuing the enclosed for my account in order that they can have the full amount owing on my account.
Can you please explain this ? I don't understand it .
Veronica
I assume that you have an overdraft or loan with your bank --- you should have been advised to change banks if this is the case, to prevent the possibility of them offsetting any funds in your account against the debt.
This letter sounds like it could just be formalising the debt agreement by putting the amount owing in black and white in order to lodge the claim with your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Don't worry about this letter too much. I got one when I proposed my IVA as I had credit cards and overdraft with my bank. It is just a standard procedure and will be unenforceable once you are in the IVA, the banks know this but go through the motions anyway. Make sure you change banks now before they close the accounts on you.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
