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WHAT IF THE NEW ACCOUNT I OPEN AS AN OVERDRAFT WITH IT WHEN I OPEN IT????????????????????[:(][:(]

You must stipulate that you do not require one and it will be removed. You only need a basic account, if they try to offer you more you just tell them you do not want it.

Good evening,

You need to open a bank account without an overdraft facility. Creditors will generally insist that you do not incur future credit, which includes allowing your bank account to be overdrawn.

If you have a loan or credit card with a bank and you also bank with them, we advise you to change banks. This reduces the risk of the bank taking your income after you are paid.


Kind regards,


Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

If offered an overdraft facility simply say,no thank you. No reason need be given. You can not have an overdraft nor cheques when under an IVA or credit of any kind.

If caught you are in big cow's pat! The IVA will fail and you will be thrown into bankruptcy faster than you can say super-calla-fragu-listic-expe-alado-shish!

Seriously, no credit.

I'm a little confused - not difficult! I know that you cannot have an overdraft, but I didn't think that there was a problem with cheques. I've still got (and use when there's money in my account!) my chequebook...

Three down, fifty seven to go until freedom!

There's no problem in having a bank account with an overdraft facility whilst in an IVA - just don't use it. And remember that it is possible for anyone to have credit during an IVA, so long as this is for a very good reason and is taken with the express permission of your Supervisor.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk