www.iva.co.uk

Posted: **Sat Nov 17, 2007 10:26 pm**

hello been in iva for 9 months i have got my self overdrawn at my bank this means am finding this hard whith my payments with the bank putting interest on now am pannicking about my iva.

Posted: **Sat Nov 17, 2007 10:34 pm**

Hi & welcome.

Just a question how did you get an overdraft on your account on an IVA? how much is your overdraft? As me & my partner have just started going through the first stages of an IVA and was told not to have an overdraft on the new bank account we open.

Sam

Look to the future not in the past!!

Posted: **Sat Nov 17, 2007 10:40 pm**

O/D are not permitted in basic bank accounts. If you had a current account with a O/D facility you need to have it removed.

Posted: **Sat Nov 17, 2007 10:45 pm**

hi and welcome

how mch and how long has it bee overdrawn if u can post some more details one of the experts will be along at some time the more detail the better the answers will be

High hopes & skint pockets!!

Posted: **Sat Nov 17, 2007 10:54 pm**

Starboy

You should not have run up an overdraft whilst in your IVA, but the fact is that you have and you should therefore discuss the implications of this with your IP as soon as possible.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Sat Nov 17, 2007 11:06 pm**

Evening Melanie

How are you? Did you watch Celebrity Get Me Out of Here?

Sam

Look to the future not in the past!!

Posted: **Sun Nov 18, 2007 10:45 am**

Thank you for your reply my overdraft is £2000 i am in a mess and did not know about not havivg a overdraught in iva i thought my bank hsbc would know i was in one now am pannicking what will happen

Posted: **Sun Nov 18, 2007 11:24 am**

Hi Starboy

Please stop panicking. What is done is done and you must now work with your IP to sort this out. The first step will be to stop using the account and get yourself another bank account open - or negotiate with HSBC that you continue to use the overdrawn account with some form of gradual reduction. Have you also explored the possibility of a family member or friend paying off the overdraft for you?

Either way you must speak to your IP to seek his/her advice. If you were genuinely not told that you could not incur any credit during the IVA - and do check the terms of the IVA document you signed as this is usually referred to expressly within the proposal - then they may be sympathetic to helping you sort this out.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Sun Nov 18, 2007 12:08 pm**

In a case like this, provided the overdraft was cleared, is that regarded as satisfying a IVA breach and the matter is closed or is the IVA at risk simply because a breach has occured regardless of it being resolved.

Posted: **Sun Nov 18, 2007 1:02 pm**

If the overdraft it cleared by third party funds there is no breach, although the IP will be telling his client to make sure that the same thing does not happen in the future.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Sun Nov 18, 2007 3:27 pm**

can you tell me if my iva can be cancelled because of this

Posted: **Sun Nov 18, 2007 3:34 pm**

You will need to discuss this with your IP, as technically it is a breach but it depends how hard line they want to be.

Personally, if you were my client, I would give you a stiff talking to, but try to see ways of dealing with the situation postively rather that negatively.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Posted: **Mon Nov 19, 2007 12:02 pm**

Starboy,

I find it very disturbing that you were not told to cancel your overdraft facility, I think this is one of the most important things that someone entering into an IVA can be told.

Contact your I.P immediately so this situation can be sorted out.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

Posted: **Mon Nov 19, 2007 12:05 pm**

I'm surprised that HSBC have allowed this to happen - they usually close the accounts of people in IVAs as a matter of course.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Posted: **Mon Nov 19, 2007 5:22 pm**

Thankyou for your help .i phoned my jp told them there said can not put it in iva i need to contact the bank to see about paying this back