Am I allowed to accept an overdraft within an iva

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rachel.c

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Post by rachel.c » Thu May 22, 2008 11:18 am
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Am I allowed to accept an overdraft within an iva arrangement?
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Lisa2009

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Post by Lisa2009 » Thu May 22, 2008 11:20 am
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Hi Rachel and welcome.
No, overdrafts are not allowed as technically its credit.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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Oliver

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Post by Oliver » Thu May 22, 2008 11:43 am
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Mrs Skint is correct, you are not able to take any further credit while in an IVA and that includes and overdraft.
Best Regards
Oliver
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abc

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Post by abc » Thu May 22, 2008 1:46 pm
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It depends on the terms of your IVA, normally there is a section on obtaining further credit and ou also need to check the modifications in the chairmans report.

I have seen some proposals that simply state that you need your Supervisors permission.
Alan Coleman
Licensed Insolvency Practitioner with over 20 years experience and specialist for IVAs for self employed people

www.jmmarriott.co.uk
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MelanieGiles

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Post by MelanieGiles » Thu May 22, 2008 9:41 pm
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You should not take out any credit during the period of the IVA without seeking your supervisor's permission - who then may need to seek sanction from your creditors.
Regards, Melanie Giles, Insolvency Practitioner
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