could i still have an overdraft or a store card?

[larsam]

could i still have an overdraft or a store card?

[coco]

No if you are in an IVA it is part of the agreement usually requested by the creditors

[jamesfalla]

Hi Larsam

Coco is quite right here. If you enter into an IVA or declare bankruptcy you can not continue to have a storecard or use an overdraft facility.

If you are proposing an IVA, you must include all your creditors in the agreement. If you left out your storecard and continued to pay it, this would be a preferential payment which would be against the rules of your IVA.

Once the IVA is in place, you must not take or use any additional credit without the full knowledge of your Insolvency Practitioner. If you did so, you could risk the IVA failing

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk

[kezza]

Hi Larsam

To be honest if you are in the situation that you feel the need to go for an IVA I find it hard to comprehend that you would actually want one!!!!!!![:x)]