1. I currently have an overdraft which I use, and also have opened a business account with a view to setting up an online business. How would these be affected by an IVA?
2. There are certain positions which cannot be held by an undischarged bankrupt (eg councillor, etc). Does the same apply with an IVA?
3. Would my creditors have the right to ask for a review in the event of my income significantly increasing during the repayment period?
Your overdraft would have to cease, and creditors most certainly would ask for more money if your income significantly increased. You do an annual review anyway.
I'm not sure about the positions you could or could not hold, one of the technical experts will advise on those. They will advise about the business account as well.
Can you post more details about your situation?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
1. Your overdraft will have to be included in the IVA and you will have to open a new account with a bank that is not one of your creditors. If your business bank account is also with one of your creditors, you may have to move this too. You should do that as soon as possible as it's quite difficult to open a business account in an IVA.
2. Being in an IVA is not as strict as BR, however, we had a forum member dismissed because of the IVA so you should make an anonymous call to HR dept and ask them.
3. Your IVA is reviewed every year and if you have a significant payrise, then after increase in expenditure then you would have to pay any extra over to the IVA.
And I think you got to the second thread by pda before I did! Speedy or what!
Last edited by kallis3 on Fri Sep 19, 2008 3:10 pm, edited 1 time in total.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
pda had posted another thread with the same question, and I was going to delete the duplicated one, but wasn't able to and it is now gone. I thought you had done it, but perhaps pda did it himself.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
