Halifax Account

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Hull_Tiger

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Post by Hull_Tiger » Mon Jan 28, 2008 12:23 pm
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Hi All,
While speaking to Halifax last week they offered to upgrade our joint account to an High Interest account based on the amount we pay in every month. No problem I thought.
I've received a letter this morning telling me it has all gone through but they've given us a £1000 overdraft. I've rang them and asked them to remove it but does that constitute unauthorised borrowing?
I didn't ask for it and I don't want to get into trouble with my IVA.
Regards
Shaun
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cr15py

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Post by cr15py » Mon Jan 28, 2008 12:25 pm
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I suspect if you cancel it without using it, then it won't be a problem.

It's amazing that companies will still give borrowing to people in an IVA!?!
Chris
Visit my blog at http://cr15py.blogs.iva.co.uk
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ianmillington

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Post by ianmillington » Mon Jan 28, 2008 12:29 pm
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Hi Shaun

My view is that so long as you resist the temptation to use the overdraft, there shouldn't be a problem. It's only if you allow the account to go overdrawn that you will have actually taken any credit. I assume Halifax are aware of the IVA in which case it seems a rather silly move on their part!

If you want to wear a belt and braces then you can do what Cr15py advises, and cancel it, or tell the Supervisor what you have just told us.

Hope this helps

Ian
Last edited by ianmillington on Mon Jan 28, 2008 12:31 pm, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
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wen

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Post by wen » Mon Jan 28, 2008 12:30 pm
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Just cancel the overdraft and you have nothing to worry about.

It only becomes unauthorised borrowing if you use it.
Please visit my blog http://adam.blogs.iva.co.uk/
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basil_the_biker

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Post by basil_the_biker » Mon Jan 28, 2008 3:04 pm
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I was told to cancel my overdraft when applying for an IVA
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Hull_Tiger

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Post by Hull_Tiger » Mon Jan 28, 2008 3:42 pm
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basil_the_biker wrote:

I was told to cancel my overdraft when applying for an IVA
This is the thing, Basil.
I've already got an IVA and this was the account I setup as my main creditor was the bank I was with. As they offered a High Interest Account (both me and my partner pay our wages into it), I snapped their hand off. I just wasn't expecting an overdraft as it was never mentioned.
Shaun
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