This would be allowable as you can usually have credit up to £500 without even informing the IP. However the bank may not sanction it anyway. It is probably better to try and avoid the charges.
I agree with Michael but would also ask why you need to have an overdraft - if you are struggling then you should speak to your IP.
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
The idea is to get out of the cycle of having to rely on an overdraft.
No overdraft, credit card etc.
We are coming towards the end now and if a charge occurs its because we have made a mistake and miscalculated - we take it on the chin and pay it.
Fortunately it only happens once in a blue moon but we are only human.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
If so check out other banks because a lot of them have abolished such charges. Barclays, for one, have done this. I'm pretty sure HSBC have too.
Note that the charges have been abolished only for the basic accounts. I think there was some government thing about it stop kicking people when they are down (like you have no money so we're gonna make it worse by stinging you for £25!)
I keep a "buffer" of £100 in the account at all times which is enough to cover most minor oversights. I consider £100 to be zero. Also can be used for emergencies [:)]
you would be lucky to get a overdraft when in your iva. I have paid off my iva, but sill cant have a overdraft from the bank.
which makes my laugh as they give me a c/card which is paid off in full in each month.
IVA now over with and it was worth it.
now starting my life again,
I have a full account with Barclays and I can't get an overdraft.
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
