ihave recently started and IVA this was approved in september this year. My problem is i went to a pawnbrokers to "cash" cheques these are called payday cheques you can either bank them on your next payday or pay a fee to roll them over.obviously with the IVA my account has now been frozen as they were a creditor. The question is if i allowed the cheques to be banked would the bank still have to pay them (as they were guaranteed by cheque guarantee) or would i still be liable for them ?
Is this from before your IVA, or have you been having the cheques since?
Is the money already in your bank account?
I'm not sure how this would work, so hopefully a technical expert will be along shortly to advise.
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
Hi
Your bank would still have to honour them and as long as they were dated before your IVA then you should be ok.If you cashed them after your IVA,when your account was frozen,then you could be in a bit of trouble
Regards
Hi
If the bank was included in your IVA then their debt would just increase,this will make little difference.
If they were not included in your IVA then you will need to notify your IP so that they can be included
Regards
i did advise company of these cheques and they said they couldn`t include them but originally banl wasn`t going to be a creditor- i tried to pay them off before IVA went through could this prejudice IVA (eventhough its been approved) if debt increases? thankyou once again
Your IP (Supervisor) is wrong. Any debt due pre-IVA is a debt that is included within your IVA. Either the bank (by guarrantee) or the Pawnbroker. Press your IP accordingly. In any event it should not prejudice your IVA.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Just because you 'guaranteed' these cheques doesnt mean you bank has to honour them.
I was in a situation a while back when the re was not enough money in the bank to cover the cheques and i still thought they would go through. One cheque did but the others didnt.
I was always under the impression that if you used your cheque guarantee card the bank had to honour the cheque, providing it was under the limit on the card. Otherwise, what is the point in having one?
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
Hi
Yes I thought that a guarantee card was exactly that..............otherwise there would be no point.As long as the cheque has been taken in accordance with the guarantee terms then surely it must be honoured
Regards
I would have thought that the only time they wouldn't honour it would be if they had written to you and told you not to write anymore cheques.
Otherwise, a guarantee card isn't worth the plastic it's embossed on!
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
