paying off his overdraft

[jasperyogi]

Hi there,
Our friend is 9 months into his IVa and stupidly didn't mention his overdraft of £1200 to his Ip as he didn't want to loose this account, but is now concerned as his review is around the corner. His father has now offered to lend him the money to pay it off, is this possible and if so can it be put straight into his account as a lump sum.

Why spend life worrying...when you can spend it smiling!!

[aguise]

Hi there I would get him to pay it straight off and tell the bank to remove the overdraft, or take the account down to a basic one.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[jasperyogi]

Hi there Ang,
Thats what I suggested he do but wasn't sure whether he had to come clean to his IP first, as he has to supply 3 months pay slips and this is his 9th month I think. He is worried sick and has been burrying his head AGAIN! makes you think, he was the person who pointed us into the IVA direction and has been such a support to us, I wouldn't want him to get into trouble with wrong advice from me[:0]

Why spend life worrying...when you can spend it smiling!!

[aguise]

Melanie will be the best to answer this but either way the overdraft needs to be paid. Personally I think if it shows on his statementrs it may be best to let the ip know and also confirm that the overdraft is cancelled and paid, but wait for other answers.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[iva experts]

Hi Jasperyogi,

I would advise your friend to contact the I.P involved as soon as possible, the I.P may be able to include the creditor in the IVA. I think the best way forward is to be up front and honest with the I.P.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[jasperyogi]

Hi everyone thanks for your advice,
I'll tell him the options. I just dont know enough about reviews and the whole IVA system myself having only been in my IVA for 3 weeks!!
Afterall HE is the one advising us most of the time....a bit worrying really (But dont tell him that LOL!!)[:D]

Why spend life worrying...when you can spend it smiling!!

[Oliver]

He would be best coming clean to his IP about this as this debt may have to now be included in the IVA. He should tackle this problem head on and be open and honest about it to his IP.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

As an IP - can I say that I would expect my client to advise me of this but so long as the overdraft was repaid using third party funds this would be fine.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[jasperyogi]

Thanks again everyone for the advice, he phoned his IP up this afternoon and basically its up to him whether he repays it or includes it. I think he is going to pay it off.
I have told him all about the forum so expect him to be posting soon....Dont worry I have told him not to offer advice on "Not incuding debts"[;)]

Why spend life worrying...when you can spend it smiling!!

[aguise]

Thats great glad he has sorted it.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[jasperyogi]

Hi Ang,
He really needs his head read for not adding this to his IVA. A big thank you for all your help on this. This forum really reaches out to people when they need it most....I can picture it now bottles of wine and a night round the computer on the forum with our mates!!!!...I may regret telling him about this[:D]

Why spend life worrying...when you can spend it smiling!!

[aguise]

It was one of our friends that told us of his iva and that gave me the push I needed to do something about it. Sharing a bottle round the computer might be good fun, why not better than watching rotten television.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/