More surprised that you still have an overdraft facility.
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.
it was never discussed in all the phone calls and paperwork, also the bank haven't sais anything either,just worried that if I use it it would blow my IVA apart and that would mean big trouble for me
Talk to your IP. I've always been 100% honest with anything that's going on, it's too important to me for it to be failed over something that can be worked around with their help.
There is usually a mention of borrowing in the proposal, and certainly in the Standard Conditions. Best bet would be to run it by your IP. Maybe a months break would cover it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
been offered the money to cover the overdraft and a little extra, will get this into the bank and close the overdraft facility, hope this woill be ok as I have only been in my IVA since Feb 2015 so just getting use to the finances and payouts
I set up my new bank account a couple of months before entering my IVA with Smile Bank (part of Coop Bank), it came with a £1000 overdraft facility.
When I entered the IVA Smile dropped the overdraft facility to £500 to abide by the terms of my IVA.
It has been used now and then in emergency when work has been needed on my car and has shown up on my bank statements each year at annual review with nothing being said.
My IVA will be finishing in a couple of months from now and, hopefully, no more car repair bills as my IP authorised purchase of a replacement car a few weeks ago which I now have.
If you have a decent enough IP who is/ are reasonable then they should not have any problems with you keeping your overdraft facility for emergency use.
yes post it came up at home and I thought I had enough to cover without using my overdraft, it was my fault for not closing themoverdraft down straight away....I have a feeling my IVA will now fail, I spoke to my IP today and they just wanted an email to confirm it has been closed down now and they will review I'm worried now ...sick to my stomach
Do you mind saying how much it is for and what did it relate to? Depending on what it was your IP may be able to let you have a payment break for a bit but you will need to catch that up and tag it on to the end of your arrangement.
it was £60 for a lawnmower, I have managed to get all the money back in the bank and everything is closed down, not heard anything from the IP company,would be gutted if my IVA failed over £60, not missed any payments and now have a few pound back in the bank to cover some costs if needed
Hi Clanger - it's a nominal sum and I can't see your IP failing your IVA over it as long as you are cooperative sorting it out. Speak to them, be honest about what happened and sort out a way forward. Ask them for a payment break to make it up. Failing that do you have a family member/friend who could pay it for you that you could sort out once the IVA is finished? Nb if your IP closes your IVA early there will be less fees in it for them...
Thank you both for your comments above, in fact thank you to everyone who has placed some good advise on this one for me.
I have repaid the money + a little extra thanks to a family member who isn't worried about be re-paid at the moment, I have closed down the overdraft with the bank, I did contact the IP company and have not heard back from them and emailed them to confirm all was closed so I guess wee will see what happens next, I now have some more credit in the bank account so this shouldn't happen again, just a case of getting use to all the payments and how all this works....it's a long road but just got to keep my head and get it right and it should go ok.....thank God for this Forum though
Regards to all
Clanger( just starting on the long,long,long.long road)
