I have just completed the IVA I am waiting for the sign off from my IP however in the last 3 months of my IVA my bank upgraded my account from a basic to a standard account because I couldnt have the old one, I could applied for an overdraft my max was £1000 I was fine using this 1st then my car broke on me so I had to get it repaired so I ended up using my overdraft to live on and yesterday I paid my actual IVA off because I had 2 payment breaks I now have been offered a loan by my bank so I can pay my overdraft off and cancel it stricly speaking am I still under the terms of the IVA because I have not got the completion certificate?
What is the worst case scenario because I have used my overdraft? Because technically I have stuck to my agreement for 5 yrs to be honest I am worried they won't complete my iva because I'm already using a overdraft with my bank who I never borrowed from before I could use the loan I have been offered but will that affect my iva completion the main thing I need it the completin I am able to repay the loan earlier without a fee I don know what to do
You should be fine anyway as credit is allowed with the approval of the IVA supervisor. Speak to them and get the approval for the loan and retrospective approval for the overdraft. Well done for completing the IVA.
