www.iva.co.uk

am I allowed to have a overdraft amount on my bank account of 300 pounds which comes with the account?

Hey fi-s, welcome to the forum. If you mean while you are in an IVA, then no, you should ask the back to cancel the facility as it might be too tempting to use it.

No, you won't be allowed one in an IVA. You will be allowed no credit unless you get permission from your IP.

did i not hear a whisper of a 500 quid credit clause??

Under the terms of the newly introduced IVA Protocol, you only have to get permission for credit over £500 - but I would not want that to be seen as encouraging people in IVAs to extend so far, even if that credit were to be made available to them.

why would you want any debt when in an iva, and which bank offered you this

I am with you James. Why would you want credit when you are in an iva?? I know things can get tough when the car needs work for an MOT or the washing machine breaks down,but an overdraft would be far too risky IMO.

If you've got a full bank account, the majority of banks will offer an overdraft. You just have to be strong and turn it down.

I am so glad I haven't got one, don't intend to have one when I've finished either.

We cancelled ours as soon as we opened our Smile Account.. sent IP proof. Never want any form of credit again

I had the option with my new Abbey account of them matching my previous overdraft limit with Natwest - £5000 for heavens sake. Thanks but no thanks. Although possibly they might have viewed it differently if they knew I was in the process of applying for an IVA - they might not have been so keen then [;)]