www.iva.co.uk

I bank with Nationwide and have £100 overdraft. I want to cancel the overdraft facility and I have no other debts with them. I already have basic bank account with them cash card only and cheque book without cheque guarantee card. All our direct debits come out of this account. Do I have to tell them we are proposing IVA arrangement when I ask to cancel the overdraft facility ?

I agree with LadyH. It is not necessary to tell them or it could complicate matters. If it is difficult to cancel the overdraft without awkward questions being asked, just do not use it. It might be an idea to keep it anyway as if you do go accidentally overdrawn for a small amount you will not be hit with fees and charges if there is a buffer on the account.

If Nationwide are a creditor, then you would be advised to open a new bank account sooner rather than later.

The Co-op come highly recommended by posters on here.

Thank you for your replies. This forum is so helpful when head spinning from what ifs and hows !
Easiest and useful to keep overdraft facility but not use it. Nationwide bit IVA obsessed on all their other application/query forms so want to avoid anticipated difficult questions with them if possible. Account has run smoothly with them since opening.
Oh blimey - within seconds of making that decision now stressing that existance of OD facility on my current account will compromise IVA arrangement (to be - hopefully). Should I tell my IVA company that I am thinking about keeping but not using the OD facility as it may be easier than making Nationwide twitchy?

Just say that you don't want it. I did that with Lloyds and they didn't even question it, just removed the OD.

Your IP should not have a problem if the facility remains in place but is not used. Just be up front and provide a statement to show it is in credit.