www.iva.co.uk

Hi, this is my fifth year of IVA and my annual review is coming in this month, and I recently went overdraft in my bank account, what should I do? What will happen? I am so afraid of what's going to happen.

Thanks

How much have you gone overdrawn ? Are you going to be out of it / be able to remain or of it ?

It will depend on the amount involved --- and what the bank does about it .... I am surprised you still have an overdraft facility.

I know others have asked by how much .... I doubt this late into your iva it will cause huge concern for creditors, but think its wise to understand why so that you can try and complete the final months in "credit" ...even if you need to seek a payment break to bring you back in line ....

Was there a specific reason you went into an overdraft?

Hi thank you all for your replies. I went to overdraft twice with total amount of £30 in june I am in credit ever since, I am usually careful but forgot to account for two direct debit transactions, do you guys think will it affect my iva? At this moment I am thinking whats done is done and will deal with whatever comes.

I think for that amount you will be ok, especially you are now back in the black.

For £30 I do not think there will be any issue, especially if you have the usual clause whereby you can obtain credit up to £500 without the IPs permission (generally to cover things like credit on utility accounts and monthly car insurance). It isn't as though you went out and bought a new TV.

Sleep easy... they are not going to query £30. There will be others that go far more into debt on a overdraft that will send alarm bells ringing. You will be fine I am sure.

Thank you all so much, i was so worried about this, now I feel much better, you guys are great and doing great work to help people through thier tough time. Wish you all the best and take care