www.iva.co.uk

hi everyone,

i am in the process of hopefully setting up an iva, when i spoke to the company im dealing with, i informed them that my overdraft was part of my debt, i managed to clear some of my overdraft but now my car has just packed up and its gonna cost me over £400 to repair which is gonna max my o/draft out again!!. i am just hoping that the bank doesnt think im emptying out my account when considering there decision at the creditors meeting... can anyone help or has any advice??
thanks rt

I had an overdraft with my bank, pre iva I changed banks and the original overdraft was included in the iva, I did not manage to pay any of it off as I could not afford, I made sure that my wages were paid into the new account as soon as I could.

Has your IP written to the bank about your intention to propose an IVA? If so, you might find that the facility has or will be withdrawn. Have you got any other method of funding the car repairs - for instance assistance from family members?

Hi,
i have sent off my letter of authority to the ip's and they are supposed to be calling me early this week, i presume to advise me what is happening. so i am assuming they havnt contacted my bank as regards to me proposing the iva yet as i havnt been told if the best thing is the iva!
thsnks, rt