www.iva.co.uk

i already have an iva but didn't put my bank account into it with is overdraft as i wanted to try and pay this off as I couldn't get another current account anywhere. The overdraft is too big for me to decrease and i'm struggling, can I add this to my iva or is it 2 late?

It is possible to add it but really it should have ben disclosed at the start. You may have to increase the term of the IVA to ensure all creditors still get the same dividend promised.

Ring your IP and discuss it with him/her but it shouldnt really cause too many problems.

Hey jules, welcome to the forum. All your unsecured debts should have been included in the IVA so I'm not sure what happens now, an expert will be along shortly to advise you. Viki X

You must contact your IP as this debt should have been included.But dont panic, your intentions were well meaning.

I would assume that the account was not disclosed to your IP, for whatever reason.

If it had been disclosed, you would have probably been advised to set up a new bank account and include the overdraft in the arrangement.

I assume your salary is paid in to this account?

The danger here is that if you are struggling to maintain this overdraft within limit, the bank, if it feels fit could well try and close your account at any time. If that happens to be just after your pay has been deposited in to it, then (Please correct me if I am wrong) your pay is going to be used to reduce the level of overdraft and you could find yourself with both no funds from your pay and no bank account.

Speak to your IP as soon as practicably possible.

Would it also not be prudent to open a new bank account with a bank that is not connected to your creditors and arrange for your Direct Debits and Standing Orders to be transferred to that account? You will find that you will automatically have no overdraft facility with the new bank and you will be expected to operate the account in credit at all times.