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i have an overdraft in a joint bank account, which if my other debts are secured within an IVA, I could bring back into the black as my outgoings would be reduced considerably. Do I have to include the overdraft or can my IVA just cover my other debts such as credit cards and catalogue debts

Hello Lee,

Welcome to the forum.

Your own liability for the joint debt will be taken care of by your IVA; however, the creditor can also pursue the other party for the full outstanding amount whilst your IVA is in place. I would suggest that you would leave the overdraft out considering it is a small amount and it is possible to pay it off.


Kind regards,


Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Lee

Make sure that it is paid off before you sign off your IVA proposals, and that you do not have any other accounts with the same bank, if you want to hang on to the account.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk