Bank account with overdraft facility will be a problem in IVA?

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zoe434
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by zoe434 » Wed Jan 31, 2018 4:09 am
Hi I have a fair amy but in debt and am thinking of a Iva. The bank account my wages get paid into has a overdraft on it will this cause me a problem? Will I be able to keep this account and use it?
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Foggy
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by Foggy » Wed Jan 31, 2018 7:41 am
The overdraft will have to be included in your IVA, making the bank a creditor. It would be advisable to open a new basic account with a bank you do not owe money to,
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kallis3
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by kallis3 » Wed Jan 31, 2018 9:11 am
Do you actually use the overdraft? If not I suggest you speak to your bank and ask them to remove the facility.
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Lisa Thomas
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by Lisa Thomas » Wed Jan 31, 2018 9:23 am
Open up a basic bank account with a different bank before you start any insolvency proceedings.

Short video here re same (applies to IVAs too):

https://youtu.be/nAXh_0vWt58
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kallis3
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by kallis3 » Wed Jan 31, 2018 10:09 am
Co-op come recommended.
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