Can I leave debts out of an IVA?

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jack311

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Post by jack311 » Fri Feb 14, 2020 8:18 am
Can you choose which accounts to include within your IVA. I have a bank account which has a zero balance but has an overdraft of £50. This account incurs arranged fees when I use the overdraft. Could I not include this?

kallis3

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Post by kallis3 » Fri Feb 14, 2020 8:22 am
All unsecured debts have to go into an IVA. I suggest you close that account and open a new one with another bank and no overdraft.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

jack311

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Post by jack311 » Fri Feb 14, 2020 8:51 am
The bank account I own has a zero balance. Does this not make a difference?

Foggy

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Post by Foggy » Fri Feb 14, 2020 8:54 am
If you keep the account the over-draft facility will be removed anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Fri Feb 14, 2020 9:03 am
It also depends on the bank - some like HSBC and First Direct are known for closing accounts even if they are not creditors.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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