Can you have a overdraft in an iva?

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1

kathryn491

User avatar
Posts: 1
Joined: Sat Jan 18, 2020 4:04 pm

Post by kathryn491 » Sat Jan 18, 2020 4:04 pm
Can you have a overdraft in a iva

kallis3

User avatar
Forum Expert
Posts: 77175
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sat Jan 18, 2020 4:11 pm
Hi,

Short answer is no, you can't.
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

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Jan 18, 2020 4:16 pm
Have to echo Kallis. Further lending is not allowed without the permission of your IP, which is likely to be not forthcoming. Apart from which reputable lenders will not be willing to lend due to your trashed credit rating.
Some arrangements do have a clause allowing borrowing up to £500, but this is designed to cover things like car insurance and utility credit meter accounts.
If you find you need to borrow then there is likely to be something amiss with your agreed allowances or your spending habits, so it should be looked at before it becomes an issue.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Mon Jan 20, 2020 10:01 am
No and you shouldn't need one if you have resolved your debts with an IVA in place.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”