At present I have a large overdraft that is being put with my IVA with my debt, I’m having to move banks, when I take my money over does that overdraft actually go over as plus money not minus?? So say my overdraft is £500 and I’ve maxed it would it show has me having £500 in credit when I move banks??
You can only put any positive balance in the new account, so if the old account is £500 overdrawn there will be nothing to put into the new account from there. Make sure new income (salary etc.) is paid into the new account, or they will clear the overdraft from it before the IVA is in place and you will be £500 down.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks foggy i tried to word a reply.
To the poster the OD is debt. Its not money you actually have. Therefore if account is overdrawn there is no money to transfer to the new account until you start getting salary (or whatever source of income you have) paid into a new account.
Will also need to transfer direct debits that will continue once in IVA such as rent, water, council tax. Do not transfer any DD for accounts which are included in the IVA.
Made no difference to me with HSBC - they still kept taking payments out, putting the back because there were no funds and charging me for the privilege!
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
