IVA whilst in IVA

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

jenny726

User avatar
Posts: 1
Joined: Mon Sep 17, 2018 2:04 pm

Post by jenny726 » Mon Sep 17, 2018 2:04 pm
can I have a small overdraft whilst in an iva?

Lisa Thomas

User avatar
Industry Expert
Posts: 7351
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Mon Sep 17, 2018 3:18 pm
You can usuauly obtain credit for less than £500, sometimes with your IP's permission but I doubt it will be possible due to your credit rating being damaged due to the IVA.
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

kallis3

User avatar
Forum Expert
Posts: 74306
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Sep 17, 2018 3:43 pm
Is there any reason you would need one? I can't see your bank agreeing to it.
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
Forum Expert
Posts: 28587
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Sep 17, 2018 4:09 pm
You will fail the required credit check. There should be no need for one if your expenses have been correctly calculated and your spending habits adjusted to suit.

As said most arrangements do allow for credit up to £500, but this is usually taken up with things like electricity and gas on credit meters, car insurance by installments and the like.
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

luluj

User avatar
Forum Expert
Posts: 10455
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Tue Sep 18, 2018 5:35 am
Maybe a review of your income and expenditure will allow for a more balanced budget andcalleviate tge need of a overdraft.
As others hsve said the likelihood of being approved is low due to the iva anyway.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”