IVA whilst in IVA

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jenny726
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by jenny726 » Mon Sep 17, 2018 2:04 pm
can I have a small overdraft whilst in an iva?
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Lisa Thomas
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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.
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kallis3
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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.
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Foggy
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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.
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luluj
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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.
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