smart2207 wrote:hi, can i use all overdraft before iva application and include in iva.
You should really submit your own post separately.
You are at risk of the Bank rejecting your IVA on the basis you have purposely increased debt when you are insolvent.
How much is it?
Depending on the sums involved you could propose to keep it.
What you can't do is not only spend the asset but also incur another debt/creditor by also spending the overdraft.
kallis3 wrote:What bills are they and where would you be getting funds from?
should i pay back if i get funds next week from tax credits, i used overdraft as i needed urgent bills, did not have much cash to cover, MY IP already added overdraft in creditors list.
so should i leave it as it is now, or should i clear overdraft next week, if they dont freeze account.
Foggy wrote:I would leave it as it is --- you don't want to favour one creditor over another. I think, as you used it for essential bills (rather than a big night out) it should be OK.
thanks all for support. IVA was the first option, hope it goes successful, if not i have last option is going to file bankruptcy, as my debts are over 50k and no assets. my IP advised 15p/£ to creditors. if they dont accept guess will get nil if i go bankrupt.
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