Overdraft question

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christina690

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Post by christina690 » Thu Oct 15, 2020 3:35 pm
Hi, my just starting my IVA. My overall debt is about £13000. My have been told my need to pay £100 per month for 6 yrs that’s it.

What my want to know is, my have £500 overdraft which my confess my use, is this amount taken into account also please?

kallis3

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Post by kallis3 » Thu Oct 15, 2020 4:27 pm
Your overdraft should be included in your IVA and should not be used. Have you changed your bank account to a non creditor?
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Foggy

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Post by Foggy » Thu Oct 15, 2020 4:35 pm
As Kallis says the overdraft will be a debt included in the IVA and any overdraft facility will be withdrawn. It would be wise to move bank accounts to a bank you do not owe any money to -- they should not do so, but they might try to take money from your account to cover the debt to them.

I am concerned that you have been told £100 per month for 6 years "and that's it" --- 'that' is rarely 'it': You have, I hope, had it explained that you will also have to pay over a portion of any overtime, bonus payments and pay rises, as well as any windfalls (lottery wins, inheritances 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
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luluj

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Post by luluj » Thu Oct 15, 2020 5:53 pm
Thats a relative low level of debt... have you considered all other debt solutions to ensure the iva is right for you ?
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There is a solution for everyone .... Just need to stay positive !

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