I'm in the first year of my IVA but I have an agreed overdraft on my bank account. The creditor that this overdraft is with, was not part of my IVA. Can you tell me if I'm allowed to have this overdraft even though they were not one of my creditors? Many thanks.
To further muddy the waters -- if this overdraft existed when you took out your IVA it should have been included as the bank was a creditor --- paying them back the monwy owwed in full, as you will, means you are unfairly favouring one creditor over the others -- which they will not like if they get to hear about it.
Personally I would quietly clear any overdraft and ask for the facility to be withdrawn to avoid potential problems later on --- there is always the chance that the bank will withdraw it when they cotton on too --- and that might be at a time not so convenient to you.
Also consider why you would need to use it? If your payment have been calculated properly and no changes to your I&E then barring an emergency you shouldn't need to borrow money.
Who is onlineUsers browsing this forum: No registered users and 18 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location