Will my IVA fail?

[katherine824]

I had a complete life change 5 years ago . I was made redundant, have several heath issues and my young son was diagnosed with ASD, I am now on benefits. I entered into an IVA 12 months ago, I have not missed any payments and my annual review is due. I had an agreed overdraft on my account and I tried to take it off on several occasions, but I began to have panic attacks at the thought of the IVA not being paid and failing. I have gone into my overdraft, but the money is always put back the following Monday. I have now had help to deal with the fear and panic attacks and taken the overdraft off. will my IVA fail?

[luluj]

Very much doubt it will fail if you have maintained your iva payments. However regular use of your overdraft is possibly non compliant to the terms of your iva.

I would ask for a review of your income and expenditure to ensure your payment is still affordable.

[Foggy]

I agree with Luluj -- there should be no need for you to keep going into overdraft. However, on that point, most IVAs do allow up to £500 credit without the permission of the IP, so, as long as the O/D was under that amount, you should be fine. Bear in mind, however, that that £500 figure is usually taken up, by most, in utilities and car insurance and the like and was not designed to cover actual 'cash lending'.

[Lisa Thomas]

It might be a good idea to try and open up a new basic bank account with a different bank if you can and close the old one down, if they won't take the overdraft off, which seems odd.

[kallis3]

I rather think the OP is scared of taking off the overdraft as they are relying on it at times. I also agree you need a review of your I&E.