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iva nad overdraft
eloisesmummy
Posts: 1 Newbie
in IVA & DRO
We entered in to an iva in june, before it went to court we opened another bank account with halifax, it has an overdraft which we use on a regular basis. Does anyone know Is this going to cause problems with my iva down the line or at my annual review.
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Comments
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It may cause a problem because an overdraft is classed as credit and you are not allowed any credit while in an IVA. Not sure what will happen though.Do what you love :happyhear0
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You are not allowed an overdraft on a DMP so it will DEFINITELY not be allowed on an IVA. You will need to clear it as quickly as possible and either not use it or ask for it to be taken away. You will need to show your bank statements at your annual review so I'd try and get rid of it as quickly as possible and say it was something you used in error without realising it wasn't allowed, and got rid of.DMP Mutual Support Thread member 244
Quit smoking 13/05/2013
Joined Slimming World 02/12/13. Loss so far = 60lb in 28 weeks :j 18lb to go
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