overdraft

honeybloom1

can anyone tell me if my husband get a IVA is there anyway we can keep our overdraft,we have a joint bank account but he is putting the IVA in his name,can anyone help

sieve

If it's a joint account you will be wholly liable for the overdraft anyway if you do not also do an IVA or go bankrupt.

honeybloom1

I am currently not in the overdraft but use it as a safeguard and really want to keep it

sieve

In that case I don't think you'll have a problem. To be on the safe side though, I'd suggest removing your OH from the account (you shouldn't have a problem doing this if the account is in credit) as banks can and sometimes do get funny with joint accounts if one party is insolvent.

I have read as well that the bank may close the account and that may be logged on both your credit reports, so it might have a negative impact on you.

honeybloom1

thanks for you help,

RAS

iF YOU HAVE ANY JOINT ACCOUNTS AND EITHER OF YOU IS DOING A DMP or IVA, you must take the peron who is making the debt arrangment off the joint account. We have another poster who did not despite hubby being told to.

The bank are now offsetting cost of his sole name loan payments against the joint account and making her fully liable for the joint account. So she has to pay his debt.

honeybloom1

thanks will do

beefree

Does he have any other debt with the bank? If not you can usually keep an o/d of £500 with putting it on IVA as long as he doesnt go over this and clears it on a monthly basis with his income