IVA questions

ld54336

Hello
I'm in the process of doing IVA paperwork & just had a few general questions

1- I've seen on here that some IVA companies have advised people to draw money out of their current accounts upto the OD limit. My OD limit is £2300 but current balance is £1950. My 2 daughters need new shoes- would it be a terrible idea to draw out £50 to pay for this?

2- Has anyone had any experience of dealing with Barclays in terms of IVA's? Are they usually willing to accept proposal etc?

Hope that makes sense
x

Choo_Choo_4

I'm not so sure about IVA companies TELLING clients to max out their overdraft before going into the IVA ... it doesn't sound quite right to me and probably wrong advice BUT on the other hand if your daughters NEED shoes for school or whatever then needs must and I wouldn't see a problem with you doing this .. the overdraft is probably going to come back slightly higher when the Statement of Affairs is drawn up for creditors anyways (due to interest and that) but if it's a pair of sandals for tomorrow night on the town then not so just ...

It would really depend LD on how attractive the IVA proposal is to your creditors .. dividend they hope to receive at the end of it etc .. if it's done properly then there should be no reason for any of your creditors to object to it ...