Scared about overdraft again, sorry

purpleparrotuk

This IVA stuff is still doing my head in.

With reference to my previous posts about my joint overdraft, husband is in IVA, I am not.

I know I am fully liable for the overdraft but I still don't see why it was included in the IVA. Our IVA company are making us more confused than ever about it and we don't seem to be getting a straight answer.

Phoned my bank today and they confirmed that interest will still be added to the account I will need to continue making payments and keep the account within the overdraft limit.

So what is the point of including it in the IVA? Is this so at the end of the IVA hubby won't have to pay any more to the overdraft and it will all be left for me to do? So if there has been a gazillion charges to the account because I can't afford to pay it I am then up the creek without a paddle? Doesn't see, fair to me.
Are no payments going towards the overdraft then throughout the whole term? I know they will take their fees first but maybe nothing will be paid towards the overdraft and my husbands name is just taken off it.

Our IVA peeps are saying my husbands part of the overdraft has been frozen when it obviously hasn't. How am I supposed to pay all this myself? In total I now owe £7000 with an overdraft and credit card and if the mortgage goes up then won't afford any payments.

I am getting really scared again now that I will end up in big trouble.

trudij

Call your IP back and tell them that your husbands share of the overdraft hasnt been frozen - its part of their job to make sure you dont get creditor hassle, and if you arent getting anywhere with your bank, the IP should be able to help you out with what to do.

Good luck ! xx

Charco_2

Your IVA peeps are talking rubbish, the Overdraft runs as normal except that your husband will have nothing more to do with it (if he finishes his IVA successfully) and you will still have the debt.

However can you clarify how your husband's IVA is working? I know it's gonna seem like ages but your husband's IVA company will eventually have to pay over a dividend to the overdraft.

Dont tell me your full I&E, but what are the headlines... Household Income, your income, husband's income, total household expenses.

purpleparrotuk

Charco wrote: »

Your IVA peeps are talking rubbish, the Overdraft runs as normal except that your husband will have nothing more to do with it (if he finishes his IVA successfully) and you will still have the debt.

However can you clarify how your husband's IVA is working? I know it's gonna seem like ages but your husband's IVA company will eventually have to pay over a dividend to the overdraft.

Dont tell me your full I&E, but what are the headlines... Household Income, your income, husband's income, total household expenses.

Going into the IVA this is what our proposal was.

Income £3162, £2,100 husband and £1062 for me

Expenses: £2750 (which includes my car at £250 per month until April and £50 towards my other creditors)

I thought I would try and pay as much as I can per month from April and when it gets to half stop for a while. I really wish I knew how the overdraft IVA payment was going to work. The iva people just said some are paid 6 monthly, some quarterly etc and it wouldn't start for a while while they take the payments for their fees. I thought I might keep going until I have paid half and then wait a but since the dividend is 42p to the £

Iva payment £412

After April I will have more to put towards my creditors when my car payment finishes. £50 aint much at the moment.


Here are a few quotes from the chairmans report

The Supervisor Fee excluding VAT will be equivalent to 15% of all further realisations and

drawn proportionally as funds are received

The Nominee Fee including VAT will be the equivalent of the first 5 monthly payments and drawn as soon as funds permit.

The first dividend shall be paid by month 8 of the arrangement

and subsequently paid quarterly as a minimum thereafter.