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Nationwide requesting overdraft back
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purpleparrotuk
Posts: 384 Forumite
in IVA & DRO
Hello
Hubby has been in an IVA for 5 months. Our joint overdraft with Nationwide was included in the IVA. I know that I am now liable for the full amount.
Anyway got a letter yesterday saying we have to pay back the whole overdraft (which is £3500!)
I have been making a payment of £50 for the past 5 months which has just been covering the interest so it doesn't go over. I have just called them up and they said the best they can do is I pay £80 per month plus the interest (approx £50) so £130 per month.
There is no way I can do this at the moment. I have tried contacting my hubbys IVA peeps but they are all the office until next week.
After approx 4 months I will have finished my car loan payments so will be able afford approx £100 per month but what do I do until then?
The IVA bods have not started to pay the creditors off yet because I understand they take their money out first. I wonder when they are going to start the payment and how much will it be? I will then only have to make the top up to the required amount of £130 which would help.
Hubby has been in an IVA for 5 months. Our joint overdraft with Nationwide was included in the IVA. I know that I am now liable for the full amount.
Anyway got a letter yesterday saying we have to pay back the whole overdraft (which is £3500!)
I have been making a payment of £50 for the past 5 months which has just been covering the interest so it doesn't go over. I have just called them up and they said the best they can do is I pay £80 per month plus the interest (approx £50) so £130 per month.
There is no way I can do this at the moment. I have tried contacting my hubbys IVA peeps but they are all the office until next week.
After approx 4 months I will have finished my car loan payments so will be able afford approx £100 per month but what do I do until then?
The IVA bods have not started to pay the creditors off yet because I understand they take their money out first. I wonder when they are going to start the payment and how much will it be? I will then only have to make the top up to the required amount of £130 which would help.
0
Comments
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Just found my post from last year so I know the iva will not start paying the dividends for ages yet. Then only quarterly afterwards.
https://forums.moneysavingexpert.com/discussion/28346160
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