IVA and overdrafts

Heidi1%

Hi,


I'm in the process of setting up an IVA but have a £500 overdraft on my bank account which can't be included. I was told I would need to pay this off first. Will it matter that my bank statement will show it was used in the last month?

Lincsdebt

Have they said why the overdraft can't be included? My overdraft was included in the IVA I had, though I had to get a new account with a different bank.

National_Debtline

Hi

It would be interesting to know why your overdraft can’t be included.

You would normally just bank with a different organisation and include the overdraft in your IVA as in Lincsdebt's case, rather than prioritising that one particular debt.

James
@natdebtline

dizzyblonde82

I had a bank account with small overdraft and wanted to keep the account but was told by Stepchange IVA that all overdrafts needed to be included in IVA application.

National_Debtline

dizzyblonde82 wrote: »

I had a bank account with small overdraft and wanted to keep the account but was told by Stepchange IVA that all overdrafts needed to be included in IVA application.

Hi dizzyblonde


Your bank would in all likelihood have cancelled this overdraft facility once the IVA got underway in any case.


Dennis
@natdebtline