Transfer money from old account to new one

dethmart

Hi 
I am in the process of entering into an IVA, I have had to open a new bank account and was wondering as I'm in my overdraft if I need to transfer any remaining money left in the account up to my overdraft limit, otherwise I won't have any money until my next pay day?

mwarby

I would transfer what’s left from your last pay, but ask your IVA company first(as could also be construed as taking on new credit when you know your insolvent, you’ll almost certainly be fine)

you really should (IMHO) have been advised to get a new bank account before payday, as it’s not impossible that your bank could have cancelled the overdraft upon you being paid leaving you pennyless (especially if IVA company have started sending letters).