No bank account for IVA not paying debts.
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tiggy748_2
Posts: 90 Forumite
in IVA & DRO
Ok so it looks like I will be looking into an IVA soon.
So far I've been able to make all repayments.
However a close friend has had several surgeries this year and I have financialy supported her. She has now repayed this into my Halifax account that has an overdraft of 1500. There will be no more payments going in.
I've already opened a Lloyds account and was going to move everything over to this and start the IVA process. And hand over these bank statements. I want to do this so that the payments don't get included in my income.
But as I cant close the Halifax account does this even matter? I cant give 3 months from llyods. The payments will still be showing if they want "x" amount of months from halifax? I just wanted to keep things simple. Should I just keep using Halifax and wait for 3 months?
If I wait 3 months would it matter if I didn't pay the credit cards etc? IVA will screw up my credit history anyway and I working 60 hrs a week to make the payments. I'm exhausted.
So far I've been able to make all repayments.
However a close friend has had several surgeries this year and I have financialy supported her. She has now repayed this into my Halifax account that has an overdraft of 1500. There will be no more payments going in.
I've already opened a Lloyds account and was going to move everything over to this and start the IVA process. And hand over these bank statements. I want to do this so that the payments don't get included in my income.
But as I cant close the Halifax account does this even matter? I cant give 3 months from llyods. The payments will still be showing if they want "x" amount of months from halifax? I just wanted to keep things simple. Should I just keep using Halifax and wait for 3 months?
If I wait 3 months would it matter if I didn't pay the credit cards etc? IVA will screw up my credit history anyway and I working 60 hrs a week to make the payments. I'm exhausted.
0
Comments
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Hi,
If you have proof of the money going out to support your friend then you should be fine. 3 months from Halifax will also be fine. Couple of words of caution though, Lloyds and Halifax are linked so you may want to reconsider that side of things. You should also give serious thought to your health and the 60 hour week you are flogging yourself to death with. Can you sustain that for 5 years? If not, then get your I.P. firm to draw you up a budget based on "normal" income. There is then nothing to stop you doing extra but that will give you a further buffer of 10% over normal, net, without penalty and a further 50% of any excess. That way, you are not forced to do the extra either, you have more freedom to choose.
If I were looking at an IVA for you then that is the way I would go, definitely.0
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