Bank accounts on an IVA
Most people have a current account which comes with an overdraft facility, which is credit.
On an IVA you’re not permitted to use any credit without the consent of your Supervisor, so you may not be able to keep this service.
Does an IVA ruin your life?
Clearing your debt with an IVA. An individual voluntary arrangement (IVA) can negatively affect your personal and professional life, and make a dent in your credit score.
Is getting an IVA a good idea?
IVAs are generally suitable for people with a sustainable regular source of income. People with a lump sum to pay towards their debts may also qualify for an IVA. Not all debts can be included.
Can I keep my bank account with an IVA?
The only way to protect yourself is to start using a different bank which is not involved in your IVA. If you do not owe your bank money there is no issue. They will not be informed about your IVA and you can continue using your account throughout the Arrangement.
Will I lose my car if I have an IVA?
Will I Lose my Car in an IVA? If you enter into an Individual Voluntary Arrangement (IVA), you will generally be allowed to retain your car provided that it is necessary for work or family transport reasons and the car’s value is not excessive. The debtor can make a case for retaining a higher value vehicle.