CREDIT CARD

[r.t]

HI GUYS
CAN ANYONE SETTLE A DISAGREEMENT IM HAVING WITH MY FLATMATE, I AM IN THE PROCESS OF APPLYING FOR AN IVA AND HE INSISTS THAT IF I HAVE A CREDIT CARD WITH A ZERO BALANCE I CAN KEEP THE CARD EVEN IF I DONT USE IT WHICH I DONT WANT ANYWAY!! I PRESUME THAT IT IS PART OF THE CONDITIONS THAT I HAVE NO REMAINING CREDIT AVAILABLE...

THANKS ALL!!!

[pbeck]

Although they may not take the card away, if you were tempted to use it then it would be a breach of the terms of your IVA, you should not tempt fate this way, I suggest you have the card cancelled.

[OPTIMIST12]

Yes - get rid of it!!!

Dont risk temptation getting the better of you and failing your IVA through a moment of madness!!!

[emma_t]

Hi r.t

I had no credit cards with zero balances as all were included in my iva, however I do have a catalogue clothing account with a £500 facility.

I wanted to remove all temptation when my iva was approved and contacted the company who removed the facility although I still have an account that I can order if I wish and pay at time of ordering.

I don't see the point of hanging onto any credit, as I am sure I will have tough times ahead during my iva and don't want to breach the terms of my iva.
From reading posts like this before where people have kept zero balance cards if they use it once it seems a slippery slope after then

Emma x

[louisa.s]

I might be wrong but with our IVA proposal we would breach our IVA if we took out additional credit of more than £500 unless agreed beforehand with our supervisor but each case is probably different.

This part will be contraversial I know but I still have one card that wasn't part of my creditors but it's maximum limit was only £500. I use it occasionally for fuel and internet purchases with no problems but I always make sure I pay it off fully each month.

[Emily]

I think Louise have answered the question by the poster

Louisa, the £500 provision in your mod isn't about been allowed to use a creditcard. But to say get a washing machine etc on say HP.

So keep your creditcard as it is useful. Basic Bank account gives you a limited debitcard unless you have a Maestro

[luluj]

My chairmans report clearly states that if we are in the possession of any credit cards, with or without balances on them, then the cards should be destroyed with immediate affect - it is totally against IVA guidelines for anyone to have any form of credit whilst in an IVA.

[OPTIMIST12]

There can only be one sensible resolution to this thread - if you are proposing or commencing an IVA then GET RID of all credit cards or other lines of credit. If you keep them you are only doing so because - in the back of your mind - you WANT - or think - you might WANT to use them!!!! If you are serious about your debt free future then cut them up and return them to the issuer!!!!!