Question about the Paypal Prepay Credit Card

[Endsmeet]

Don't your banks supply you with a debit card??? Mine does. Or am I missing something here?

Some banks do, I was lucky enough to obtain a visa debit card with a non creditor before my IVA was accepted, but some banks will only issue you with a cash card or a visa electron or simi which is not always accepted by some places....

[Emily]

My only reservation on the Paypal card is that the upload from a paypal account to the card could take 3 days. The cashplus is still got the edge in free instant upload at PO and selected places. There are times you need an instant upload for that NOW purchase. Mind you you can always hold onto other prepaids. A 2nd best card in my books after the cashplus card

[PoorbutHappy]

Don't your banks supply you with a debit card??? Mine does. Or am I missing something here?

Most people end up changing bank accounts, to a basic one, with an unassociated lender. (no overdraft, no regular fees etc etc)

Most provide a cashpoint card. Some, like the co-op provide an electron card. Very few end up with a fully fledged debit card.

Some people can stay with their "old" account of they dont owe the bank, and the bank is happy to have an IVA customer, and retain their full fledged "debit" card.

So I think its fair to say that a fully fledged, pre loaded Visa card may be of interest to some.

[Cybus]

That's a bit harsh Cybus - are you saying people shouldn't be able to have a contingency fund or make savings? I had no contingency fund in my IVA, but if I had I would have wanted to save it somewhere.

Also, if people can make savings here and there why shouldn't they be able to keep the money? I'm not talking loads of money, but 5 years is a long time, so if someone can save £20 here and there by making cutbacks I say good on them!

Not at all. I'm saying that funds allowed as cotingency in an IVA are there to provide assistance in the event of an unexpected occurrence that costs money to put right - usually breakdowns or things not covered by Insurance Policies. By all means put it away somewhere where it can work for you. But what happens if you don't do that and go and spend it all, for instance on a holiday, and that unexpected thing happens while you're away and you come back to a burst or a broken washing machine or whatever else could go wrong. What would be your port of call then? It would be the creditors.
If you're not going to save the Contingency monies then you should consider what you would do in the event that you subsequently need them.

[Endsmeet]

I think that Cybus has got the wrong end of the stick here, when I said rainy day, I meant that everything that can crop up unexpectedly is classed as a 'rainy' day in my eyes.
Its just my nicer way of putting it that's all[;)]

My 'rainy day' fund has just paid for some car repairs and MOT

[Skippy]

Thanks for clearing that up Cybus! I still think there is no harm in having a cheap holiday somewhere, one of the Sun or Daily Express holidays for example. 5 years is a long time, and I know that I would have definitely done that if my IVA had worked.

[clairesomp]

Hiya

Can you sell on ebay whilst in an IVA then?

Thanks

Claire

I am definately going to get one of these so when I sell my old clothes on ebay, the money can go on the card to buy essentials, it gives me more of an incentive to get selling![:)] X

[kallis3]

You certainly can!

Obviously it is only personal items you can sell, you wouldn't be allowed to run a business.

As long as you don't make too much money, there's no problem.

I sell on there.

[MelanieGiles]

If you are selling items which would not have been included in the IVA you are free to do so, but as Kallis says any buying and selling would constitute trading and you would need to advise your IP as well as HMRC!

[David Mond]

Presumably clairesomp this is ony bits and pieces and not a regular occurence?

[couple31]

My only reservation on the Paypal card is that the upload from a paypal account to the card could take 3 days. The cashplus is still got the edge in free instant upload at PO and selected places. There are times you need an instant upload for that NOW purchase. Mind you you can always hold onto other prepaids. A 2nd best card in my books after the cashplus card

Money transfered from your PayPal account is always available by 2pm the next day even at weekends

I've tranfered money at 11.59 pm and it's been there to use at 2pm.

The top up card has been a life saviour to me being self employed as all my clients pay by Paypal and in the past I had to wait 8 days for the transfer from Paypal to my bank account.

They recently raised the amount you can load onto the card every year from 5 to 10k which was good as we were close to running out with 4 months to go since we took it out

[kallis3]

I've had no problems with top ups either.

[johnh]

Ladyh

One option would be to get a Thomas Cooke pre-paid visa card which you can load up with sterling, dollars or euros - just pop into a Thomas Cooke branch and get it there and then. With currencies going up and down like a fiddler's elbow you have to study rates carefully, but, in general, dollars are more in demand than sterling in most countries and you are likely to get a better rate when you come to use the card in Cuba.

[kallis3]

It was last September she went John.

[johnh]

Thanks, Kallis - I must look at posting dates more carefully!! In fact I feel rather a prat!!