www.iva.co.uk

Hi all,

Hope everyone is well, just need some quick advice.

My husband has applyed for credit building credit card today without discussing it with me as he thought he was helping us build back up our credit score. Howvere as i am the one who deals with our dmp and other financial incomings and outgoing, he hasnt realised that i'm pretty sure were not allowed to do this. Is this correct? And if it is what can i do to stop the process?

I cant for the life of think why he would think that this was a good thing...

Any advice for someone who is pulling their hair out with worry?

[:(]

Hi Jan

If the credit card is his name - then he will solely be responible for the debt - there is no such thing as joint credit cards - just a 2nd card holder.
Would not have thought the DMP people would not be pleased. Even if the application is accepted - you usually still have to send back a signed form - DONT !!!.
there is also a cancellation period when you get card.

As far as i am aware this would not improve the credit status until the plan is finished.


Would rip you hair out yet take it out on the other half

Hi
In a DMP it is possible to take on credit if approved. You just have to be careful that it doesn't escalate and become unaffordable as technically you are paying as much as you can afford to in a DMP and have none spare for new credit repayments.
Regards

To be honest i cant believe he did it without talking to me first but i kinda understand what he was trying to do. (spend 10-20 per month on it then repay it etc) but just dont want anything to mess up our dmp to be honest. We have worked so hard to keep up the payments etc i just wasn't sure if our creditors would find out about it. He applyed on line, and doesnt know if he has been accepted yet so hopefully he wont...he also hasnt signed anything yet eithe so will not let him do so...

Thanks Guys

Julie

Andy

I am still right in thinking that whilst in a DMP - you credit rating would not improve until finished ?
So getting a credit card - would not really do anything to improve your rating?

Hi
I think it can help your rating as can a basic bank account, like the Co-op Cashminder account, that reports to the credit reference agencies.
Regards

to be honest i dont want anything to do with credit cards ever again....

Thanks

Jan, I'm totally the same! Been trying to decide whether to get one post IVA, but now I'm thinking I haven't needed it for 5 years....why should I need one now

Hope you get it sorted

Cx

Do you think i should metion it to my dmp company or just cancel it if it gets accepted? Also when he applyed online you had to tick a box or something to say that you agree to t&c and he seems to think it might have said something about ticking being a form of signiture. Would this bind us to that card or can we still cancel it? It was a vanquis card

Sorry for all the questions...i could kill him arrrr

Personally i wouldnt mention it to the DMP company as your not planning to take the offer up(if accepted)

Legally your not bound to the card until you have signed the form and return it - even then there is a cancellation period.

T+C are diffrent to signing the credit agreement form ,T+C just indicating the right of the card supplier and your rights - on its useage

If you don't activate your card it doesn't matter so just cut it and throw away. I also don't want credit cards again!

thanks guys..maybe ill stop worrying now and who knows maybe ill even get some sleep...all i have done today is worry about this b***** credit card and search the web for what to do. Lets just say my other half has a lot of making up to do.

Thanks again for letting me rant

Hi Guys

Just a quick update from yesterday, we got a call from vanquis this morning to tell us we had been accepted for their visa card (at 8am). It felt great to tell them that we actually disnt want the card anymore.

Thanks for all the help yesterday.

Julie xxx

Good in many ways you were offered the card, but the postive thing you can say no i dont want it !!! - it also meant you were not relying on the credit at 39% APR - to make ends meet

Hope you managed some sleep last night - seemed you were a bit "stressed out"

Glad you managed to sort it Jan.