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Posted: Fri Jul 15, 2011 1:51 pm
by Robert.bn
What happens to any credit cards I may have with a nil balance please.
Posted: Fri Jul 15, 2011 2:02 pm
by kallis3
Hi and welcome to the forum.
If you are entereing into an IVA then these cards should be cut up and not used at all.
Posted: Fri Jul 15, 2011 2:08 pm
by LizzyPayplan
If you don't have any balance on them then, as Jan has said, cut them up!
Posted: Fri Jul 15, 2011 2:16 pm
by herbekj
Cut them up, if the provider never finds out you are in an IVA then after the IVA pretend they were lost. You would then have a card to help rebuld credit.
I suspect though that during the 5 years of no use they would do some sort of a credit check and then cancel the account to be honest.
Posted: Fri Jul 15, 2011 2:26 pm
by Tina Shortland
You must make sure you declare any cards and accounts you have to the IP proposing your IVA though, even if the balance is 0 and the card cut up.
Regards,
Posted: Fri Jul 15, 2011 2:30 pm
by kallis3
I never did that Tina - I just cut them up.
Posted: Fri Jul 15, 2011 3:21 pm
by Skeef143
kallis3 wrote:
I never did that Tina - I just cut them up.
Me too, I did bring it up (it was an "Evans" store card) when discussing entering IVA and I was told simply to cut it up.
Posted: Fri Jul 15, 2011 3:37 pm
by MRBLUESKY
This is a interesting topic,I would have cut the cards up and closed the accounts.Unfortunately all my cards were fully loaded.
Posted: Fri Jul 15, 2011 3:43 pm
by kallis3
To be honest I didn't give it a thought - they were all cut up, have had no new cards delivered if they have expired so totally forgot about it.
I suppose there is nothing stopping them from sending you a new card once the other one has expired.
Posted: Fri Jul 15, 2011 3:46 pm
by KAYKAY
MRBLUESKY wrote:
This is a interesting topic,I would have cut the cards up and closed the accounts.Unfortunately all my cards were fully loaded.
Yes, mine too were fully loaded.... back in those days, I don't think I would have thought of seeking help, I would probably just have used the nil balance cards and took myself into deeper fiancial do do. Obviously, following my 6 year financial training course (aka IVA), I will always ensure that any credit card of mine sees a nil balance at least once a month.
Posted: Fri Jul 15, 2011 4:07 pm
by plasticdaft
We declared even our cards with nil balances and barclays even sent out new gold cards to us several months ago. We called tenon(our ip) and informed them the cards had been shredded just after they dropped out the envelopes!!
Paul