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Posted: Mon Nov 24, 2008 8:21 pm
by markss
I have a burton card £250 max limit which i use occasionaly I make the monthly payments but did not declare it at the beginning of my iva because it was so small.I just feel having it during my IVA may help in a small way rebuild my credit staus during the next 5 years. I would have thought it would have shown up on my credit file by my IP or other creditors.
Posted: Mon Nov 24, 2008 8:40 pm
by Viki.W
Hey Mark, it will not rebuild your credit rating at all as your credit rating will be rubbish for six years. It is classed as credit so you shouldn't be using it although with it being just £250 limit not sure if it would be that much of a problem. Try shopping with cash as you know you have it then. There may be a month were you can't pay it off and that would be a nightmare!
Posted: Mon Nov 24, 2008 9:31 pm
by plasticdaft
Cut it up,its the way to go. If you cant afford to buy it with cash then dont. It is very hard but rules are rules.
Posted: Tue Mar 31, 2009 8:10 am
by Kenzie Ione
Once you have defaulted on your contractual payments and received a default notice this will be registered on your credit file, and will show on your credit file for a minimum of 6 years. Your credit rating will therefore be affected during the term of the IVA and the IVA would be registered on your credit file. If someone is checking your credit rating, such as a potential landlord, your credit rating may be an issue....
Posted: Tue Mar 31, 2009 10:11 am
by kallis3
I totally agree that you should cut it up - or put it somewhere where it won't tempt you.
Posted: Mon Aug 31, 2009 9:36 am
by paulgm_2000
I believe you are technically in breach of your IVA agreement as you are contractuably obliged to not take out any further credit and disclose all of your credit agreements with the IP.
I suggest just not using it anymore and ask for it to be stopped
Posted: Mon Aug 31, 2009 9:16 pm
by Mrs.T.
Please, please, please, listen to the above and cut it up. It is not worth the consequences of your IVA failing for £250.
Regards,
Mrs.T.
Posted: Tue Sep 01, 2009 10:41 am
by banjoplayer
I have a section in my agreement that allows me to have a maximum amount of credit of £500, anything over that amount I need approval from my IP. Having said that I do not want to have any credit again and would advise you like everyone else to cut the card up.
Best Wishes BP
Posted: Tue Sep 01, 2009 10:45 am
by kallis3
I am rather hoping that he has, as this is an old thread going back to November last year.