If you are entereing into an IVA then these cards should be cut up and not used at all.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
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.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
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,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
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.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
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.
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
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
