Can you have an IVA and be an Additional Card Holder on someone else's account? i.e. you didn't sign the credit agreement etc. Someone asked me this and I didn't have the answer to this question so thought the forum members could help!
My initial answer was that legally the debt is not in your name so you are ok, but on moral and behavioural grounds it probably wasn't wise as thats how you got in to the problem in the first place.
Not 100% sure, but I think you can be as you quite rightly say, the card is not yours and any debt run up on it will be down to the card holder.
Not advisable though really!
One of the experts will be along to advise further.
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
morning jan i would agree the debt is the account holders who,s name is on the agreement.but there is no allowance in your i&e to make monthly payments towards it.so definitely not advisable unless the account holder is going to pay your usage of it.in any case you are supposed to dispose of any credit cards you have access to when entering into a iva.
Last edited by MRBLUESKY on Thu Aug 20, 2009 7:16 am, edited 1 time in total.
My proposal makes no mention of prohibiting the use of an additional card. I have no intention to do so, I agree its not worth it in the long run - as you can get back in to old habits, its also a big ask for someone to take on that responsibility for you.
I was just interested to find out, following a conversation with a friend.
I have to agree with Kallis3 while I do believe that the debt is legally the person who holds the card it really would be unwise to go down that route, after all it is that route that brought us all together on this great site.
Regards BP
Last edited by banjoplayer on Thu Aug 20, 2009 9:44 am, edited 1 time in total.
You have no legal liability as an additional cardholder and it is not a default in the IVA. However, I would only see value in having one if a partner or relative gives you a card to use only in the case of emergencies.
I've never been an additional cardholder, neither has hubby. We always had our own separate ones!
Probably half the problem - instead of one card with a £10k limit between us, we had one each!
I shan't be having another credit card, either on my own or as a joint holder!
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
I post on the sister site as well, and it is amazing how many people have got themseves into difficulty a second time.
You have to be very strong.
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
I don't think I'll want a credit card with a huge limit but maybe will see the need for one for emergencies, we'll see but by the time I can be considered for one maybe my train of thought will have changed again x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I know that there are times they come in useful - if you want to hire a car for instance, especially if you go to the States.
If you can make sure you have the money set aside to pay it straight off, no problem.
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
