Is it OK for my husband to have a company credit card? We are both in an IVA? He is due to go abroad to work and will have to pay car hire meals hotels etc so that's why they are giving him the card.
If its OK to have one - do I need to inform our IP?
IVA completed September 2014. Finaly debt free - final dividend 88p/£
I am pretty sure that he is allowed to have that as it is not in his name, and he will only be using it for company business.
One of the technical experts will be along soon to confirm (or otherwise!).
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
You beat me to it Andy! I'm a bit slow on the old keys today!
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
If the credit card is in the name of the company and not your husband then your husband is not taking the credit.
The important thing to remember is to ensure that your husband does not use the card for anything other than business use. Your husband's employer will be able to claim any personal expenditure on the card back from your husband. This could either be by deduction from salary or in monthly payments. If it is as deduction from salary then it could leave you with too little to live on that month. If it is as monthly payments then it will be effectively taking credit.
I have often dealt with business men who have a company credit card or need to use a credit card to cover business expenses each month which are then reclaimed back from the company. I will normally explain this in the original proposals and insist that the card is cleared each month. I also ask for a copy of the statement to show that this has been done.
What you can or cannot do with regards to credit cards is normally stated in your proposals as modified by the creditors at your meeting. For instance, I have a paragraph stating something like "I will not take any further credit without the express written permission of my Supervisor". Check your proposals and explain the situation to your IP. What he or she will be most concerned with is that you are not incurring expenses which you cannot repay and so jeapordising the arrangement.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
As we have a new CEO I'm trying to introduce this change...I'm prob the one that gets affected most due to my role. I regularly pay out travelling & hotels then get recompense 3 weeks later. Unfortunatley, the assumption is ....I can afford it!
I used to work for the MoD, and was responsible for checking the statements for all government procurement card holders. Each card had a fairly small limit on it and, in addition, could only be used on certain merchant codes thus limiting the possibility of using it elsewhere. The individual's name showed on the card, but the bill was paid for me by me as budget manager for my area.
I have company credit card as i spend about £2k on expenses a month and my IP knew about it and siad it was fine and my employers were fine about it as thye knew i were in an IVA
I wish my company would have credit cards for expenses as mine are regulary around £1.5k a month and above.
They used to give cards but some people abused this and they were stopped, it is such a shame as it is so hard to manage this amount and sometimes not getting it back for weeks. I feel awkward if I was to complain as no one else seems to have a problem with this and as i is a fairly small company in the Uk I would feel embarassed[:I]
Luckily I have a fuel card as my petrol alone is around £700 plus a month[:0]
Be positive & look after yourself, there are more important things in life than debts....
