Company Credit Card

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Darkdog

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Post by Darkdog » Fri Dec 11, 2009 9:39 pm
My company currently operate our vehicals on an expenses claim back policy, I am putting in place a small cash float to cover fuel which will be around £250.00. however when service of repair work arises I will struggle so will probably have to take the car to the dealer in Bolton where there is a company account, (I live in the Midlands). There has been talk of the introduction of company credit cards for expenses (fuel, hotels etc)> If my IVA is approved, will I have to inform my company that I cannot have a credit card?.
many a mickle makes a muckle ...... if only I hadn't spent all the mickles
 
 

kallis3

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Post by kallis3 » Fri Dec 11, 2009 10:47 pm
Hi Darkdog,

If the card is a company one and they are resonse for paying the bills, then you should be ok.
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.
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Cybus

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Post by Cybus » Sat Dec 12, 2009 8:26 pm
I think you should inform the Supervisor of the arrangement as whilst it may not be a credit card in your name, it is still available credit. You may find that your IVA proposal prohibits additional credit without consent of the Supervisor.
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kallis3

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Post by kallis3 » Sat Dec 12, 2009 8:37 pm
I was always under the impression that if the card was a company one, and you weren't responsible for the bills, then that was ok.

I apologise if I am wrong.
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
 
 

MelanieGiles

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Post by MelanieGiles » Sat Dec 12, 2009 9:33 pm
If the company are going to be paying the bill, it is not credit in your own name, and therefore there is no need to disclose it.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Darkdog

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Post by Darkdog » Sat Dec 12, 2009 9:54 pm
OK thanks for the responses on this point, although not happened yet good to know my position if it does
many a mickle makes a muckle ...... if only I hadn't spent all the mickles
 
 

Cybus

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Post by Cybus » Wed Dec 16, 2009 4:07 pm
I'm still going to stand by my original post on this point, unless that Company card is only made available for use at certain filling stations and garages. Otherwise it is additional credit that is available.
Consider the position if the recipient of an unrestricted card went out and abused it on a spending spree, using it to pay for household items or even a jolly. It is a possibility, is it not? And what if the company was then unable to recover those monies from the card user - Who would the person be who has had the benefit of that additional credit?
Tell it like it is.
 
 

zim zim

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Post by zim zim » Wed Dec 16, 2009 8:15 pm
Sorry Cybus, i do not agree with your argument! I have a company credit card and use it very frequently (the last time being my Singapore trip). If any individual were to abuse the use of a company credit card-the first action that the company would take would be dismissal surely! To that end, spending on a jolly/spree or household items would not come into the equation. Company cards are very useful (for me anyway)purely for the fact i do not have to worry about finding the money up front for food & drink etc whilst employed away from home.


Regards zim zim
 
 

MelanieGiles

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Post by MelanieGiles » Wed Dec 16, 2009 8:44 pm
I think the point that Cybus may be making is that it is an offence to take credit of any kind, and that one it has been taken - whether this would lead to dismissal or anything else - then the deed has been done and the default of the IVA thus effected.

Not sure I entirely support this view, but I do think that the majority of employees in financial diffculties would probably think twice before abusing their employer's credit lines.
Regards, Melanie Giles, Insolvency Practitioner
 
 

zim zim

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Post by zim zim » Wed Dec 16, 2009 8:53 pm
Hello Melanie, i take your point and whilst i understand what Cybus is saying-i work on the theory that it is a company credit card and therefore it is the company accessing credit and not the individual. Bit of simpleton thinking on my behalf maybe, but why make things harder than they have to be! Sorry Mel, just had a look at this again, it looks like i was having a pop at you! Please be assured i was not.

Regards zim zim
Last edited by zim zim on Wed Dec 16, 2009 8:59 pm, edited 1 time in total.
 
 

MelanieGiles

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Post by MelanieGiles » Wed Dec 16, 2009 8:57 pm
No - I concur with your thoughts, but can also see that Cybus is making a very good point.
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zim zim

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Post by zim zim » Wed Dec 16, 2009 9:13 pm
Mel, i put an amendment on my last post post just in case you read it like i did. Not trying to cause an argument here but the post by Cybus is slightly contradicting! You can have a restricted card (if i am reading the post correctly)but an unrestricted one is a no no. Credit is credit regardless of the amount and also regardless of where you use it ie filling stations and garages!
 
 

MelanieGiles

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Post by MelanieGiles » Wed Dec 16, 2009 9:18 pm
I didn't read it that way at all Zim Zim!!
Regards, Melanie Giles, Insolvency Practitioner
 
 

zim zim

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Post by zim zim » Wed Dec 16, 2009 9:22 pm
Good good [:)]
 
 

Skippy

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Post by Skippy » Wed Dec 16, 2009 10:10 pm
It's good to see you back zim zim!
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