I've had my IVA since the beginning of the year and things are going pretty well. There are sometimes occasions when things are really tight, but generally I'm a lot happier than I was before.
My question is that I may need to travel overseas for my work. I would have to pay out for my meals etc and then claim back later.
I have a credit card which has zero balance on it, am I allowed to use this up to £500, as long as it gets paid back? I wont be using it for anything else. Is this 'legal'?
I don't think you should still be holding a credit card at all in an IVA regardless of whether or not it has a zero balance.
I doubt if you would be able to use it. A company credit card is ok, but not a personal one.
One of the technical experts should be able to advise you 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
You can use credit during the IVA, so long as it is with your Supervisor's permission. So it may be possible to use the card, but only when you have explored other angles such as your employer's providing you with a float.
Hi
I think the £500 comes from wording in some IVAs that state that the debtor must not take any credit over £500,excluding utilities,without the supervisors permission
Regards
Andy is correct with regard to the £500 limit, and you need not have declared the zero balance as it was not a debt at the time of the IVA, although I would have highlighted the fact that you had the facility available and would it be in order to be used for the purpose of financing up front business expenses should the need arise.
Apologies Melanie, I thought you had to get rid of any credit cards when you did your IVA, and certainly that you wouldn't be able to use one.
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 still get letters from mbna and barlcays for cards that have been destroyed and have no balance on them,they have both had letters asking to cancel accounts as I am now in a trust deed.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I wonder just how many forests are destroyed with these pointless letters? Not very environmentally friendly are they?
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
