i am about to propose a lump sum IVA, but was going to pay off my B Card account of £900 to leave me with some credit in an emergency as i never want to get into debt again. But if i clear it, will they find out that i have done an IVA and close the account anyway? Just wondered as if they will, i may as well include it in the IVA.
Hey robbo, you must include this in your IVA and not pay it off as this would be seen as favouring one creditor over the other. You can apply for a pre-paid credit card which is so much better than taking credit again. that's just my opinion.
Viki is spot on. All your debts should be included in the IVA without exception.
Once your IVA has been completed, then you should be able to apply for a credit card again, perhaps with your current bank. The pre-paid credit cards are a good idea, however if you are thinking about money for emergencies why not start up a savings account and try and put a bit away each month to cover those emergencies.
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
Pre-paid cards are a great idea, if it is not practical to keep running to the bank to draw cash out - I think David promotes one he may be able to give you more information about.
Thanks Melanie - yes we do - there is also a billing facility - visit www.clearcash.co.uk for more information.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
