I am considering an IVA

[getamatix]

Hi, I am considering an IVA, but I am concerned that my friend may get dragged into it. I have been using my friend's credit cards to move my credit around to get better interest rates from the credit card companies I owe money to. For example, I move credit owing on my card on to her card, wait until the credit card company offers me a better interest rate, then move the debt back on to my card. I have done this several times. If I now initiate an IVA will she get dragged into it? Will they pursue her for the money I owe? These transactions are on my credit card statements, so they can see the link.

If you apply for an IVA on credit card debt, does it effect your bank account and your overdraft facility? Also are the historic transactions on your bank account and credit cards available to all your creditors?

Thanks.

[luluj]

Whose credit card's are the actual balance's sitting on at the moment - your's or her's? If her's then in theory they are her debts and therefore will not be counted towards an IVA!

[Adam Davies]

Hi
Lulu is correct in that once the transfer is made to another account then the person holding that account is liable.
In an IVA all debt must be included,overdrafts included.
How do you transfer a balance to someone elses card ?
Regards

[iva experts]

In an IVA all unsecured debt must be included, you will need to open up a new bank if your current account is a creditor. You will not be allowed to have any credit facilities attached to this eg. overdraft.

[size5]

Not come across that one before but seeing as creditors STILL send final demands encouraging people to pay a credit card with, amongst other things, another credit card, then nothing surprises me anymore.
Be aware that if you have transferred in debt to a card of yours and have made no payments since that this will be viewed in a bad light by the company to who you now owe the money, they may see it as underhand.

[getamatix]

Thanks for your replies. All the debt is sitting on my cards and has been for about six months, and I have been paying the monthly payments up until now. This is my debt and has always been. They do allow you to make balance transfers to someone else's card and vice versa. In your opinion will she be liable for any of this debt even though all the debt is on my cards.

[carlmcmullen]

Dont see it as a problem then.

The balance is on your cards, so there is no reason for your friend to be involved at all.