IVA rejection Due to recently using cards

[trog]

Partner has recently been using credit cards, not technically buying thinks but moving amounts around

Wot imean is he has around 15k on cards but just been passing them around, ie balance transfers, not actually spending. But will company with latest Bal Transfer think hes silly looking at iva

[spla]

every body has done it tried robbing peter to pay paul time runs out sooner rather than later it want make any difference who has the latest balance they may look at your iva as a positive way for you to clear your debt

[Cybus]

If the sole purpose has been to shift balances around without making any attempt to reduce those balances, by making payments, the credit card provider would be entitled to take a dim view.

That said, there is little sympathy to be given to lenders who take on the balance transfers. They've taken the whole of the balance and increased it by the transfer fee and so in some instances, they have simply increased the value of any outstanding balance by that transfer fee, possibly in the knowledge that they are going to receive no payments. It amazes me how easy it is made for people to run up debts these days.



Tell it like it is.

[kandh]

We did it before we finally realised we couldn't do it anymore as no credit left. We had our credit card statements that showed the balance transfers and we just explained in our statement to our IP that we were transferring money from card to card just to get by.

The best way is be prepared to explain to your prospective IP what you were doing.

[trog]

Hes been trying to reduce it but with balance transfer fees now, it just increases,

If was was real silly he could of takenn card to limit buy using it for spends like shopping but told him to cut cards up.

Its all too easy with creditors giving you 15 k credit limit