shifting money never seem to get the amounts down

[kelly.b]

I have read a lot of the info and am still trying to decide if this is right for us...Pre-paid cards - is that SOLO/MAESTRO/VISA ELECTRON? Our Business account uses these and I want to ensure we can still operate the business in order to expand and be able to pay the creditors. The reason we are considering an IVA is because we are always paying one card then shifting money from it to pay another and never seem to get the amounts down

[MelanieGiles]

Hi kelly and welcome to the forum

Is your business account in overdraft? If so you will need to include this debt into your IVA, unless you are running a limited company.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[wen]

Solo/Maestro/VE linked to your business or personal accounts are not the prepaid cards that you hear about.

They are just standard debit cards, allowing you to spend your available balance on the account it is linked to.

The "prepaid" cards, is a card that works like a 'giftcard'. You take your money and card to a Post Office/Paypoint etc, and they swipe the card and load your money on. You can then go spend the money on the card.

These cards are branded as Mastercard/Visa Electron/Maestro depending on which one you choose, which means you can use them at any retailer that takes these cards.