store card during iva

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markss

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Post by markss » Mon Nov 24, 2008 8:21 pm
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I have a burton card £250 max limit which i use occasionaly I make the monthly payments but did not declare it at the beginning of my iva because it was so small.I just feel having it during my IVA may help in a small way rebuild my credit staus during the next 5 years. I would have thought it would have shown up on my credit file by my IP or other creditors.
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Viki.W

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Post by Viki.W » Mon Nov 24, 2008 8:40 pm
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Hey Mark, it will not rebuild your credit rating at all as your credit rating will be rubbish for six years. It is classed as credit so you shouldn't be using it although with it being just £250 limit not sure if it would be that much of a problem. Try shopping with cash as you know you have it then. There may be a month were you can't pay it off and that would be a nightmare!
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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plasticdaft

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Post by plasticdaft » Mon Nov 24, 2008 9:31 pm
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Cut it up,its the way to go. If you cant afford to buy it with cash then dont. It is very hard but rules are rules.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Kenzie Ione

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Post by Kenzie Ione » Tue Mar 31, 2009 8:10 am
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Once you have defaulted on your contractual payments and received a default notice this will be registered on your credit file, and will show on your credit file for a minimum of 6 years. Your credit rating will therefore be affected during the term of the IVA and the IVA would be registered on your credit file. If someone is checking your credit rating, such as a potential landlord, your credit rating may be an issue....
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kallis3

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Post by kallis3 » Tue Mar 31, 2009 10:11 am
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I totally agree that you should cut it up - or put it somewhere where it won't tempt you.
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
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paulgm_2000

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Post by paulgm_2000 » Mon Aug 31, 2009 9:36 am
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I believe you are technically in breach of your IVA agreement as you are contractuably obliged to not take out any further credit and disclose all of your credit agreements with the IP.

I suggest just not using it anymore and ask for it to be stopped
I've had an DMP, IVA and Bankruptcy. Read my blog at http://paulgm2000.blogs.iva.co.uk/
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Mrs.T.

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Post by Mrs.T. » Mon Aug 31, 2009 9:16 pm
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Please, please, please, listen to the above and cut it up. It is not worth the consequences of your IVA failing for £250.

Regards,

Mrs.T.
Last edited by Mrs.T. on Mon Aug 31, 2009 9:17 pm, edited 1 time in total.
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banjoplayer

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Post by banjoplayer » Tue Sep 01, 2009 10:41 am
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I have a section in my agreement that allows me to have a maximum amount of credit of £500, anything over that amount I need approval from my IP. Having said that I do not want to have any credit again and would advise you like everyone else to cut the card up.

Best Wishes BP
Dance like no-ones watching
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kallis3

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Post by kallis3 » Tue Sep 01, 2009 10:45 am
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I am rather hoping that he has, as this is an old thread going back to November last year.
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
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