www.iva.co.uk

Goodafternoon...

Am I able to apply for a Company Credit card in my companies name?

Kind Regards

If the credit card is just to be used to fund company things and they are going to pay the bill (i.e. hotel expenses, petrol), then I don't think it is a problem.

So long as your employers are going to be fully responsible for paying the account each month, there is no reason why you cannot be named as a cardholder - but I am sure you will be limited to the items Jan refers to above.

However please advise and obtain permission from your IP as company credit cards have to be guarranteed as far as i am aware by the individual user!

If it is is a company credit card, why would the individual have to be a guarantor?

It would be the company who guarantees the credit card against default by the employee and the directors would likely have to stand guarantor against failure of the company. Ultimately, if Nokia is the owner of his own company he will be the guarantor for his own debt!

Good job one of us is reading the posts properly Michael!

I hadn't clocked that!

Sorry, but some company card schemes (such as Coimpany Barclaycard and American Express) require the personal user to guarrantee the debt on his/her card even though it is paid by the employer.

Re-reading the original post though, it looks as though it is Nokia's company, so I don't know how that would stand.

Jan I think he would end up guarantor against his own default which would make the guarantee worthless anyway. My own company card is paid by me each month in full but if I defaulted on the payments my employers are liable as they are the guarantors. There would be no point in me signing a guarantee as it would only be called in if I defaulted.

So if it is his own company, and he is in an IVA, can he apply for one?

If his supervisor says it is ok he can apply for one but if he is the guarantor for the card the credit card company will run a check against him. They will find the IVA and reject the application as his guarantee would be worthless. He would need another guarantor for the card such as another director. Then he would never have any liability or potential liability so there would be no issues.

Thank you for explaining that Michael. I understand now.