www.iva.co.uk

Hi Guys I am new to this site! suprised how many others are in the same situation - thought it was only me. I am currently going down the IVA route and need some advise from you all. I listed my debts for the iva but left one off but don't know if I have done the right thing now! I have a credit card in my name but I got it for a member of the family who use it and gives me the money each month. I used to pay each month from my bank account after they had given me the money. They don't know about my financial situation and cannot clear the balance - please any suggestions and will the credit card show up anywhere if not in arears?

The debt is in your name and as such will have to be listed. Unfortunately it cannot be left out and your relative will have to obtain a credit card in their own name. In addition, technically that relative owes you the outstanding balance owed on the credit card and any repayments made should be put into the IVA in addition to the voluntary contributions until the debt has been repaid.

Apart from anything else if the relative was stopped and asked for ID they could be arrested as they are using someone else's credit card. This could be the excuse you need to get the card back if you say that both of you could get into serious trouble if that person is caught.

Hi Sherry, just wanted to say welcome and good luck with the IVA. x

Hi and welcome

Very risky letting someone else use a card that is your name. In the eyes of the law it is fraud. You will have to list this card in your IVA.

Good luck

Hi Sherry, welcome, I was in a similar situation when I first started my IVA process, mine was actually a HP agreement for a car my friend uses for work and pays me for. I had actually completely forgotten about it as the money went into my account each month and back out with the payment. With all the stress of being so much in debt I forgot to list it and then got a proper b******** from Vincent Bond when I remembered and told them. I was advised that I would need to sell the car and remove the payment before we proceeded. I fessed up to my friend (effectively like a brother as I grew up with him) and he arranged the money from another source (I effectively sold the car to him and paid off the HP)

I'm sure the experts will provide the correct advise for your situation.

BTW was the person an additional card holder or were they using the card in your name?

Good point Garry

If I was you just apply for a new debit card before your IVA kicks in from a new Bank.Use that instead of the cheap and crappy cash cards from basic bank accounts or this 'secret' CC you are talking about.

You want to cancel that CC you are thinking of keeping quiet about.You can't have 'credit' from a credit card in an IVA. If you keep the CC a secret it will be a secret, can you handle it?.

I have no problems at all with a basic cash card - it does me for what I want. I also have a prepaid card which I use for internet purchases.

The majority of us on here have cash cards and are quite happy with them.

Hi Sherry and welcome.[:)]
With regard to the Credit card....if it is in your name you have to declare it. The whole basis of an IVA and your relationship with your IP is honesty. Let you IP know and then see what they suggest.

I agree with you Jan, I have a Halifax easycash account, with visa electron card,and despite my initial concerns I have not had a problem using it for all my needs.
Good Luck.

There would be no point having an IP working to help you if you have to hide stuff from them... honesty is the best policy

Thank you everyone who replied and all your advise. I told my IP today and explained my reasons (that I hoped to settle it as it is only small, but not small enough for me to settle in the next couple of weeks)but if I am going to get out of this mess I think honesty is the best policy. Felt better as soon as I had done it. Cheers everyone!

Hope you get on ok Sherry. Let us know.

good decision Sherry, makes life so much easier when you dont hide anything [:)]