www.iva.co.uk

I have a company charge card issued to me by my firm for business travel. Am I allowed to keep this whilst in an IVA?

Who pays the bill - you or your company? If the latter, then this is OK, if the former, then you will need to discuss the issue with your IP. So long as your request is reasonable, and the card carries a relatively low credit limit, you ought to be OK.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

I pay the bill as I process my reciepts. The card is issued to me in my company's name and all other clerical items bar the bill are done between the card issuer and my company.

The card limit is £3,500.

Is there a differance between a charge and credit facility?

Yes - a charge card has to be paid off at the end of each month, so has a limited credit facility. A credit card can be paid off in instalments. I would not have thought this would be a problem, Crosby, I have certainly allowed these sort of cards in the past - as I imagine failure to pay it off will get you in hot water with your employer in any case.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

MelanieGiles wrote:

Crosby, I have certainly allowed these sort of cards in the past - as I imagine failure to pay it off will get you in hot water with your employer in any case.

This is true. When we apply for the card we sign an agreement that personal use is strictly prohibitted and can lead to dismissal.

Thanks for you comments