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Posted: Tue May 06, 2008 9:03 pm
by jpj
I got a cash plus pre paid card a few months ago....I pay £4.95 a moth for it (but it has no other fees for paying money in or spending on it)
They have just launched a new initiative with it. I presume in an IVA we couldnt take advantage of it ?...but is it of use to people once their IVA is completed?
Would be interested to hear the forum experts views on it?[:o)]
Posted: Tue May 06, 2008 9:05 pm
by angela18
have I missed it, but what are the initiatives on it
Posted: Tue May 06, 2008 9:10 pm
by jpj
You have a small interest free loan of £59, that covers the £4.95 a month card subscription fees. every month you pay the fees of £4.95 off the "loan" they report back to the credit checking companies that you are keeping up repayments on a loan and it supposidly improves your credit rating!
Posted: Tue May 06, 2008 9:14 pm
by elizabethr
I think this has been mentioned before on the forum and I think the view was - didn't seem to go in line with - "no credit" in an IVA. If it is possible then it seems to be a way of racking up a positive credit score - but after all this I don't want one.
Posted: Tue May 06, 2008 9:14 pm
by angela18
ah I see. Well I've just started my IVA so i'll not be bothering.. I think once bitten twice shy where credit is concerned[:I]
Posted: Tue May 06, 2008 9:16 pm
by Skippy
If I could get a Cashplus card I'd definitely be interested but they won;t give me one as I don't have a utility bill to prove who I am!
Posted: Tue May 06, 2008 9:19 pm
by animaleyes76
it's defintely an interesting one as they don't even do a credit score or anything, probably as it's so low in value.
Although it's credit in a way. i read that you can't actually spend it and that it can only be used to pay your fees...
The other thing i remember, well actually i'm sad and reading from my IVA agreement it says that i am "not allowed to obtain credit over £250 without my supervisor's permission" which you COULD interpret as in I can under £250
Anything that helps your credit rating must be good, even though i have no interest in getting all "carded up" again when i finish paying this back. I mean HOW stupid would that be!
Posted: Tue May 06, 2008 9:20 pm
by jpj
I will never get a credit card again,or a loan (but to be able to move house at some point in the future would be nice,and I cant see my current lender falling over to offer me another mortgage!! ;o( and every new mortgage has the good old credit check with it!)
Posted: Tue May 06, 2008 10:34 pm
by Soulgrowth
They don't technically give you the money on credit ... the £59.40 amounts to the monthly fees that you pay over the year of the card ... i.e 12 x £4.95 ... so they don't actually 'give' you the money (i.e credit) they just give you a figure on paper, by tweaking the figures ... if you see what I mean!
Debbie
Posted: Tue May 06, 2008 10:38 pm
by Moneystinks
Does this mean you are allowed one? Not that I want one just want to understand??
Posted: Tue May 06, 2008 10:47 pm
by Soulgrowth
A Cashplus card? Yep ... I have 2 ... and I wouldn't be without them!!
Debbie
Posted: Tue May 06, 2008 10:56 pm
by Moneystinks
We do need something so we can order online as wee one likes his games etc and you can get them far cheaper online.
Posted: Wed May 07, 2008 8:45 am
by elizabethr
You can order on line with an ordinary cash card but perhaps some of you haven't got one with your bank account. We have just opened new accounts before we sort the finances out and have just got ordinary current accounts with a debit card and also a savings account so I can build up a slush fund.
Posted: Wed May 07, 2008 10:24 am
by jill109
we were advised to go through Natwest for bank account as they do not credit check for a standard account, we were given debit card and cheque book and also a savings account.