How can I resolve this situation ?

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Post by caworrall » Sat Jun 12, 2010 6:25 pm
My IVA is now over three years old and to date I have had no issues/problems. However, recently my company has changed the way they procure business travel and expenses. Basically they have decided to decentralise the process and issues employee who incur large business expenditure with a corporate credit card. I have been issued with a partial credit agreement from HSBC and I am expected to process this and return early next week. My employer does not know of my finical situation and I am a senior member of the corporate management team and therefore it is expedited that I’m solvent, and therefore have no issues with credit etc. There is an option to opt out to pay for travel via your own credit card and claim back via the monthly expense process. Which a number of my colleagues have taken as they have loyalty/reward based credit cards. Obviously I do not have access to a credit card/cash available for expenses and my weekly travel/expenses, average £300 plus per week!

My questions are as follows:

1) Is this partial corporate credit card agreement treated as a full credit agreement/search?

2) Am I excluded form apply for this under the teams of my IVA?

3) How can approach my IP and resolve this situation with involving my employer?

Thank you in advance



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Post by MelanieGiles » Sat Jun 12, 2010 7:00 pm
Hi there and welcome to the forum

Your IP may have no issue with you having the card - which I assume that your employer will be paying at the end of the month.

Whether the account will be subject to credit checking, will be a matter for the bank itself - so you could check with them directly on an anonymous basis.

Do you have a close friend or family member who would trust you sufficiently to take a credit card out in their names and make you an authorised card holder?
Regards, Melanie Giles, Insolvency Practitioner

Adam Davies

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Post by Adam Davies » Sat Jun 12, 2010 11:40 pm
The other alternative is for your IP to allow you a payment break to accrue sufficient funds to give you a large enough float to cover your expenses until they are paid. You could use a pre paid credit card or a debit card from a new basic bank account.
If the corporate card has a partial credit afreement I would think that there will be a credit check and this may alert your employers to your insolvency
Andam Davies
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