- Tue May 24, 2005 8:19 am
watavIdun wrote:Hi Vanessa
Thanks for your reply but....
1) how would they be classed as a creditor if the account was always pre-paid?
2) I was thinking that if I put credit on the card to the value of my monthly petrol, say, and then use the card to fill up instead of cash the budget wouldn't be a problem.
3) After the IVA has been removed in 6 years (or so) I will still have "a" credit rating because of the card. Reading other posts on here it seems it is almost as bad to have no credit rating as it is to have a bad one!
Anyway it was just an idea, as a matter of fact I NEVER want credit again - the only reason to build up my rating was for future mortgages or the suchlike.
I do see your point but let me tell you what the risks are....
You will never be able to guarantee that the card will be accepted as they may run a random credit check at any time on you for marketing purposes and then close the account. So remember to always have the cash in your wallet as well to pay for that tank of petrol.
One of your creditors may for some reason pick up on this activity through the insite system run by the CRA's. More than likely this would result in your IVA failing and you being forced into bankruptcy.
The only advantage will be after 6 years when the detrimental info drops off your file and from that point the positive info from this card will add to your record.
In the end it will be up to you to decide what to do but I assume that the fact that you have opted for an IVA as oposed to bankruptcv is because you are protecting an asset. Are you willing to gamble this asset on the chance of this slipping through the system unnoticed for the period of your IVA ?