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The short version of the story is that I genuinely misunderstood the way my corporate credit card was to be used. I have been using it over the last few years regularly for personal reasons, including medical, car payments (a car is required for my job, but not covered under expenses), and general personal shopping. My girlfriend did not have income for two years, and I used the card to cover expenses beyond my paycheck.

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I can use PayPal to get cash out of the card and into my bank account, so what I have been doing is waiting until the bill is due (a new billing cycle) and taking out that amount with PayPal, then using the cash to pay it off, plus adding in my own money to try and reduce the balance a little. This just means I get charged PayPal fees for the cash advance, and it means nothing more is due until the next billing cycle. This results in the next month having that balance plus charges, minus any and all money I can put toward it out of my pay (generally $2,000 a month).

My manager said point-blank that if I did not get a car within the week, there was nothing he could do for me. He stated clearly and explicitly that the company card could not be used for personal expenses, but he also mentioned that it would not be checked up on if it got paid in full each month. So, with that information I made the decision to go forward. I truly thought that all would be ok as long as I did whatever it takes to pay the balance in full each month, and it seems to have held true so far. But at the same time, I am aware that the company policy states no personal expenses.

The orginal plan was to use the money for a deposit on a car, and once the car was paid off, I would then have the car as an asset, which I could use as security on a loan, which I could use to pay off the card. All was going to plan, but the car got written off due to the engine totally breaking down after a month, so I then had to get another deposit on a second car. That was also ok until one day while at a red light a semi-truck smashed it up , and that second car was nearly paid off but then it got writen off as well. Luckily, for the second car I did have insurance, but the insurance company only agreed to pay out the remaining balance on that car loan and so I was again carless. Third car deposit, and four years later I am feeling trapped in this cycle where I am getting about $600 in PayPal fees every month.

Prior to 2007-2008, it was normal for individuals who had shown some kind of re-establishment of finances to get another credit within 3 years of a Bankruptcy; however, now you will likely only qualify for a secured credit card.

I used to approve credit cards and for someone who was looking for a $20k credit card, we would be expecting them to have 10+ years of stable credit, an income of $100k+ annually, a stable job, and less than $10k of other credit card debt (note: this was for a major US CC company in 2009-12 ish).

I worked for a large US credit card company, and we often issued cards to people who were only 12 months out of bankruptcy. Since you are precluded from filing bankruptcy again for eight years, the risk is mitigated.

Chiming into say that I also had a friend who had way too much credit card debt. She called the CC company and they worked out a similar plan. She agreed not to use the card any more, they agreed to no interest/fees and she got three years to pay off the principle.

OP needs to STOP using the card. No more cash advances from it. Stop messing with Paypal.

OP needs to pay off the card as aggressively as possible. That means eating Ramen or rice and beans every day, not buying coffee or booze or going to restaurants. OP should not buy anything that is not *literally* a requirement to live.

It sounds like the OP is actually putting $2K towards the balance, on top of revolving the full balance through Paypal. But as someone pointed out downthread, even with the Paypal fees the balance should be going down. (Unless they are continuing to use the card.)

+ a million to financial counseling. To be a bit blunt but hopefully not rude: this should be a wake up call. You already have one bankruptcy under your belt. This could easily lead to a second, and it sounds like at least some of the credit card spending was not strictly necessary.

Totally. 20k on the corporate card is just a symptom of a bigger problem. Getting someone to help with finances and give the OP some practical tools to get their financial house is the best way to approach it beyond coming clean at work.

Besides the OP is at least an honest person as far as it goes with intent to pay who got in over their head. The op could have been an outright thief and any company even a two person one should have in place some basic anti theft policies.

Plus if the boss is wink wink nudge nudge say no more (understandings about payment and possibly scope of amount, notwithstanding,) the OP is probably not the only person using the card outside of official policy. This company is asking for financial trouble down the road.

The OP did not specify the company size, location or industry but there are way more people to beat up than the manager (unless the manager is also the owner). There is a whole accounting system in place that is flawed. Decision makers attached to accounting and finance should bear some responsibility. Not because the OP did this, but because the OP could do this. Where is the CFO? Accounting Manager? Controller? Staff Accountant? Even if the OP gets the statements to their house and tracks everything online, the company should still be reviewing and reconciling the expenses attached to this card regularly. Where are the auditors? How would the shareholders feel if they knew how easy it was for an employee to live off company credit like this?

People have made comments alluding to $20k possibly not being a big deal. Tell that to the admin that was denied the 5% pay increase at review time, or the tea pot coordinator doing the job of someone who should be making $10k more. My attitude about others who should have known is more about all the people who can possibly be affected by what the OP did or anyone similar. What if after this comes to light the company gets rid of ALL company cards and people have to use personal cards and be reimbursed? What if there is someone with a similar credit issue as the OP who has always managed to be responsible with her company card? Now she is penalized.

Some companies can be really draconian about using a company card for personal things such as accidentally pulling out the wrong card to pay for gas. I suspect the manager was referring to that sort of thing, not saying to go ahead and put a car on the card.

I also have made messes with credit cards in the past. I have really good credit now. OP, you can work through this. As others have suggested, go to credit counseling and stop using the card altogether, including stopping the paypal stuff. Since this is a business credit card, I am not sure if the following will be possible, but you could try calling the credit card company to negotiate a reduced rate. I had to make these calls many years ago. The credit card reps were very sympathetic. They put me on a payment plan and reduced my rate to 1%. You can dig yourself out of this over time. I think if you are straightforward with your employer immediately, you will feel a great sense of relief from that alone. At least you will not be carrying around this secret any longer.

It sounds like this is the type of corporate card you get through work but that you are responsible for paying each month, not the kind that the company pays for you where you never see the statements. The way it worked when I had one was that you got a card in your name with the company name on it, you put your travel expenses on the card, then you submitted for reimbursement, the company gives you a check, and you use that to pay the credit card. You got the statements, you were responsible for it, but you also had a bigger limit than you would get in an ordinary credit card.

Technically we were not supposed to put personal expenses on the card but I did on occasion, such as when my main Mastercard was hacked and I had to wait a few days for a new card. That was not the sort of thing anyone worried about though.

The card has a balance of 20k. The OP takes a cash advance of $18k, adds his own $2k, and pays the balance. Even with the $600 Paypal fees each month, the next month the balance would be $18,600. Doing the same thing that month, (getting a cash advance of $16,600, adding his own $2k), the balance the next month should be $17,200. It should be going down every month.

How it works here- one uses a company credit card (for business expenses only is the plan), and then submits the receipts for those expenses to the company. The company reimburses you the money, and then you use that money to pay off the credit card bill, before the balance is due.

As far as I know, the provider did not care where the checks were coming from. And, though they could have, there was not regular monitoring of card activity by any administrators. So you could conceivably take the statement and pay it yourself.

You can take a loan from a 401k that is not a disbursement. You pay it back by payroll deduction (depending on the amount of the loan they give you x amount of time to pay it back, so the payback depends on how long you have,) I know this because I have done it. IF you leave the company, they will take 100% of the remainder owed before transferring the money to you to move somewhere else, however.

Um, if they cannot come up with the 20k right away, the company could have them charged with embezzlement, which could put them in jail. They might not, they might make a payment plan and hold it over their head if they violate the plan, but they could. 006ab0faaa