cards appears to be paying dividends.

The Bermuda Credit Association said yesterday some Signature and Travel Card holders who had stopped paying their outstanding balances had started to settle their accounts.

The development comes as Telecheck creditors are being told to document their claims in writing to joint liquidator Mr. Gil Tucker at Kempe & Whittle, by the end of November.

A series of meetings with the committees of inspection for the five companies may begin next week, at which time they will be apprised of the latest financial situation, a spokesman for Kempe & Whittle said.

When the liquidators took control of the companies, total recorded assets for the companies was some $7 million, said Janice Burns, senior manager for Kempe & Whittle. But she added that not all of that figure may be recoverable.

Liabilities were assessed at $12.5 million. Liquidators would not say what is now owed to the company.

On the debtors' side, notices published in The Royal Gazette said the BCA requires former card holders with balances still owing to resume minimum monthly payments by the end of this month.

Failure to do so would result, in "collection proceedings'', which could include being sued and would "have the effect of ruining your credit rating''.

Collections manager Mr. Oliver Trott said the company was acting through the liquidators in a bid to recoup the outstanding money.

"There is a significant amount outstanding and we are trying to collect as much as possible,'' he said. "The advertisement has been running for two weeks and we have had responses. The phone has been ringing off the hook and people have been trying to come in and bring their accounts current or pay their balance off.

"If they can pay their minimum payment or bring their arrears current, they will find that they won't have any problems and they won't be placed in collections.

"But after the 31st, they will land in collections. That means they will harm their credit. It will become a part of their credit history here in Bermuda, which is reportable to any client who calls for a credit check. We also would issue a summons for the outstanding amount so that we could get a judgment through the courts so that this amount would be collectible now and forever.

"Our preference is to get the accounts paid in full, but if a person finds themselves in difficulty, they need to at least call us and we will work out some kind of arrangement with them. A lot of people think because Telecheck is gone from down the street that their bills are gone. But the bills are not gone.'' Included in the list of companies that were ordered wound up by the Supreme Court are Telecheck Holdings Ltd., TBL Ltd., CTRAK Ltd. and Compuguide Ltd.

Creditors have been given notice that they must send their names and addresses and full particulars of their debts or claims to Mr. Tucker by November 30.

Earlier notices required creditors of the fifth related company, Televest Ltd., to have their claims before the liquidators by November 22. They mainly would consist of people who would have purchased preference shares in Televest Ltd.

The Supreme Court named Mr. Tucker and Mr. Charles Kempe as provisional liquidators of the group of companies last December, as an attempt by hundreds of Bermudian investors to redeem their deposits, under a 14 day clause, was halted.

Investors were originally lured to place deposits because of the offer of returns of up to nine per cent, but by last spring, depositors were being told by Mr. Kempe that unless new assets were discovered by liquidators, investors were likely to lose money.