If I am on Xbox Lives Payment "Blacklist" could I still use a Xbox live 12 months card?

Well I while ago, I forgot to update my credit cards' account details since it expired (Whoops :D). Now I receive an error when I try and buy 3 months on Xbox Live with my new credit card. I phoned up Microsoft and they explained that I "Have to" pay their debt on my account (Double whoops), which is �40. Is it possible for me to use a 12 month Xbox Live code rather than buying with Microsoft or will it be void and force me to pay the debt? Any answers would be awesome, thanks (: