DMP and SELF EMPLOYED

SomewhereOverTheRainbow · 11 November 2011 at 4:29PM

Lordy...............I want the DMP Self Employed Fairy to visit me...................

Because we are in NI, Business Debtline can't help, they direct you to other in NI, who don't advise on self employment. But they are charities and thats ok.

I am not including business debt on our DMP because it is all trading debt, i.e. no formal credit arrangements but rather invoices that we pay monthly. Needless to say some are behind but we have informal arrangements to pay them all, and if DMP goes thru ok and husbands business isn't trying to support our massive credit card bills then business should be debt free in less than six months.

When I spoke to IP and Payplan...........they both agreed this should be fine because they weren't formal arrangements.

But we are trying to include business bank account in DMP and that is where the problems start because as noted above getting a business bank account may not be easy.........have today applied for Co-Op business account, after having received an acceptance from Nationwide Flexaccount, which has 'no business transactions in T&C's.

Is there anyone out there in MSE land who in same boat as our good(but skint) selves.

SomewhereOverTheRainbow · 11 November 2011 at 6:28PM

((((((((((((((((Calling all SE Fairies)))))))))))))))))))))))))

Tixy · 11 November 2011 at 6:45PM

Hi

Don't really think I can help - but which charities have you contacted so far? Have you tried CCCS - as they certainly have a division that works with self-employed people and I understand they work in NI as well.

Have you tried applying for a new business bank account (with no overdraft)? you mention co-op - have they declined or are you waiting to hear back? How bad are your credit files at the moment? do you think you are likely to be declined for a new business bank account (it should be easier to do it now before you enter a DMP than once you are in it).

I believe natwest used to have a very basic 'foundation' business account - which I've recommended to startup businesses in the past as it was one of the easiest to get - it didn't allow any credit facitilies and had no leeway (ie if a cheque bounced it bounced), but might be worth a try - thats assuming that you don't have natwest or associated in your DMP of course.

Edit - sorry I'm having a stupid moment - you don't have natwest there do you.

SomewhereOverTheRainbow · 11 November 2011 at 6:57PM

Tixy wrote: »

Hi

Don't really think I can help - but which charities have you contacted so far? Have you tried CCCS - as they certainly have a division that works with self-employed people and I understand they work in NI as well.

Yes you are quite right but their division in NI doesn't work with self employed people!

Have you tried applying for a new business bank account (with no overdraft)? you mention co-op - have they declined or are you waiting to hear back? How bad are your credit files at the moment? do you think you are likely to be declined for a new business bank account (it should be easier to do it now before you enter a DMP than once you are in it).

I foolishly applied for N'wide flexaccount which doesn't allow business transactions. I applied today for Co-Op business account so fingers crossed. Credit is carp I think, N'wide only allowed cash card - not even debit card, which would be fine for personal but not business as we need chq's to send payments to creditors(most are small businesses like ours)

I believe natwest used to have a very basic 'foundation' business account - which I've recommended to startup businesses in the past as it was one of the easiest to get - it didn't allow any credit facitilies and had no leeway (ie if a cheque bounced it bounced), but might be worth a try - thats assuming that you don't have natwest or associated in your DMP of course.

Edit - sorry I'm having a stupid moment - you don't have natwest there do you.

Not stupid at all, but you are right. No NatWest in NI

SomewhereOverTheRainbow · 11 November 2011 at 10:03PM

Is there anyone out there who can advise me on these debts..............I really don't want to add 'informal debt' to DMP

DMP and SELF EMPLOYED

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