Couple of questions

BigDebtBoy

hi guys hope a few of you can help me with a few questions i have

i currently have just under 25k of personal debt
14k on loan
11k on 3 different credit cards

and 4k business loan and 5k business overdraft (as i run my own small business)

now i was considering using payplan or cccs due to highly thought of they are on here what i am wondering is i want to keep my business and personal debts seperate as the business one isnt a problem it's what i would call a good debt (i know there is no such thing but you know what i mean)

now if i use a dmp will i be able to keep the 2 seperate as my personal loan and my main credit card are both with the same bank or will the bank cause a fuss about it, also will i have to get rid of my current account i have with the bank (its not in overdraft but its with the same bank as my cc/loan and business bank account )

Will the fact that some of my debt has come from gambling online (witch obviously shows on credit card statements) have aby relevance at all the majority of my debts are not from this of course i was just a bit stupid a while back and thought i could make some extra cash from it (ha ha bad idea)

i have a few more questions but cant remember off the top of my head


cheers guys

BigDebtBoy

back to the top

in_despair_3

I cant see that gambling online would have any relevance. The fact that you realise you need help, and you want to live within your means is a sign that you want to change matters. You will still get help - the gambling will have to stop though!

As far as I know, business and personal finances are only kept separate if you are a LTD or PLC. As a sole trader/partnership, there would be no separation of finances (I dont think!)

BigDebtBoy

Yeah The gambling has stopped well i still have a couple of quid here and there but i do ok that way it pays for my beer money but i dont mess about with money i cant afford to lose anymore.

so if i go with cccs/payplan i cant keep my business and current account ?
thats not much good to me so i guess i will just have to try and get myself out of it i am just managing to pay slightly over the minimum payment but with interset etc etc its going to take ages

is there no way of keeping them sepearte at all ?
p.s yes i am sole trader

in_despair_3

I dont know enough about CCCS to tell you what they will suggest. My degree is in business studies though, so I can tell you that in the eyes of the law your business and personal finances are classed as the same thing. You could always apply for Ltd liability for your business though before you approach the CCCS. This would mean that they would have to treat them separately.
Whether the CCCS can come up with a way of you separating them, I dont know. Speak to them, and see what they suggest!

IN_LIKE_EVERYONE_ELSE!

If your business is not limited or a partnership you should view all the debt you are carrying as personal. You have 34k of debt that needs taking care of, your friends here will help.

BigDebtBoy

IN_LIKE_EVERYONE_ELSE! wrote:

If your business is not limited or a partnership you should view all the debt you are carrying as personal. You have 34k of debt that needs taking care of, your friends here will help.

Hi mate
Yeah i understand that but the business debt is not a problem i can get the overdraft cleared within a few months as i only recently arranged it for new stock etc and the loan payments are no problem either the problem i have is with my personal loan and credit cards as they are Bleeding me dry when i make the payments as the minimum is around £500 p/m and obviously paying minimum with interest im not going to get it sorted till im about 35/40 which is no good

i realy need to keep the business account as it is also i have direct debits for stuff i am paying for so they cant be cancelled also my business is on ebay so changing accounts etc would be a nightmare

BigDebtBoy

anyone else ?

im thinking of just taking it on myself and working twice as hard

would i be able to get the interest on the credit cards freezed for a while if i say im just trying to pay off the balance as quick as possible
i know the bank wont do that with the loan would they ?