Dmp.. business bank account advice needed please

goingforward_3

Ok.. my 1st post so here goes.

Background...we were stupid ran up credit cards etc that were affordable though and we could still live ok.. Then last yr my oh was hit by a serious illness (thankfully now recovered) and now its my turn to be ill .

Anyway hold our hands up we were stupid so finally we got our head out the sand and have done something about it.. I fully realise the debts are of our own making and intend to repay every penny.

We've been in contact with the CCCS who have advised us a DMP is the way forward and it should take 7 years, though i would hope to reduce that..

The only stumbling block so far is we own a LTD company and the bank account for that is with the NATWEST.. unfortunatly we have a £2k overdraft with them, plus owe MINT and Tesco loans .

My worry is Natwest will offset money from the business account against our debts with them .. will they be able to do this? or as its a Ltd Co is it protected against this. Or can Natwest say you owe money we dont want your Business account... i should add the business account has no overdraft etc and has never gone overdrawn .

I will try and open another business account but as they credit check the directors (ie me and my husband) its very unlikely anyone will want us i suppose.

But conversly if we cant have a business bank account then we cant pay any money in to cover our repayments.

Thankyou in advance.

onward

You say you have no business OD, but do you have any business loan, or anything else (e.g. business credit card with a balance on it) that is covered by a personal guarantee?

If you have not guaranteed the business banking personally, then I don't see how they can relate the personal debts to the business bank account. Of course, they can always tell you to take your business banking elsewhere, but then, they could do that at any point anyway.

goingforward_3

No we dont have any business loans, business credit cards etc.

onward

goingforward wrote: »

No we dont have any business loans, business credit cards etc.

Then it seems you should not have any personal guarantee over the business bank accounts. It may be worth getting specific business debt advice though, just to be sure. Try Business Debtline, part of National Debtline, for advice.

goingforward_3

Thankyou for you help xx