We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Business overdraft and DMP
houseiseverything
Posts: 74 Forumite
My partner has debts from a business. 2 are credit cards and they have accepted the DMP we have set up with Payplan. However, the business overdraft- Barclays-will not accept it and will not even lower the interest unless we secure the amount owed against our house. They have asked him to send copies of mortgage statements! I have looked on these forums and I can't see that being asked to secure a debt in this way is common practice. Has anyone any experience of this? I am thinking that maybe this is because it was a business overdraft which my partner personally secured? Thanks.
0
Comments
-
Be careful as Barclays could go for a 'charging order'. Have a wee read up on them and explain it to your partner.
JCG
xx:smileyheaMarried on 20/07/2012! :smileyhea
:DBought my new car 11/08/12:D:cool: Save £12k In 2013 Num 009! £5502/£5000 :cool:
Save £12k in 2014 Num 22! £2131/£3000
Emergency Fund £00 -
Was the business ever incorporated i.e. a limited company?0
-
Yes it was a limited company, but he personally guaranteed the business overdraft when the banks stopped lending to limited companies. So he is liable for it, we accept that, it's just that they want him to secure it. thanks.0
-
Hello! Just wondered if anyone has had experience of this please?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards