Business Account Overdraft

BabyButton

I started my own business in 2013 but in October 2014 decided to close it as I wasn't making any money.
I now have an overdraft on my business account and there is no money to pay it off.
The bank are now telling me that they are removing the overdraft at the end of the month (as it was only valid for 2 years) and that I have until then to pay it off or be charged extra fees.
I've told them I can't pay it all off by the end of the month but could I pay so much a month - they said no, it needs to be paid completely.

The business no longer exists. There are no monies coming in.
I'm now a full-time mum and no other income myself. My husband works, but we're struggling to pay utility bills etc. We've tried applying for benefits, but hubby earns just a little too much to get anywhere with that.

I don't know where to find the money from, even though it's only just under £500. Any advice?

grumbler

I am no expert, but I think it's important what sort of 'business' it was.
E.g., AFAIK, you personally are not responsible for a debt of a limited company.

polymaff

I guess that your business was a sole-tradership with the bank account guaranteed by yourself? Any friends or family who can lend/give you the money? If a lend, to be paid back, say, at £40 per month over a year? I've done that within my family (one-woman business facing immediate needs for similar funds) - and it hasn't been embarassing for either party once the matter was out in the open. Might have been different if it had been £5,000 - but £500 is family-sized.