Repayment plan refused because I earn too much

enthusiasticsaver

The thanks were in the posts rather than the thanks button.

It does sound as if HSBC have dug their heels in and decided for whatever reason not to assist you. Whether this is because of mixed messages re your income or because the overdraft is unauthorised is irrelevant. You may have to resign yourself to getting a default.

BoGoF

By your 'own company' do you mean a Limited Company or sole trader?

Thrugelmir

Pedrosica wrote: »

My wife earnt £5k last month, most of which went to existing debts, rent and bills.

As a business owner maintaining a good relationship with your bank should be treated as a high priority. Through both good and bad times. To effectively default on such a small amount of money doesn't make sense. As the damage caused to your reputation would be considerable.

System

Pedrosica wrote: »

I'm about 12000 in debt all in.
.

Get a job, do the self employment on the side. The last thing that you need when starting up a new business is a five figure level of debt. You are far more likely to fail due to making bad decisions brought about by the pressure of trying to meet debt repayment.s

middleclassbutpoor

Have you got anything you can sell to cover this?

WillyWonga

Pedrosica wrote: »

We don't earn £8000 a month.

My wife earnt £5k last month, most of which went to existing debts, rent and bills.

Next month we may earn £3k we may earn £0

Put the £220 overdraft as top of your priority next month.

If you only have £12k debt and spent nearly £5k last month £220 is nothing to worry about if you pay it straight away next month. Between both of you im sure £220 can be paid off.

Candyapple

You said you had £12k worth of debts. How is this broken down? Loans/credit cards/car finance?

Please list all credit card limits along with outstanding balances.

Same as above for any other loans / overdrafts / car finance etc.

How much personal debt does your wife have?

Do you have any joint debt as a couple?

Do either of you have any business debts?

If you've been trying for 18 months and your business still isn't viable to produce a steady income, have you thought about getting a full-time job elsewhere and keeping your business going as a sideline/part-time thing until you know the income would be steady enough to take it as a full-time option again?

Gavin78

So you was earning from 2 business and getting near £800 in benefits? with an income of anything upto 8k?

So what is the actual guaranteed income from both companies? no company works on zero profit when you say client can I ask what is it you both do?

What are the total outgoings of everyday living inc the 12k debt you are paying back.

And

How much of that 8k as an example goes back into the business?