Will my DMP affect me starting a Ltd company?

Blitzdemanwedders

Hi everyone,

I have a personal DMP that has just under 7K to be paid off and I was wondering if this will affect me becoming a director in a Ltd company that myself and my wife want to set up.

Many thanks for all your help here

Eldon

sourcrates

Hi,


A debt mangement plan is an unregulated, informal plan, designed to repay your debts, at a lower monthly rate than was originally agreed.

The plan itself does not show on any credit file whatsoever, however its usual to have late payment markers and/or defaults on your credit file, as a result of your need for a DMP.

This will affect your credit worthyness, but is definatly no barrier to you doing whatever it is you want to do, only insolvency and/or bankrupcy, can stop you from being the director of a LTD company.

buzbuzz

My personal experience:

If you can't pass the usual credit check for a personal bank account you may have trouble opening a business bank account.

I was refused at several banks when I had bad credit. Going into a larger Lloyds branch (afair on advice found here) and clearly stating I didn't need any credit or cheque book I was successful. I believe Barclays do a similar account