DEFAULT AND LTD COMAPANY

michaeltoogood

hi everyone
i am a mortgage adviser running my ltd firm since many years. coz of corona virus the income is down to 0. my personal credit card and overdraft laiability is 40k and business company liability is 20k. if my company gets default i will lose the license, but if i default on my personal credit cards, i will not lose my fca license and can carry on with my work after the virus settle down.

my confusion is if i stop my personal credit card payments would it eventually close my company account which is with barclays ( i will not stop any payment of barclay)?

if i do not enter into dmp, rather simply stop my personal payments and see what happens, if company threats me of court i can bargain with them to pay half or less of my liability.
i would be very gratful if some one can advice me what to do to save money on interest as well save my fca license and job

kind regads

torrence

May be worth starting with this advice
https://www.stepchange.org/debt-info/credit-card-debt.aspx

michaeltoogood

thank you torrence.
do you know by not paying credit cards, could my company bank account is in danger,? though i will not stop payments of the bank which i have the company account.