Payment Arrangement

tksnota

@sourcrates - I need your help 

I don’t know if this is the right thread but I need to understand if this loan is classified as business or commercial because it seems dodgy especially the website is not working here are the details. I had been reported as late payment in Experian 

The Enterprise Fund 

Limited Lee House, 90 Great Bridgewater St, Manchester, M1 5JW 

0161 245 4977 

@growthco.uk 

www.businessfinance.growthco.uk

Description:  This credit product can only be used to start or grow your business and must not be used for any other purpose. If you want finance for any other reason this product will not be suitable for that purpose.

tksnota

Plus the debt is under my name not under the company and classified as personal loan. This is what the company rep told me

tksnota

@sourcrates - I believed it might be under CCA and I can get it defaulted instead of paying monthly. This is the only loan I’m paying because I’m confused about it. Any advise will be helpful 

tksnota

Or can anyone give me some advise about this loan so because I classified it as a personal debt but business related so should be like any normal unsecured consumer loan. But I might be wrong

sourcrates

Business/commercial, same thing, the devil is in the detail.

How much was the loan for, anything under 25k, it may be CCA regulated, over that amount it won`t be.

The process for default is the same in any case, is this loan secured by any collateral?

tksnota

@sourcrates - loan was £5k, no collateral and under my name. 

GTG not to start paying this month until it is defaulted plus do self manage DMP when it happens. Please advise

sourcrates

Self managed DMP is a good choice.

tksnota

I don’t know how to do self manage DMP. Do you have a thread that I can read in order for me to follow while waiting for the defaults to happen?

sourcrates

Its a fancy name for paying your bills yourself, like you have been doing up to this point.

The only real difference is that the amounts you will be paying will be decided by your available disposable income, and not what it states on some credit agreement, its very, very simple to do.

You decide how much you want to pay towards your debt repayments every month, you then also decide how you are going to split those payments, equal amounts or pro rata by value of debt.

You them ask for your creditors payment details, set up payments in online banking, and click the payment through every month, or you can pay on an individual creditors website, its entirely up to you how you do it.

You can choose  to tell them your self managing, or just make the payments anyway, there are no rules to follow.

tksnota

Noted. This exercise will be done after the default. Is that right?