Credit card debts

Looking4silverlining

Can anyone tell me for sure if I can add my bounce back loan into my DMP? I am a sole trader and I took it out with Santander that holds my business account. The documentation was e mailed to me and I can't access that e mail at the moment. 

stu12345_2

start a new thread with that one question only about bounce back loan. there are too many replies here, and I fear this thread will start to be ignored 

Martico

Recheck the first post on page 7 - you appear to have an answer there. I'd favour keeping everything in the same thread, it keeps all the info in one place and makes things less confusing to those helping out

Looking4silverlining

Starling bank  are asking me for proof of address and not accepting what I am uploading. As my rent includes everything and Ive no paperwork should I upload a bank statement? I mean I thought I didn't want to connect any of my bank things together as I owe the bank money. I think If I do upload it, they want to see details of my account. Any ideas?

Looking4silverlining

tigergambit said:

enthusiasticsaver said:

Have you explored taking other employment where the income is more regular and stable than self employment? Given you live in a ULEZ area and your van is not compliant it must be costing you a lot to run  and the income you get from self employment is not high. What about your tax and NI situation? Do you owe money there? 

I  think OP will be below thresholds for both once legitimate business expenses are removed.
 

Looking4silverlining said:

Thanks to all of you, I am starting to understand how this all works now.
Yes I am looking into the possibility of getting a full time job but am also trying to set up a new small business which has been getting a lot of very positive feedback and someone has even offered me 40 hours a week paid that should be ongoing. Things might be looking up!
I have been told by a friend to offer token payments to the cards but keep paying one off and using it. Then offer them final settlements etc at some point. But I don't think she has defaulted on the cards. Is thes possible? I mean is there a way that I would be able to keep a bank account for use?

I  think OP will be below thresholds for both once legitimate business expenses are removed.

@Looking4silverlining

Don't overthink things. If you have debts with your current bank open a new one unconnected with any of your debts. Don't be tempted to keep a card open.

I really think your getting full time employment is the key to solving your financial problems. Self employment does not have many advantages for you at the moment. (As someone who was self employed for many years I have to say that there are not many opportunities left where self employment is a real advantage). 

Trying to start a new business without proper funding is not a good idea. Could you get the person who has offered you 40 hours to put you on the books for a year? Or could you get a job and start the new business part-time in the evenings/at weekends?

I think you should stop paying all unsecured debts immediately. Go to National Debtline who will help you get an SOA on current earnings without committing to a DMP immediately and do as much as possible to get a full time role whilst waiting for defaults. You will then have some better options for the future.  

Hi. I hope you don't mind me asking but you say I need to open a bank account unconnected to a bank with debt. Im trying to open a Starling account but currently they won't accept the proof of address that I have and the only other thing I can use is a bank statement which would have my account details on. Is this wise, or should I not use that as proof of address as I owe that bank money? 

sourcrates

There is no reason whatsoever not to use it.

GDPR apply to companies who process your data.

gizmo111

enthusiasticsaver said:

Looking4silverlining said:

Good morning all.
I have just applied for a Starling bank account and a CO OP account so fingers crossed. I just have a couple of questions for you all.
Do you know if a Bounceback loan can be defaulted on too? I wasn't sure if I could add this one in as its a government type loan.
Who should I approach to help me with the DMP once the defaults have gone through (I am self employed) ?
Thanks in advance.

As I understand it bounce back loans are done through a lender but with a government guarantee and if you default then the guarantee no longer applies.  Surely it then just becomes an unsecured loan through the lender?  It might be worth checking the initial contract to see what it says about default. 

Bounce back loans are business debts and would be treated differently to personal debt.

Looking4silverlining

sourcrates said:

There is no reason whatsoever not to use it.

GDPR apply to companies who process your data.
the Bounce back loan? That’s good news. Thank you. 

Sorry. Are you answering about the Bounceback loan? 

I hope you don’t mind me asking you one more question before I go ahead with all of this. So I need to open a bank account unconnected to a bank with debt. Im trying to open a Starling account but currently they won't accept the proof of address that I have and the only other thing I can use is a bank statement which would have my account details on. Is this wise, or should I not use that as proof of address as I owe that bank money? 

stu12345_2

why would you open a starling account when you owe them money.
you pay rent hence you have a tenancy agreement which is proof of address.
you probably pay council tax  bill which is also proof of address.
you have credit cards which you get online statements or print statements which is proof of address 

Looking4silverlining

stu12345_2 said:

why would you open a starling account when you owe them money.
you pay rent hence you have a tenancy agreement which is proof of address.
you probably pay council tax  bill which is also proof of address.
you have credit cards which you get online statements or print statements which is proof of address 

Hi Stu. 

No I don’t owe Starling money but if I use a bank statement for proof of address I’m worried that it will make a link to the bank I owe money too, same with the credit card statements, all owed money. 

No I don’t have a tenancy agreement, it’s all cash (please don’t ask me to explain)