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capital on tap debt
kimshaven
Posts: 6 Forumite
in Credit cards
Hi
a bit of a long story. my business is under HMRC inspection which has been taking so long without any response from HMRC, and recently found out that the appointed inspector was no longer taking my case, that was the reason why there was no answer for so long. HMRC has been holding a large sum for the whole period of VAT reclaims and now they want all documents, at least there is now progress.
In between I could not clear my debt to a few credit card companies as my business stopped trading due to HMRC issue, and one of them is capital on tap. They put huge interests, daily and monthly which I was not aware.. I am there as a personal guarantor and they are very hard to negotiate. I was not sure how long it'd take with HMRC so I put my personal stuff in the market to make money and once they are sold, it could cover the card debt. Now it is in the process I requested them to give me 2 weeks then I can make the payment at once. They don't hold any period, instead keep putting interests so it becomes even harder to pay off..
I am sure I will make the payment soon but is there any way that I can negotiate with them at all?
a bit of a long story. my business is under HMRC inspection which has been taking so long without any response from HMRC, and recently found out that the appointed inspector was no longer taking my case, that was the reason why there was no answer for so long. HMRC has been holding a large sum for the whole period of VAT reclaims and now they want all documents, at least there is now progress.
In between I could not clear my debt to a few credit card companies as my business stopped trading due to HMRC issue, and one of them is capital on tap. They put huge interests, daily and monthly which I was not aware.. I am there as a personal guarantor and they are very hard to negotiate. I was not sure how long it'd take with HMRC so I put my personal stuff in the market to make money and once they are sold, it could cover the card debt. Now it is in the process I requested them to give me 2 weeks then I can make the payment at once. They don't hold any period, instead keep putting interests so it becomes even harder to pay off..
I am sure I will make the payment soon but is there any way that I can negotiate with them at all?
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Comments
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I am dealing with Capital on tap at the moment, they are chasing me for the business debt as I electronic signed as guarantor, is it even legal to say this debt can affect my personal credit file??
The application is not very clear and does not have in large writing that you are personally guaranteeing the card
Help!!0 -
If you're a personal guarantor then a business debt that you've guaranteed can indeed become your debt, and therefore affect your credit file - what did you believe being a guarantor would involve?Greyshed said:I am dealing with Capital on tap at the moment, they are chasing me for the business debt as I electronic signed as guarantor, is it even legal to say this debt can affect my personal credit file??
The application is not very clear and does not have in large writing that you are personally guaranteeing the card
Help!!2
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