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Business credit v's personal credit
HueyBuey1
Posts: 3 Newbie
Hi - I have been lurking for some time and taking various pieces of advice from other threads to sort out my own problems - now have payment plans in place with most of my creditors and things are at last manageable. However have hit a problem from Hubbys perspective today and wondered if anyone has any experience of can provide advice...
All debt with the exception of 2 things are solely in my name - I am employed. One debt is joint with hubby and one is in his name only. I have agreed payment plan for the joint debt and the one in his name was going fine until a couple of late payments resulted in the creditor advising us that they had put a default on the acc. We have since paid all the back payments and the acc is now up to date. However, my husband has his own business which is a partnership and he recently applied to borrow £5k for his bus acc with Lloyds TSB he was turned down because of the default - the bank manager has now suggested we look at making the business ltd as then personal debt is not taken into account - is this correct ? and does anyone know whether once an acc has had a default registered we can apply to have it removed once up to date ?
All debt with the exception of 2 things are solely in my name - I am employed. One debt is joint with hubby and one is in his name only. I have agreed payment plan for the joint debt and the one in his name was going fine until a couple of late payments resulted in the creditor advising us that they had put a default on the acc. We have since paid all the back payments and the acc is now up to date. However, my husband has his own business which is a partnership and he recently applied to borrow £5k for his bus acc with Lloyds TSB he was turned down because of the default - the bank manager has now suggested we look at making the business ltd as then personal debt is not taken into account - is this correct ? and does anyone know whether once an acc has had a default registered we can apply to have it removed once up to date ?
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Hi Huey,
You might want to get some specialist advice with regards the company – Business Link might be a good starting point they offer practical advice for self employed people. They can be contacted on 0845 600 9006 or www.buisnesslink.gov.uk.
Have a read over this booklet it explains a bit about credit files and default notices etc.
Sorry can’t be much more help at the moment it’s not really my area but anything else I will try and point you in the right direction
SarahI am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
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