personal DMP and company bank account

[naseem00000]

Hi

i am a director of ltd company, with personal debt around 50k and struggling to pay, since couple of years i have been thinking to go for dmp for personal finances, but not sure what would happen to my company bank account?

would they close it too? company accounts bank has also given me personal credit card and overdraft on my personal business account which will be included in dmp. can any one advice me about the effect on my company account after dmp?


should i open a new company account with a separate bank before filing for DMP for piece of mind? one new company account is opened would it effect by my personal dmp?

also how much my monthly payment would be for 50k unsecured debt, i can only afford £100/month, wife not working due to toddlers

any advice would be greatly appreciated


regards

 

[Scalloway]

If you become bankrupt you cannot be a company director. A Debt Management Plan is not bankruptcy so you can continue to run your company. The company's finances are legally separate from your personal finances.

 

[Gavin Bates]

Hi

I would change the Company bank account before doing anything.

Regards

Gavin

 

[Mr D]

I know Stepchange used to prefer DMPs were sorted within 20 years. £100 a month on £50k debt they didn't use to touch.

 

[naseem00000]

many thanks for replies,
one more question about my self employed personal business account which has overdraft of 9000, though i have stopped self employment few months ago, would that debt come under my personal debt? if i default on that would it effect my companys business or its credit file in any way?
secondly i have santander personal credit card if i default on that would that effect my companys business account overdraft with santander?

 

[Mr D]

many thanks for replies,
one more question about my self employed personal business account which has overdraft of 9000, though i have stopped self employment few months ago, would that debt come under my personal debt? if i default on that would it effect my companys business or its credit file in any way?
secondly i have santander personal credit card if i default on that would that effect my companys business account overdraft with santander?

Its often a good idea to move personal and business accounts away from each other if there is a problem in one.
Finding out the bank offsets one with the other after the fact isn't a great idea.

Yes self employment is personal income and debt, limited company income and debt is not personal.

 

[Lisa Thomas]

A DMP will not be viable based on your figures - I suggest you explore Bankruptcy or an IVA instead.