personal DMP and company bank account help

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northernladuk replied

29 November 2018, 22:53
Originally posted by SuperLooper View Post

Did you mean personal bank account?

I read it has business account but I can't understand how what you mean by a personal card. Unless you just means on with his name on it. The overdraft sounds bad news though. Depending on how it's been taken out its going to be subject to all sorts of interest and penalties surely. I imagine that's the tip of the iceberg with regard to the company though.

I don't know much about dmp but it's your personal plan so apart from you owing your company money I can't see how the business account would be affected. You and the business are totally different entities. Could be issues around trading insolvent but that's gonna be an issue dmp or not surely?

It's impossible for us to say how much it will be as we don't know who you owe bit ide be very surprised if 100 month would cover it. If you accruing interest on any of that debt it's going to eat most of that up.

Last edited by northernladuk; 29 November 2018, 23:02.
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SuperLooper replied

29 November 2018, 22:41
Originally posted by jay00000 View Post

Hello fellows
company accounts bank has also given me personal credit card and overdraft on my personal business account

Did you mean personal bank account?
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jay00000 started a topic personal DMP and company bank account help

29 November 2018, 21:59
personal DMP and company bank account help

Hello fellows

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
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