Could anyone please offer any insight into my current situation.
I am struggling to pay my debts which have grown while my income has reduced. I have been advised a Debt management plan would be best. 18k of unsecured debt most on 30% Apr and my income is 15k per year.
I run a small business of which I am a partner, the partnership bank account has a overdraft facility of which is 7k in the red.
If I look to freeze interest with my personal debt and set up a dmp to repay what I can / when I can. Will the buisness partnership account credit be effected?
I am not looking to include any buisness debt in my personal Dmp. My personal debt is not with the buisness bank (barclays) other than a personal barclaycard. I guess because of this link I should continue to service the barclaycard as per agreement.
What I worry about is if I set up a dmp to sort personal debt, the buisness bank will suddenly withdraw the buisness partnership credit facility and demand the overdraft is repayed instantly. I am not interested in having long-term buisness credit but it will take time to clear the overdraft.