I've established a very good rapport with my personal bank manager. I've just been put on a Managed Account which means I have a Solo card, no overdraft and am paying the outstanding £13,800 off at £280 a month for the next 7.5 years at 23%! I won't be able to make the first payment, due next week and asked him for an extra month's holiday from payment. he said not possible as he's already given me a month extra.He did say though that I should walk away from it.... I should write a letter saying I can't afford the re-payment, tell them what I can afford - like a DMP. I should expect for it to be passed onto debt collector, for it to get a little nasty but ultimately that it will be written off, that I will be black listed for 6 years but then it will all be OK again. I was gobsmacked to say the least when he suggested this - he said the bank can afford it and that he reckons I should do it.
Now, I need to know the implications as I'm still a company director in a business that someone else is now running for me while I find a Salaried job to get some money behind me again. If I was to be blacklisted, I don't know if this will affect my position as a Company Director or not, does anyone know? The Bank Manager seemed to think it wouldn't be a problem but I simply don't know.
It really is all so confusing and worrying never mind stressful!