I own my own limited company. One of my largest debts is with a major UK bank which is also my companies bank. Will i still be able to keep this account and debit cards and cheque book? In addition, will the bank be able to take money from this account and offset against my debt?
Your bank can't take money from your limited co account to offset a personal debt. If you enter into an IVA or DMP your limited company account should be unaffected but your personal account will be closed.
Speak with several experts/companies and discuss all options
They can't offset a limited company account but you may find they withdraw overdraft facilities and ask you to refinance any borrowing with another institution. But as long as the company keeps up repayment on borrowing, they can't force you to take the loans elsewhere. Also expect any goodwill to dry up. Though the business account is totally separate it will be linked to your iva debt on their system.
If you plan on speaking to a couple or three companies why not take a look at www.iva.com for a list of these and some reviews. Our professionals who post on the forum also come highly recommended. All the best x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.