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asdanemma

Capital on Tap & IWOCA line of credit - help please

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HI

I had a small line of credit of £1500 cap on tap and £3000 from IWOCA whilst operating as a ltd company freelance consultant

 

I have been paying back from my business account

now my contract has ended early due to an emergency re-shuffle.

 

I just paid my VAT quarter and this months IWOCA but have no money left to pay cap on tap or future debt for these lines of credit

 

My current balances are C.O.T £1000 and IWOCA £746.62

 

They will attempt to take money from COT this month and IWOCA in January but my account will be empty as i have a mortgage to pay.

 

What will happen to me as these are business debts,

i am closing the ltd company down after i have emptied the bank account of december's money and will set up corp tax and Vat repayments with the HMRC.

 

Will IWOCA and Cap on TAp pursue me personally,

will i be able to make arrangements with them.

There is no advice about these companies out there.

 

Thanks, i know im doing wrong but we planned on 6 more months contract.

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if you didn't sign a pers guarantee then no they can't go after you pers

the co. was ltd


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