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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11554
Experience:  30 years as a practising solicitor.
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I have a company credit card which is at its limit (£8k). My

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I have a company credit card which is at its limit (£8k). My business (a limited company) is not working and I wish to close it down. However, some of the spend on the company credit card is personal and I am worried that if I close the business down, the bank will spot my personal use and demand that money back immediately, which I can't afford. Will the credit card debt disappear with the closure of the company or will I have to repay the personal part of the credit card debt either immediately or in installments?
Submitted: 3 years ago.
Category: Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

The bank aren't entitled to look behind the spend on the card and demand payment of the personal stuff from you. That would be nonsense. The credit card contract is between the company and the bank. As long as you haven't personally guaranteed the debt, you don't have a problem on a personal level.

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Customer: replied 3 years ago.

Thank you for your help.