I'm a sole trader with a limited company I don't use. I took out £25,000 BBL last year. I don't have any issues with the monthly payments but since it wasn't strictly above board I want rid of it sooner rather than later. I was an idiot, I guess.
What's the best way to pay this back? I can do £5,000/m over the next 5 months. Can I just FP the money from my personal bank to the Ltd company bank account and pay it back this way?
The money I used for a mixture of business things and transferred some out to myself. I didn't do a director's loan or anything.
What trouble could I be looking at?
I'm assuming those getting into trouble at the moment are those defaulting on their loans/making applications to strike off/DS01 with an outstanding loan balance which then sets alarm bells off and prompts the banks to take a deeper dive into what they've been doing?
What would you do in my situation?