Capital On Tap Business Debts

Capital on Tap gives you access to business funding in minutes but does ask for a director’s personal guarantee.

Are you a company director that is being chased from Capital on Tap for outstanding business finances?

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It is very important to understand that Capital on Tap company loans have personal guarantees attached.

So just ignoring the debts could cause issues for the business closure and also personal debts.

In our Capital on Tap Business Debts guide, we explain everything you need to know about repayments to www.capitalontap.com and if these debts can be legally written off.

Who Are Capital on Tap?

Capital on Tap is an online company credit card and loan provider that promises quick approvals, a user-friendly interface, and cheap interest rates.

So far, nearly £2 billion has been lent to 120,000 British businesses, according to the Capital on Tap website. Customers can utilise their physical card or a business loan to get a credit limit.

Depending on the card your company uses, there are also business rewards and Avios points available.

Capital On Tap Personal Guarantee

Capital on Tap business loans do have a have a personal guarantee attached to them.

You can either ask the judge to issue a composition order, or they may decide to do so after assessing your financial condition.

You can usually get a composition order if you won’t be able to pay off all of your debt in an acceptable length of time.

This is all agreed upon when you take out a Capital On Tap loan.

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Can You Avoid Capital on Tap Personal Guarantees?

You can avoid a personal guarantee with Capital on Tap by purchasing personal guarantee insurance before signing a contract.

You may decline to sign the personal guarantee or cross it out of the contract in some situations, but Capital on Tap will not accept this.

You can also opt out of a personal guarantee if you believe the agreement was misrepresented due to the lender’s lack of communication.

Struggling To Pay Capital on Tap Business Loans

Capital on Tap offered company loans of up to £150,000 to small businesses in the UK. Lenders where able to spend their funds on your Visa card, send money to their bank account or withdraw as cash.

Many business owners are now struggling to pay back their Capital on Tap loan and do not know what to do next.

If you are struggling to pay your Capital on Tap Business Loans, speak to a licensed business debt advisor today who can run through the different options available.

Capital on Tap Debt Help Solutions

There are a few options available to help with your Capital on Tap debt, these include:

  • Administration order.
  • Arrangement with creditors.
  • Bankruptcy.

If you have personal guarantees on your business loan, it is advised that you speak to a licensed debt professional to discuss your options.

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Can Capital on Tap Debts be Written Off?

If you file for an administration order, you may be able to have some of your Capital on Tap debt written off. This is known as the composition order.

You can either ask the judge to issue a composition order, or they may decide to do so after assessing your financial condition.

You can usually get a composition order if you won’t be able to pay off all of your debt in an acceptable length of time.

Getting Advice on Capital on Tap Business Debts

If you are worried about Capital on Tap business debt issues around personal guarantees as a company director it is very important you seek professional debt advice.

Throughout the United Kingdom, there are many corporate financial advisors and insolvency specialists who offer free advice and support to business directors during difficult moments.

A Capital on Tap personal guarantee debt can become a source of real worry when a company’s financial position is such that creditors are calling in their debts and assets are being seized. For directors, having personal finances and assets become part of the corporate insolvency picture can be a nightmare scenario.

Get in touch today to speak directly to an insolvency and business rescue specialist. Offering free and independent advice, by phone or at your place of work or one of our UK offices could be one of the most valuable decisions you make.

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Struggling To Pay Business Debts

Here are some other business debt guides if you are struggling with different types of debts:

Business Debt Help

Speak to the professional business advisor to check what business finance solutions you have.

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Personal Guarantees CVL Debt Help CVA Debt Help Business Debt Solutions

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