Business Account & bad credit history

cottager

happydoodaa wrote: »

The only thing they don't do is paying in of cheques, but in this day & age who uses cheques?!

I think it probably depends a good deal on the type and circumstances of the business you run. Although the majority of our customers now settle by card or sometimes cash, a fair number still pay by cheque and if that's what they prefer we'd never tell them they couldn't.

For those with a poor credit history it could well be the right answer, maybe even the only answer, but research always pays: check carefully what services are available compared with how you envisage your business will need to operate.

As one example, I noticed in some FAQs that Faster Payments can be accepted, but outward payments currently take 4 days, although they're hoping to provide a faster service at some point. Maybe this wouldn't matter to you or you could work around it, but it's the sort of detail that's worth checking so you know exactly what to expect

Kimbothedog

Hi..

Im kinda in the same situation... need to set up as a limited company... Will Companies house accept me with bad credit??

Also do I need to register a 'business' account or can a current account be used. I have been turned down for a business account already.

Sorry if this is a stupid question, completely new to all this and getting different info from everyone

Thanks

lucethejuice

Hi,
You can set up a ltd company as long as you are not currently bankrupt. with regards to a business account i struggled to get one and thought about using the cashplus prepaid mastercard but you can't use merchant services (i.e credit card payments) if you don't have a proper bank account. We got rejected by lots and then i spent £160 through ltd companies who guarantee you a bank account or your money back. it took about 2 weeks but the account was set up with ease. They apparently have relationships with banks and can get past the poor credit part. if you have the money to spare then definitely use them. We ended up with an account from barclays. Alternatively go to Natwest and ask for a foundation account??

Carlos77

sorry to resurrect this one, but halifax have started clamping down on the existing treasury accounts now. I got notice that they are closing mine due to it not being used for the intended purpose, so I'm going to have to seek alternative arrangements! My credit has cleaned up a lot in the past 5 and a half years since I got this account, so have applied for a normal business account, so fingers crossed that i will be approved and this wont be a problem, otherwise ill have to look elsewhere for my banking!!

Is still a pain in the butt!

david1122

Hi Folks,

The company's financial information is totally different with director's personal credit rating, so i would suggest just get a full report of your company and also to be safe get your own credit rating too, that you can take to bank and ask them to open a business account for your business, i am really optimistic they should do it for you.

To get these reports, i have a very good website which i personally use to generate my and wife's credit rating and also it been used by my work people, they are the guys who recommended me this website.

ukcreditinfo.co.uk

I hope it will help you. Good luck!

marcobolli

Natwest turned me down for the Foundation Account.


Am still looking for a Ltd company business account.