Turned down for abbey business account! what to do now?

Daisydoll

I applied for a business account for my small business selling cloth nappies and have been turned down :mad: it has taken them 2 weeks to send me the letter! I've got a feeling it's to do with the fact our previous owners of our property was a self employed plumber and went bust and left lots of debts unpaid and not forwarding address! :mad: I just don't know where to go now? I have a current account with natwest and a joint account with hubby with lloyds, would it be worth going to either of them or do I not stand a chance because of this?? Any help would be appreciated!

mrwibble

Talk to Natwest / LLoyds business teams since you have existing business - don't just fill out forms - call and make sure someone puts a note on the application - keep on making calls until someone spends 1 min explaining how they decide - go upwards as well if you don't get anywhere.

If you still have problems just open an account at an address you know is good - friends / family etc - and try that - even a consumer account is good enough to start with - they will see cash flow soon enough.

Good luck

Savvy_Sue

But one obvious point would surely be to get a credit reference check done? And if you do find that the previous occupants are 'to blame' for this, then you can write a letter of dissociation? I'm sorry, this is outside my experience, but I've seen it referred to elsewhere - try debt-free board or 'anything else'? You shouldn't have been turned down because of a previous occupant of your address: have you asked WHY you were turned down?

Always worth trying your own bank, although some people advise against it, it may be easier to change later.

CharleneUK

I would write to them and appeal.

jonesMUFCforever

mrwibble wrote:

Talk to Natwest / LLoyds business teams since you have existing business - don't just fill out forms - call and make sure someone puts a note on the application - keep on making calls until someone spends 1 min explaining how they decide - go upwards as well if you don't get anywhere.

If you still have problems just open an account at an address you know is good - friends / family etc - and try that - even a consumer account is good enough to start with - they will see cash flow soon enough.

Good luck

Whilst I fully agree with the first paragraph of the above answer I don't know how you will be able to get address confirmation from a friend/family which is acceptable to any bank ie Utility bill, Driving licence etc. Banks will also ask for previous address unless you are on the Electoral roll at any address you quote.

blue_monkey_2

I was turned down by Abbey despite at that time of having over 3k per week going into my Abbey Personal Account. Madness. I went to Barclays and they gave me one and did not ask for a credit check like Abbey do. They are face to face and everything is done with speaking to the Business Manager and they fill in the forms with you and tell you there and then that you can have one. Sure they are not the greatest but it is not the end of the world. When your free banking runs out there are other ways around it so you do not get charged. We will be paying any cheques into my husbands account and then doing a bank transfer for the exact amount - thus making the banking of cheques free and saving some money there.

If you own your own home you'll find it easier to get business loans and the like though - we can't get anything as we rent.

Call them and ask to make an appointment and take a couple of formsof ID and also if you have details of any money you have been making up until now then take that with you, mine is really nice (but not too savvy on some subjects) and good luck with your new venture.

Daisydoll

Thanks for all the replies, I think I just thought it would be easy as I have always had good credit but having searched this board I can see that there are a few things I can do to improve it if I need to such as cancel my credit card which has nothing on it! :rolleyes: Anyway I got a call from abbey today to say that even though I got turned down byt the computer system that my details could be passed on to the underwriters and they might be able to give a different deciscion. But if not I think I will apply with natwest or lloyds for now