SB Bank Account with Poor Credit ??

Somerset

I've posted before but there's been a change.

O/H needs a business bank account. He's got a lousy credit record. The change is it's now going to be for his business as a sole trader ( following advice ) rather than a limited company. I've looked on other threads and although sure they are there, can't find those relating to people with poor personal credit records.

Also would account have to be something like Fred Bugalugs T/A Bugeralugs or could it just be Bugalugs ( example only )

Any answers appreciated.

RichyRich

I think if you're a sole trader it's YOUR NAME T/A YOUR BUSINESS NAME, as you and the business are one and the same, whereas if it was a limited company, it would just be YOUR BUSINESS NAME LIMITED, as the company is a separate legal entity. Either way, cheques payable to YOUR BUSINESS NAME would be perfectly accessible to pay in.

Can't help with the bad credit history thing, sorry

Mark7799

I would agree with richyrich regards the account title aspect. As regards which bank, firstly does OH have a personal a/c anywhere? if so, it would be worth trying them as a first option. At present, NatWest seem to have a good deal for business account holders with poor credit records and they may also be worth trying.

Somerset

Personal account is with the RBS but it's only a basic account.

Mark7799

I would still try them first (especially as they own NatWest anyway). You may only get a business equivalent of a basic bank account but it will be a start.

ukbill69

NO to:

Natwest, Barclays, Abbey. Thats all the banks that turnt down my biz partner. He did have a CCJ that now has got that cleared.

wallacebob

Question - why does he need a "business account". If the account is just to receive money in and pay money out, with no overdraft, or a lot of cash handling, just open an ordinary account. Make sure all cheques are paid to his name, not a business name - easy if a sole trader. The revenue are happy as long as they can see clear difference between business and personal money. There are great deals on new personal accounts, I opened mine when I was still employed, got cheque card, and credit card. Then became self-employed, the bank didn't care as long as I was paying money in. I even moved to another bank, they never actually asked if I was employed, I work mostly for one company, so said I "work" for them. No lies. Banks are so keen to get a new customer they almost fill the form in for you. Poor credit history will be a problem for credit cards etc- if he doesn't need to write cheques, then use cash and open a basic account for business only.

Slayerx

Natwest do such an account its called a Direct Business Banking account.

Its for people who want to run a business with poor credit.