Business Bank Accounts for Discharged Bankrupts

Walter_J

It is now three years since my discharge, and for the the last two years I have been self-employed, running my business through the Co-op Cashminder account I opened while bankrupt.

I have now formed a limited company, and phoned the Co-op Bank today about opening a business bank account. I was informed that they do not open business accounts for people within 6 years of discharge.

I'm fuming. My cashminder account has an average credit balance of over £3,000 and I have run it flawlessly for over three years. I am not asking for any loan or overdraft facilities - just a business current account where I can deposit money and withdraw it to pay bills.

Can anyone suggest a bank who may be more amenable to offering me a basic service like this?

kerrypn

Hi Walter

I don't know about an actual business account but as you only want a basic account anyway could you not open a Barclays Basic just to run your monies through?

Walter_J

I can do that already through my Co-op Cashminder account. The trouble is, having set up a limited company, I really need a seperate account in the company name as it is a seperate legal entity.

Any other suggestions?

Otherwise, I might have to resort to the age-old tactic of putting the company in my wife's name until the bank account is set up!

nervousmother

Try lloyds as iv known them give business accounts to discharged bankrupts, if that fails try natwest. good luck. I have heard success stories with lloyds..

My oh has the same thing, he is not ltd though and although iv told him to try lloyds he is happy enough with his cashminder a/c

Walter_J

Unfortunately Lloyds and Natwest were the the two banks I owed money to when I went bankrupt!

Barclays are next on my list. I've never banked with them. I'm running out of options now!:D

nervousmother

I would still try lloyds anyway.. they can only say no. I wish I could remember who applied and got a lloyds business a/c as I think they owed them money too..

b-man

Walter_J wrote: »

The trouble is, having set up a limited company, I really need a seperate account in the company name as it is a seperate legal entity.

thats really strange. Its for precicely the fact that you are seperate legal entities that it shouldnt matter about your past credit history. You are not the business.

good luck finding somewhere, I will be watching with interest as I'm pretty sure I will want to run my own business again within 6 years:beer:

Three_Clicks

Hi.

NatWest have agreed to give us a business account, BUT not until we have our discharge ~~~ Less then 2 months to go... :T

philnicandamy

HSBC were mentioned here a while ago....see what they say

I would however take what natwest promise with a pinch of salt

b-man

thats encouraging to know - natwest were one about the only financial intitution that I hadn't rubbed up the wrong way before going BR

Walter_J

I've just opened a business acount with Barclays. I applied online and got a phone call the next day to make an appointment to go in and see a 'business manager'.

I met with her today and was upfront about having been made bankrupt 4 years ago. She did a credit check on me as we chatted and my application was approved.

Computer says YES!

Barclays seem to be getting a lot of bad press on here but on my experience I can't fault them...


...yet!