Sole trader (bad credit) Business A/C

cosmic_dave

I have just been turned down for a business a/c (sole trader) by Lloyd's TSB because I have a MasterCard default ! I lost my job last year and advised all the people I owed money to, I have retrained as a painter and decorator to become self employed and start paying off what I owe. I have now started to get work and to keep things right wanted an a/c. Is there anyone out there that will give me a business a/c without ripping me off ? It seems strange the banks are putting obstacles in the way of people that are trying to sort themselves out.

Please help.

David

GreyhoundAngel

If you look on the Budgeting and Bank Account Forum -many people seem to have this same problem, as it is quite a common thread topic :rolleyes:

From what I've read (and from a couple of my own enquiries with Banks) - I don't think there is a "Basic" Business account.

If you are technically just doing a type of job "self employed" and will not be doing lots of transactions each day / week / month (ie paying in / paying out lots of small amounts) - then I would opt for a "Basic" personal account with someone like Barclays or Co-op. You wont have a cheque book but you do get a debit card and paying in book and online Banking.

I have a seperate Basic account for my self-employed earnings.

Not sure if that's helpful for you, but I'd also suggest putting another thread up in the Bank Accounts forum as well - more people will see it.

G:A

DEEJAY_2

Try Nat West Foundation Account. Phone 0800 096 5099


Deejay

cosmic_dave

Thanks both of you.

ali82

Get an account with your existing bank, this is what I did with no problems