Poor / Bad Credit Rating but Need a Business Bank Account - please help!!

bges

The Back ground -My husband is being made bankrupt next week due to large debts built up from an old business. The business was in trouble for some time but we felt a responsibilty to the people we employed to keep trying. Eventually we did close the business down, but too late and my husband has serious personal debt as a result. (I too incurred debts and they are currently being paid via CCCS)

Current situation - We now have a new business that is doing OK. Due to the bankrupcy next week we have now set up a limited company in my name only. However, I am struggling to open a bank account due to by credit file - including 1 CCJs and defaults. I tried my local HSBC today where I have my current account but was declined because of my personal credit file. I don't need any credit facilities or a credit card, debit card, cheque book or overdraft. I simply need an account that will allow me to make internet and telephone payments. 90% of my income will be bank transfers, only 10% cash or cheque. The turnover will be in the region of 400k with approx. 100k profit.

Any ideas?

dottydora

bges wrote: »

The Back ground -My husband is being made bankrupt next week due to large debts built up from an old business. The business was in trouble for some time but we felt a responsibilty to the people we employed to keep trying. Eventually we did close the business down, but too late and my husband has serious personal debt as a result. (I too incurred debts and they are currently being paid via CCCS)

Current situation - We now have a new business that is doing OK. Due to the bankrupcy next week we have now set up a limited company in my name only. However, I am struggling to open a bank account due to by credit file - including 1 CCJs and defaults. I tried my local HSBC today where I have my current account but was declined because of my personal credit file. I don't need any credit facilities or a credit card, debit card, cheque book or overdraft. I simply need an account that will allow me to make internet and telephone payments. 90% of my income will be bank transfers, only 10% cash or cheque. The turnover will be in the region of 400k with approx. 100k profit.

Any ideas?

Barclays and Co-op are the BR friendly ones so maybe you could try them (I realise you are not BR)

bges

I was thinking about the Co-op. I will give them a call.

dottydora

bges wrote: »

I was thinking about the Co-op. I will give them a call.

I'm sure one of the regular posters (sorry forgot which one) said their OH used the cashminder Co-op account as a business account but just didn't tell them it was for business.

sizzler

Coop is the answer, do not tell thim its for business. But you will get online banking and they will accept BACS transfers.

Regards sizzler:T

philnicandamy

Try to keep the transactions limited...IF the co-op figure out what your doing they'll close the account like a shot as its a breach of T&C's

sizzler

Thats intresting point phil. Are you talking about like 40k or over going through account or 400k or would it not matter

cheers sizzler:T

philnicandamy

can just be something as simple as a huge ammount of transactions...ammounts dont matter

sizzler

Wish I had some big transactions to make:rotfl::rotfl::rotfl::rotfl:

only joking:j

nervousmother

It is my OH who uses his co-op account as a business one, he has lots of transactions both in and out and some high amounts. The staff at the local branch know what he is doing and told us to keep hush but did point out if head office clicked on they would close the account.
The worse part about this though is the fact all cheques/payments have to be made out to him personally and not to the company name. Although saying that not long until all cheques are extinct.

You could try both the natwest and lloyds tsb for basic business accounts.

philnicandamy

HSBC have been known to help as well before bankruptcy.....