Business account

Pere_Ubu

Are setting up a limited company and need a bank account but have a really bad credit record. Don't want a loan or anything just an account with a cheque book but no cheque card. ANy ideas who I can approach? Was going to ask the Ombudsman for advice what do you guys think?

waddy80

What do you mean by bad credit history? If you have ccj's you may well struggle.
Go into a few different banks and ask to speak to a business advisor. Be up front about your credit history (get your experian file) and they should be able to tell you your chances.

james2005

Im about to do exactly the same mate, but dont stand a chance as i have no voters roll history is there someone on here that could help please.

I have seen lots of ads in the exchange & mart about obtaining business account with no voters roll history/bad credit etc, but they appear to be a con as they want £100's upfront.

Someone on here please help!!!!!!!!!!!!!

Pere_Ubu

Have 2 CCJs and about 6 defaults which are being paid off.

jonesMUFCforever

Unless you have security (even though you require no borrowings) you will get nowhere IMO with a mainstream bank.
Any reason why you now need a Limited company account and not a sole trader or partnership?
The Ombudsman will not want to know - they don't cover this type of thing.
Banks can choose who they want as customers.

Pere_Ubu

Is it a legal requirement to have a separate bank account for a limited company?

Mark7799

Yes - you get cheques payable to a company name, you cannot pay them into a personal account. Why are you setting up a limited company?

inmypocketnottheirs

I have had exactly the same problem. I even tried to open a Ltd co account with my exisitng bank and was turned down. However I did use one of the companies advertised in Exchange and Mart mentioned by james2005.

If anyone cares to PM me who needs this inofrmation, I will gladly provide it.

jonesMUFCforever

What I meant was why does it have to be a Limited company as opposed to a sole trader business.
Is it a way of getting round the fact that you have CCJ's and you think this might help to hide them when asking for credit off suppliers?

inmypocketnottheirs

ejones999 wrote:

What I meant was why does it have to be a Limited company as opposed to a sole trader business.
Is it a way of getting round the fact that you have CCJ's and you think this might help to hide them when asking for credit off suppliers?

The reasons for a Ltd co are manied and varied. Most reputable suppliers credit reference Ltd co's and Directors details/defaults/ccj's will still show up.

jonesMUFCforever

But OP has not replied and may not have known that.