Business Accounts for poor credit score

hooby_groovy

Hi

I've been going through a rough time recently, and although I've managed to get back on an even-keel it has left me with a legacy of a bad credit score.

I have a business, however I am returning to full time work. There will still be a need to pay-in various payments to the business and there are also some direct debits that will need to remain in there. The business will continue to run for the forseeable future even though I will be working, albeit in a smaller way.

I would like to move away from my current business banker to a new one, but realise that my poor score will affect my applications

All I want is a paying in book, and the ability to pay some direct debits. I don't want a bank card, a cheque book or a credit card. Just somewhere to pay in cheques so that they pay the direct debits

Does anyone know of a ban that would be accomodating?

many thanks

richt71

Try halifax treasurers account. I got one. Not great appart from paying money in though but you get a paying in book and all you need is ID and proof of business (company number if ltd or letterhead is sole trader). You need to push for it though as they try to get you to open a rbos business account which is credit scored.

Silvafox

richt71 wrote:

Try halifax treasurers account. I got one. Not great appart from paying money in though but you get a paying in book and all you need is ID and proof of business (company number if ltd or letterhead is sole trader). You need to push for it though as they try to get you to open a rbos business account which is credit scored.

How do you pay things from this account? ie Do you get a chequebook or online payment facility? I am looking for a basic business account too but need one with a chequebook or over counter cheque writing facility.

richt71

Silvafox wrote:

How do you pay things from this account? ie Do you get a chequebook or online payment facility? I am looking for a basic business account too but need one with a chequebook or over counter cheque writing facility.

Afraid not! Just a paying in book and withdrawal book. It's very basic sorry!

E_R_A

Hi, i had the same problem due to various issues.

What I did was opened the basic bank account, transferred Direct Debits to it and paid money in.

All banks have some kind of account for low credit scores.

The only downside is no Standing Orders which can make it a bit of a bind.

You do get a cash point card so you can keep track of the funds etc.

Good Luck

izzeybell

I am having big problems opening a basic business account as they do not seem to exist!! For various reasons still paying some debts off but need a business account for the franchise I am running. So far I have been turned down by Natwest & Alliance & Leicester. Any Advice anyone??

mgr1970

Go to the Yorkshire Bank i am up to my eyes in debt ccjs etc they looked at my business plan and asked all the general questions, just tell them upfront they over ruled the computer and said yes. Its great...

Silvafox

Just to help anyone who's after a simple business account with a cheque book and paying in book...

Yorkshire bank offer one and they don't require a business plan either to open it. I simply made an arrangement to see someone in the branch, took my ID and company details and the only thing they look for is bankruptcy.

A week later, I had a cheque book, paying in book and online and telephone banking. Free banking for the first year too thrown in. Definately recommend them for people, like myself (with CCJs defaults and arrears in the past), with adverse wanting a simple facility with a high street name. Hope this helps....

I also recommend them for personal banking too as you get a Maestro card whereas other only offer Visa Electron or Solo for people with adverse.

paggie

richt71 wrote: »

Try halifax treasurers account. I got one. Not great appart from paying money in though but you get a paying in book and all you need is ID and proof of business (company number if ltd or letterhead is sole trader). You need to push for it though as they try to get you to open a rbos business account which is credit scored.

Does this account alow for transfer of funds in via BACS or CHAPS?

paggie

I've also been told the Bank of Baroda is a good place to get a business account, so should I try them?

RFW

Alliance and Leicester do a business savings account, with direct debit, standing order and bacs payment facilities.