Personal credit record affecting my own company's credit record - advice

thinkpositive1

I hope there might be someone out there who can help with this query.

To be brief I went onto a Debt Management Plan almost 3 years ago and last last year decided an IVA was a better option and that was agreed and has been running for 5 months.

I know my personal credit rating is stuffed for 6 years but does anyone know what the impact can be if you work for yourself and have a separate business account (I have my own limited company and am its sole director) and how credit checks on the business account may be affected?

I recently asked the bank where I have my business account for a short-term overdraft facility - as some delays on contracts I had won were giving me cashflow problems. They declined the request even though they said "my business account has been impeccable" - never borrowed anything from them in the 10 years I have had that business acciount.

So the question is, if my business ever needs "credit facilities" (overdraft, an account with a supplier, car lease firm etc.) how do they judge the credit rating of a small buisness - simply looking at my business account record or do they cross refer to me personally and see that the IVA shows up and will scupper anything my business needs in the next few years in terms of credit facilities?

I thought legally these things were kept and treated as separate? Maybe they are in which case I don't understand how my business account's credit rating is poor....anyone know???

Culex

Now you know why the collective noun for a group of bankers is a "wunch". :rotfl: