Natwest Foundation Rejection

Ineedaname

Are you trying to open the business account in your own name or for the Ltd company? If for the latter then are you personally guaranteeing a loan or overdraft with NatWest?

If it's purely the Ltd company and you are not personally guaranteeing anything then I don't see why they need your discharge information as if anything goes wrong then you wouldn't be personally liable anyway.

So a bit confused now.

kepar

Ineedaname wrote: »

Are you trying to open the business account in your own name or for the Ltd company? If for the latter then are you personally guaranteeing a loan or overdraft with NatWest?

If it's purely the Ltd company and you are not personally guaranteeing anything then I don't see why they need your discharge information as if anything goes wrong then you wouldn't be personally liable anyway.

So a bit confused now.

To be honest I am confused with what you are trying to say.

If the OP only wants to open a business account, it doesn't follow that the OP automatically wants a loan or overdraft.

Besides I do not think there is any thing in law to make a bank accept any customer.

OP have you ever held any Nat West accounts.

southgrange

I was told I was likely to be declined initially and it was...it then got referred and I was accepted.:j

I hadnt even begun credit file clean up at the time either.

Power_Kitten wrote: »

Well, I have now given Natwest everything they need. I got an official discharge certificate, sent my credit file in full, explaining that those old defaults are prior to BR, and passed on an email from the Insolvency Service confirming the discharge. It's been a week since handing over that certificate, but the business manager's yet to hear back. Getting restless.

If they turn it down again, is it worth complaining I wonder, if others have had luck? I was discharged in April 2008, so it's been a little while. I have a Vanquis card that I've had for a couple of years which I've paid off in full every month, and a Vodafone contract that's not had any problems.

The business chap has just commented that the initial decline was just that, rather than an offer pending further info. So it doesn't really look too good.

[Deleted User]

It's for the limited company. I applied straight off for a Foundation account, knowing I've no hope of credit facilities. I don't actually need/want them anyway! So no, no guaranteeing of any loans or the like. I am wondering if whoever is working on my file in the credit team might just be a bit simple...

[Deleted User]

Oh and thanks for posting, southgrange. That's encouraging.

Ineedaname

Thanks for the clarification Power Kitten. I'm still confused as to why they would want to confirm your discharge from a personal BR when you are opening an account for a Ltd company. Even if you are a sole Director it is the company which will hold the bank account and not you personally.

I hope that makes sense, in that it's not a bank account for you personally so your BR shouldn't have a bearing on it.

Hopefully you can clarify why they have asked for confirmation of your discharge in this instance as I don't understand why they would need it.

Ineedaname

I apologise, I've just seen Southgrange's comment on your other thread, looks like it is a standard thing NatWest ask for when opening a Ltd company account. Still seems strange to me though as the liability is limited...

[Deleted User]

I think they probably all do. I went to Lloyds TSB first, and was rejected due to failing the credit check. Doesn't make any sense, but then again, how often does red tape?

Ineedaname

Thinking it through, I guess if it's a sole director situation then the bank wants to know if you are likely to run the company in a responsible manner. Yet again, an example of corporates not understanding the (general) post BR mentality of not running up more credit.

kepar

Power_Kitten wrote: »

It's for the limited company. I applied straight off for a Foundation account, knowing I've no hope of credit facilities. I don't actually need/want them anyway! So no, no guaranteeing of any loans or the like. I am wondering if whoever is working on my file in the credit team might just be a bit simple...

If that is the case, why do you want to open a business account, there is nothing stopping you opening a basic account(Cashminder) and using that.

You could use that for a year or so, then when the company can prove itself, possibly go back and reapply.