Business bank account but i have bad credit .

Klinkers

I have bad credit and Iva but ..

I'm looking to contract in my new jobs , so I'm looking to setup ltd company and business bank account .

Does anyone know best way to do this and who might offer business account.

jonesMUFCforever

You can set up a Limited company - should be no problems BUT I would be amazed if any bank would let you open an account with what you have written.

Look at it this way - it looks like you have failed to repay personal debt in the past now you want to open a limited account which would protect you as an individual if the company went belly up.

If you do not have any assets to back up a personal guarantee this IMO is a non starter.

TheBanker

What facilities do you need? You might get a savings type account but you'll not get any type of credit or a chequebook.

DCFC79

Loads of banks offer business accounts but whether 1 will give you an account based on what you have said is another matter.

TheBanker

I you're contracting have you looked into working through an umbrella company? It will cost more but you won't have to worry about setting up your own Ltd Co, filing returns etc as you will actually be an employee of the umbrella company paid via their PAYE.

Alternatively NatWest used to have an account for "bad credit" businesses. No idea if they still offer it, or if you'd qualify.

pmduk

TheBanker wrote: »

Alternatively NatWest used to have an account for "bad credit" businesses. No idea if they still offer it, or if you'd qualify.

They still offer it.

Hollypop_2

Did you get offered the natwest account Klinkers? I'd be intrested to know!

Tommy1234

I have very bad credit history, couldn't get business bank account for ltd company. I got a Cashplus business account with prepaid MasterCard. I also have just opened an account with Triodos Bank, who are a Dutch bank with branches in uk. They give a chequebook but no debit card, but you can transfer money to Cashplus account for use with card. Hope this helps someone.