Business bank account with IVA

jmb1975

Myself and husband are taking over a business in 3 weeks and need to open a basic business bank account but we both have IVA's (2 years in). our own bank, natwest have refused us an account. We just need a counter service and debit card and we have no set up fee's or outstanding debts. Any advice as to which bank would allow us to open an account? I just feel we're not being allowed to improve our lives without being penalised all over again.

UpToMyNeckInIt

Try 'CashPlus' (google them), if you are having no luck on the high street. They operate one of these card-based bank accounts, and also do a specific business account.

Fees look very reasoanble as well. Only downside is that they don't accept cheque payments.

Good luck.

cheesedoffwithdebt

Uptomyneckinit got there before me!! A further suggestion, as cashplus don't accept cheques, if you opened a Building Society account (High St version if they still exist) or postal, you could pop cheques in there and transfer to your business account.

Or have a basic bank account, and route business cheques through there-you don't technically need a business bank account. The banks insist on them because alot of businesses have regular payments in and withdrawals so the bank do more work (perish the thought) -that's my take on it anyway. It will be more fiddly but possibly your only option right now.
I use a cashplus prepaid card -they seem really good, you have online access to your account and can make transfers via internet banking to your card.

They are there, like many alternatives to the mainstream at the moment, because so many people like us are sorting out our debts.