Business Account after completing IVA

andrewbass

Hi all,

I need help with a matter if possible.

I took out an IVA a while back and in the during this, due to unforeseen circumstances, i had to leave my PAYE job and become self employed as a sole trader.

I have now fully paid of the IVA, have certificates to prove it.

However, I cannot get a business bank account.

I do not want to borrow a penny, nothing. All the equipment of the business is paid for and the business and myself have absolutely no debt. All i need the account for is to pay money in to.

I understand that credit checks may 'auto reject' due to the IVA (although it is paid off), however, this is even with having bank personnel assess the application.

I have absolutely no idea why i cannot open one? This is with a bank not affected by the previous IVA too.


Any help would be much appreciated. Without the account, im unsure what to do - its essential for the business?

thanks

MoneySaverLog

Have you checked your credit file? Is the IVA still on there? Is there any defaults still showing? Has it been 6 years since the start of the IVA?

Best not apply to any fresh bank until these details are wiped. Check all three Credit Reference Agencies for inaccurate data.

andrewbass

hi, thanks for your reply.

it has been 3 months since i paid off the IVA.

i havent checked my credit score etc, do i need to inform someone the IVA has been paid off? I assumed that would be automatic.

I dont understand why credit checks would stop me opening an account? Loans, credit, over drafts fair enough, but a basic bank account?

I will struggle to run the business without one, surely this is beneficial to everyone involved to get an account? tax man, accountant, growth of business, money into the bank etc?


sorry, im just very confused with the whole thing.

andrewbass

.... and sorry to be a pain, but can you tell me what the 3 major reference agencies are. Thanks

MoneySaverLog

Yes totally agree however banks will look at the past 6 years credit history. So your start date of your IVA needs to be 6 years ago, as most IVAs are 5 years, I'm assuming it's not been 6 years yet.

The three CRA's are Experian, Equifax and Call Credit, you can search for the details on google.

What normally happens on completion is the IP informs the Insolvency Service of the completion and these details are then passed across from the Insolvency Service to the Credit Reference Agencies. All should be automatic, sometimes it fails.

Even thought the IVA is marked as completed it's still going to show for 6 years and when you apply for any bank account it will show up like a red flag. This is the brick wall you are hitting at the moment.

I'd suggest this post really should be moved to the IVA thread, as they may have more suggestions there for you as to which banks may be able to help with a basic business bank account.

lil.smartie

Natwest do a Foundation business account.

Kate