Business Bank Account Post IVA?

andrewbass

Hi all,

I need help with a matter if possible.

I took out an IVA a while back and in the time 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

UpToMyNeckInIt

I understand that there is no absolute requirement to have a business bank account - particularly if you are a sole trader.

However, if you need one, there is a card-based business account run by 'Cash Plus'. Only downside is that they don't process cheque payments. On the plus side, they don't credit check, only do an ID check, so provided you are on the electoral role, you should be OK. Fees are very reasonable as well - cheaper than many 'High Street' business bank accounts.

Hope this helps.

andrewbass

Thanks for that, that a huge help!

Ive also just received note of the bank i applied to (yorkshire bank) as i kicked off a bit asking why, and theyve come back to me saying my credit report is still showing a lot of debts, despite them all being paid off in the IVA.

they have advised me to contact experian and notify them. But i dont have a credit card, so i cant check my report?

UpToMyNeckInIt

Try checking your credit report on 'Noddle' (call credit) instead.

Also, you could get a pre-paid Mastercard or Visa. Many companies treat these the same as normal credit cards.