Company bank account for discharged bankrupt

CynicalReader

Hello, new member here so please be gentle.

I have recently been discharged from bankruptcy and have established a limited company, I haven't applied for a bank account yet but all my research has made it clear it probably isn't going to be straight forward.

Has anyone had experience of getting a business bank account soon after discharge from bankruptcy?

I came across this website offering details of a high street bank that give business bank accounts to discharged bankrupts, they want £30 for the information which to be honest I'd be happy to pay but have a feeling I'll pay the £30 and not get what I'm looking for. Has anyone come across this site before?

ukbankaccounts.co.uk/basic-business-bank-account/

I've checked my credit file on a few websites and my score doesn't come back as bad as I was expecting but I did keep 2 mobile contracts running throughout my bankruptcy and have been accepted for a vanquis credit card.

Any advice would be greatly appreciated.

Regards,

CR

GazHatesBanks

I applied to Barclays as a new limited company straight after bankruptcy and was accepted so that may be an option as long as you don't need a overdraft. Rather than try and set up online, make an appointment to see an advisor at your nearest branch.

Also, Natwest have a foundation account which may suitable.

Personally I would stay away from the guaranteed accounts if at all possible as their charges are usually high and won't accept or issue cheques.

CynicalReader

Thanks for your reply, I have a meeting scheduled with Barclays next week however as one of my debts included in my bankruptcy was with Barclays i'm not holding out much hope.

I didn't know about Natwest and have never had any accounts with them so I will get on the phone to them tomorrow to schedule a meeting.

I'm not looking for any credit facility just a basic bank account to make deposits.

Regards,

CR

london1973

from reviewing this forum regularly over the past year I don't think you have anything to worry about with Barclays being a creditor in your BR-If they do indeed offer a basic account for businesses it shouldn't make a difference

I looked into this prior to my BR and found that one of the prepaid card operators offered business banking services-can't remember who and how legitimate they were but that would obviously be fine to open, you may need to research a bit

easiest solution is to find a business partner (silent if necessary)) and have them handle the banking side-ideally you would want to set up a new company with them as sole director, sort out your banking arrangements, and then jump on the board yourself-

kation

I used CashPlus for my limited company (formed two weeks after an ED in 2012) - I have to say it was very straightforward to operate and none of my clients batted an eyelid to paying into it.

You can't bank cheques though with CashPlus.

Eventually I plucked up the courage to ask my bank (Lloyds) for a business account, which I duly got.

CynicalReader

Update on this, I got refused for a NatWest account. In their words "internal bank marker" even though I've never had any credit with them.

Applied for Barclays account which has been referred and I'm waiting for a decision.

Kation did you ever have any issues with this type of account? I've been tempted to set one up but reading reviews causes much concern lots of people saying payments marked as paid but weren't paid, debit card payments declined and poor customer services.

If Barclays don't accept my application I will end up getting one of these accounts in the short term.

iquit

Just FYI I applied for and got a business bank account with Barclays. They were one of my creditors in my bankruptcy. Good luck.

kation

CynicalReader wrote: »

Kation did you ever have any issues with this type of account? I've been tempted to set one up but reading reviews causes much concern lots of people saying payments marked as paid but weren't paid, debit card payments declined and poor customer services.

My experience with CashPlus has been nothing but good, if I rack my brains I can only think of a few negatives:
1. Limit on cash in the account is £10K, so if you are trading alot you might need to move cash into a savings account for safekeeping.
2. They held onto an HMRC VAT repayment for an extra day - something about 'extra checks'.
3. FPI payments don't appear instantly, although usually by 4pm.
4. FPI payments out aren't the fastest, a few hours typically if during the working day.
5. It costs something like £75 to open, and this fee is annual.

I was quite traumatised by events leading upto my bankruptcy by Natwest and debt collectors (it took me a couple of years and two moves before I would allow a doorbell back into my life - someone said it was PTSD!), so CashPlus with it's 'guaranteed acceptance' was a real lifeline.

Good luck with your application to the high street banks - please post an update on your success.