Bankruptcy and business banking

london1973

Hi all

I was discharged in October 2017

I am currently setting up a new business and will need banking facilities, what are my options here? Are there basic business banking facilities available with mainstream banks-obviously i accept there will be no overdraft and lending options available-

Presumably ex-bankrupts set up businesses all the time so there must be some options available?

I have a basic personal account with Barclays which i find excellent

As always any feedback and experiences would be very gratefully received

Thanks

National_Debtline

Hi London1973,


Your options for a bank account will depend on what sort of account you want, and what sort of business you are setting up. If you are setting up a limited company, and want an account in the companies name, then you should not be personally credit checked, because the company is its own legal entity.


However, if you are setting up a sole tradership/ partnership then you would likely be personally credit checked if you ask for credit facilities. You could talk to the bank about what facilities they may be able to offer you in light of the bankruptcy. An overdraft is credit, so that may be an issue, but sometimes if you wish to accept card payments from customers that can also been seen as credit. If you don't want any credit, the account should be easier to set up but you would need to talk to the bank about what it is that you need from the account and what they can offer.


Laura
@natdebtline