Help with getting a bank account with poor history

dadshep · 23 February 2005 at 12:58PM

A few years ago i ran a small business that got in to trouble and i ended up with 6 ccjs and a iva,
I have now finished paying off my Iva and am trying to start a new small business,
Ive talked to a couple of high street banks but they wint let me open a business account, all my personal banking is with a building society so cant talk to them,
can any one please help me as im pulling my hair out, im turning business away on a daily base and and till i can sort a bank accout out i cant start my business.

please someone out there HELP !!!!!!!!

beninvres · 23 February 2005 at 3:52PM

You will be recorded as ' bad boy' for 6 years . but ,
If you write to each credit record agency with , Paid off' . They will append not to your record . Thus you may then get better results.
Try the mutials / credit unions ?
N.B. never start form hope ! always best 'servival of dept in business', eg business plan should be worst case servival '.
What is the monthly cheque tally . As sol trader and in own name , my brouth ran small business for many years before banks twigged. Its all about volume. What is business ?
reply to Patrick.

Savvy_Sue · 23 February 2005 at 11:12PM

dadshep wrote:

Ive talked to a couple of high street banks but they wint let me open a business account, all my personal banking is with a building society so cant talk to them

does it have to be a business account? As ben suggested above, it might be possible to put your business income through a personal account. Plenty of people have more than one personal bank account - I've currently got 3, used for different purposes.

So, if you're trading in your own name and can therefore accept cheques made out in your own name, what's to stop you opening a second personal account, either where you are now or with another bank, and using that?

Of course you need to check terms and conditions, and people with more business experience than me will point out any pitfalls, but I feel you could quite legitimately say to even your current BS that you want a second account to help you keep track of different areas of income and expenditure. If they probe, don't lie, obviously.

If the problem is that you need a cheque book and don't currently have one, this idea probably won't work with your current BS, but may work if you try to open a current personal account elsewhere?

Failing that, is there anyone you could open a joint account with? Risks, of course, but maybe worthwhile.

burbs_2 · 8 March 2005 at 2:12AM

if the bank were to find out that you were running a personal account as a business account then i think that you would be in big trouble. They would be losing out on various fees that they can charge you if you operate on a business account so they would be far from happy.

clairev · 8 March 2005 at 10:54AM

Have you tried Nat West - they are supposed to be quite good in these circumstances. I am afraid it may be more difficult to open a personal account with cheque book that it would be a business account with a bad credit history. Best of luck. Also you could check with your local Business Link office.

Help with getting a bank account with poor history

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free