Business bank account

[Guadge]

Hi - sorry, am not sure if I am posting in the correct forum, but can't find this question anywhere else.

My husband and I have a really bad credit rating and we're currently on a payment plan with Payplan, and hold a basic current account, which is fine. We are starting our own business though, and need a business bank account. Does anyone have any idea how we can get one whith such poor credit? We don't need a loan - we just need an account in the limited business's name?

Many thanks for your advice, in advance.

[smouk]

If you are determined to be a LTD Co then you have to have a business account. Unfortunately, these accounts are expensive to operate in the longer term once the 'sweeteners' expire.

 

Have a look at the FSB and see if their Co-Op deal meets your needs. If not, then you can but 'do the rounds' of the usual suspects. They will all look at your credit refs etc but some may be more forgiving/tolerant.

 

Beware of 'hidden' guarantee clauses though!

[deathbycrayons]

I think Abbey do a business bank account for people with a poor credit rating. 5 years ago I started a small business, and opened a business bank account with them. I have had a terrible credit rating for about 8 years.

[Guadge]

Thanks for the advice. I don't know if we'll get the Co-Op account, but worth a try.

[slybeth4]

Hi,

 

did you get anywhere with opening the business a/c with a major bank. I have terrible credit rating due to defaults etc, but we are selling our limited business and as such a new a/c will be needed, but transactions will be big !

 

Thanks

[Guadge]

Hi - yes, Natwest have an account specifically for people in our position, which is a basic account but in the business's name, with a card and cheque book but no overdraft facility etc. Which we didn't want anyway! Hope that helps.

[slybeth4]

Hi, Many thanks for the reply.

 

I am trying to set-up a basic account and hope there is no problem. We do not want an o/d etc just a basic facility. I have really bad credit (defaults) as a result of the CCA's. All my personal credit cards are in dispute and defaulted.

 

We are trying to open a limited co. bank a/c, but was really worried as I dont want my co-directors to know about my CC/defaults. My co-director has good credit (he does not know I know), so hopefully Barclays will look favourably.

 

Thanks

[Guadge]

I know! It's a bit of a Catch22 situation, isn't it? Good luck!