I am currently in a maximum 12 month F&F IVA - should expire latest July '09. I had a current account with Barclays (one of my creditors)and a business account with Barclays (nothing to do with the IVA). This morning, I have been locked out of online banking without any communications at all from the bank (either from the current side or business side). After many phonecalls to try & see why I was unable to access the online banking, the reason given by the Local Business Team was that they have been informed of my IVA and I have therefore been prevented from being allowed access to the business online banking. They have not yet said I must stop using the business debit card or cheque book but I can see this coming!
Although I argued (nicely) that my business and I are 2 different legal entities, they said that due to the link between me personally being in an IVA and being a Director of the company, I can no longer have access to the online banking. The rep actually said that anyone determined bankrupt is treated the same way and I then had to explain that I am not bankrupt and do not have to stop being a Director because of the IVA. She'd obviously heard of IVA's but seemed not to know the difference. She was generally disinterested and suggested that another Director or another employee (unbelieveable comment!)should ask for online account access - but as I am the only Director (1 of 2) working in the [small] business, this would not be easy or convenient on a day-to-day business. I have asked for the matter to be taken to a higher level in the business team but I fear I will get nowhere with this. Despite being assured a call back this afternoon, I had no call -now why does that surprise me!
Sorry for a long moan, but wondering if anyone has any similar experiences?
Also, I presume that since my personal credit rating is now shot for the next 6 years and the current risk-averse attitude by banks that it will be nigh impossible to open a new business bank account at another bank - unless anyone knows differently please?
Thanks in anticipation of any comments/replies!
Hey pennyfortheguy, I don't really know about limited companies as I was sole trader but I do know that you can open a business account using www.secretariatservices.net I believe they charge though and when I enquired, they do not provide credit card machines. Please hang on and someone will advise you. X
Last edited by Viki.W on Mon Sep 08, 2008 10:43 pm, edited 1 time in total.
You need to discuss this with your IP who may be able to unlock your business account by way of a simple telephone call to the bank. Are you overdrawn on your business account, and if so have you personally guaranteed the lending?
Ok, thanks, I will ask for his help. The account is approx £1450 o/d (within an agreed £10k limit) but waiting for a £16k credit (but of course the bank don't know that at the moment - but there again they never asked!). No personal guarantees have been given and this was discussed when we were proposing the IVA. Will give the IP a call - thanks Melanie!
Thought I would add an update. Spoken to a more senior person in the business banking section today and following a discussion during which I had to say why I had gone into an IVA, the banker said that he would reinstate my online banking access if I presented him with current company management accounts. I got our accountant to send them in so still waiting to see if he's reactivated my access. Will update again once I know for certain if they have or not.
Hi
Banks do seem to put IVAs and bankruptcy in the same pot
Your limited liability business account should not be affected by the IVA and I'm sure that this will be sorted out shortly
Regards
