I am self employed running a small business (as a partnership with OH and 4 staff) having business and current accounts, overdrafts and a loan with Lloyds.
When I first started looking into proposing an IVA I realised I would need to set up new business and personal accounts. I chose HSBC for the business account but am now a bit worried having read they don't like people in an IVA.
Do you think they will spot it as the account is in the name of the business and the IVA's will be in our own names. If it would be safer to set up another business account with another bank who would you recommend as I don't want to go through this again.
Wish I'd read about HSBC on here before deciding to open an account with them.
Hi
Are you already in an IVA ?
If not try the Alliance and Leicester,however I'm not sure if HSBC will have the same policy when it comes to business accounts so you may be ok.
Regards
Hey Ascot, I did exactly the same and opened my business account and personal with HSBC, then read on here about their policy. Mine was a sole trader so yours may be ok. I was able to open another account with Natwest as I hadn't had my IVA proposed yet and my credit record was great as I hadn't defaulted. Sorry that's not much help but maybe you should open an account elsewhere now just incase. You won't be able to after your IVA is in place.
No not in an IVA yet. I think I'll open another account just in case. They may not spot it as we don't have our personal accounts with them but I don't want to take the risk.
I know what you mean about a great credit record! Lloyds offered me another £3k on my business overdraft yesterday! I refused of course but it would have been so easy to say yes.
Yeah, I was with Lloyds, my business overdraft was £6000! Looking back now I obviously only had a perfect credit score as I was using credit to pay for credit. We've all been there and done that!
Better to be safe than sorry. I personally would not place accounts with HSBC after an IVA in case they did close them. The disruption to a banking facility could seriously affect your business, and it is not worth taking that risk.
