I'm currently in a personal IVA which I started around June 2019. I run my own business which is currently registered as sole trader but I'm looking at becoming a limited company in April. To do this I will need a separate bank account, preferably a business one, to keep my business funds and transactions separate.
I've looked at some business account providers already and a lot of them seem to have criteria of not being in an IVA/bankruptcy/CCJ etc for the past 6 years. I've already been refused for a simple personal current account based on my credit check so can't imagine the application for a business account going any better. What is going to be my best option here? Do I even have any options available to me? I was always aware that I wouldn't be able to obtain credit in an IVA but I cannot believe it's this hard to open a business bank account. I'm not even looking for credit!
Whilst automated applications are routinely rejected I have seen, over the years, a couple of successes with business accounts (as I recall one with Nat West and one with Barclays) where the local branch business manager has stepped in and referred the application to the banks underwriters for consideration. In the two cases that are lurking at the back of my mind somewhere, the underwriter's overrode the computer and allowed the accounts to be opened. These were, however, pre-covid --- I do not know how easy it will be to get the required face to face with the business managers ... maybe via Teams or somesuch.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk