Business bank accounts

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UpToMyNeckInIt

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Post by UpToMyNeckInIt » Wed Sep 19, 2012 1:34 pm
Fair point about Metro Bank - it is a shame that they do not have branches Nation-wide (although they are expanding), but still worth an initial drive to get a sensible business account, rather than a cash + (or similar) business account that does not accept cheque payments (cannot think why they have such a stupid rule).

Have also heard that Santander might also be OK for those of us needing business accounts. Got a dormant business account with them, but not using at the moment as they are also one of my creditors for my personal IVA, and concerned about them setting-off.

Going off-topic here: As for PI insurance - try Hiscox. I've got Employers/Public Liability and PI insurance with them - no problem, and they were the cheapest for me.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
 
 

deanno

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Post by deanno » Wed Sep 19, 2012 2:33 pm
After initially being turned down by the Barclay's i rang the local branch and arranged a meeting with their business manager. I came away with a basic business account opened, just waiting on the card etc. But I'm also nearly 2 years post IVA, i mentioned this to him and he wasn't concerned, i don't think he had even done a search. Was only there half hour
 
 

Shining

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Post by Shining » Wed Sep 19, 2012 3:22 pm
I'm sure all the above will be helpful to those wanting a business account and looks like Metro are expanding and as others say if all else fails it would be worth a drive to come away with an account if you need one.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

uniboy02

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Post by uniboy02 » Sat Jan 19, 2013 5:19 pm
I'm nearly 4 years into my IVA.

I have started up my own business, funnily enough to sell insurance. I got approved by the FSA to do this - I disclosed everything and they said my work experience was enough. So I am directly authorised to provide financial advice.

Therefore I thought setting up a business bank account would be a breeze - I mean, if their regulator approves me, what's the problem.

In an attempt to be sensible and realistic, I applied in branch for NatWest's Foundation Business Account which is geared towards those with adverse credit. After a laborious 1 hour meeting, all my details were sent away. I received a flat declinature from their opening team within 48 hours with no reason. When I appealed, they simply sent the usual "like all banks, we check credit reference agencies....etc" response. Garbage.

I then went my current bank - Halifax. They do not do business banking but their sister Lloyd's does. Therefore I was referred to the business team. I got an appointment in branch. I was told that because I have been with them for over 3 years no credit check was required. The business current account and savings account was opening there and then.

It amazes me the banking system in this country. I would have preferred a careful assessment of my circumstances, which is what the banking regulator did with me. Instead, one bank gave a flat "computer says no" and the other just signed me up with minimal fuss!

My advice - if you have been with the same bank for over 3 years, and they were not a creditor of the IVA, they should be your first port of call.
 
 

Carl.76

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Post by Carl.76 » Sun May 17, 2015 8:32 pm
Hi

I have just set up a LTD company

I walked into Santander and 40mins later had a full business account with a saving account and cheque book

Found them really helpful with speaking to them just be honest about your IVA
 
 

Michael Peoples

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Post by Michael Peoples » Mon May 18, 2015 9:25 am
That is good to know.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

UpToMyNeckInIt

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Post by UpToMyNeckInIt » Tue May 19, 2015 11:57 pm
Since last posting on this topic, I can confirm that HSBC still don't seem to have rumbled me.

Other business bank options that are iva friendly include: cash plus, card one banking and Ffrees. All worth looking into if you need a business account and have no luck on the high street.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
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