Business bank accounts-again!!

[robolots]

I have read and searched the forum with interest. It seems that being in an IVA (as I am) bars you from opening up a business bank account. I have just lost my job and gone self employed, but without a business bank account I am seriously hampered in trying to go forward with my life.

It sucks, typical of Britain today and the way people who have made mistakes in their past are not allowed to forget them. I'm disgusted with the way banks are treating people in this situation. I can't understand the problem of having a basic business account.[:(!]

I just hope to god that my F&F is accepted next month or I am just gonna say F*** it and go bankrupt despite being 3 years into IVA.
[:(!][:(!][:(!]

[MelanieGiles]

Couldn't you use your personal account to cover business transactions as well?

[robolots]

Yes, but it is messy and time consuming.
I still don't get why it should be so hard to obtain a business bank account without credit.
I have finished my IVA, but still being penalised for it!

[robolots]

Any more help and advice appreciated

[ginger3232]

Going bankrupt - will make it more difficult to get a business acount and insurance etc - it will also mean you credit rating will be affected for a further 6 years from the date of bankruptcy. it may also mean you have a payment order in place.

As Mel as indicated it may be messy but you may need to use your own personal account until you IVA disappears of the credit report - then reapply then

[MrsKnight]

Hi robolots - have you checked to see if your IVA has dropped off your credit file now, this usually happens 6 years from the anniversary that your IVA began.
If you still have any defaults on your credit file then you can send the creditor a copy of your completion certificate & ask the creditor to update the file.
Im sorry I can not shed any more light on your situation.

[ginger3232]

Hi Mrs Knight - Think robolots is in the final stages of F+F settlement, so unless i have read this post wrong it would still be an active IVA

[MrsKnight]

Hi ginger - now worries

This is an old post from the date at the top being 16 September 2010, so I should think his F&F should of gone through by now!

Robolots - going back to this being an old post, your IVA will still remain on file for 6 years from the start of your IVA even though it was concluded with a F&F.
You may still need to wait till this period is over before you can be considered for a business account.

[ginger3232]

Just notice that myself Duh!!!!

Sorry to the orginally poster for out of date information.

I agree with the others and check the credit file to ensure all the infomation is correct and unpdated

[MrsKnight]

[:D] No worries x

[kallis3]

Unfortunately robolots a lot of us are penalised for having been in an IVA.

As the others have said, it will remain on your record for six years - make sure your record is clean of any defaults post IVA acceptance. If not then contact those creditors and tell them to remove the defaults.

I think you may have problems until you are all sorted.

[archangel]

Take a look at this other thread on the forum.

http://iva.co.uk/forum/topic.asp?whichp ... 240#371464

Was also turned down by 3 banks, but now have an account setup with Bath Building society who seem to operate under Natwest. It's the most basic of basic accounts but I can now raise my invoices, get paid, and do monthly BACS transfers to my personal account. Am a very happy chappy right now.

[robolots]

My F&F was indeed accepted in April 2011, but I still cannot get a basic business bank account.

Saw Natwest were doing a basic foundation account for people with past credit problems-guess what? yes exactly got rejected-after wasting a whole day on the phone and then at the local branch supplying all the paperwork only to receive a letter saying it is not accepted beacuse of my previous account performance (dont have any!!) and because of information held on a credit file (after being 100% up front etc etc and to be told that it will probably will be accepted!!)
Listening bank-my Ar*e!!


I still feel it unfair that the IVA has to stay on my file for 6 years when it is over. I'm seriously thinking about challenging this and would appreciate any help or advice on how to go about it or who to lobby? (don't say my local MP).

[ginger3232]

Robolots - are they referring to credit files or their own information they hold?

[kallis3]

Sorry that you've been turned down for an account but unfortunately there is nothing you can do to get the IVA removed any quicker than the six years and all credit entries remain on your file for that length of time, good and bad.

I don't think you'll be able to do anything about changing it personally speaking. No idea who you would approach anyway unless you start an e-petition and get enought signatures for it to be debated in parliament.