Hi on track.

Will you need credit facilities on the new bank account?

Hi on track

The original thinking of the one year discharge was supposedly to make it easier for people to be released from the restrictions of sequestration to encourage business growth etc. someone should have told the banks, lenders, suppliers, HP companies etc etc.

Hopefully it works out for you.

Mark

Needless to say the bank bounced back the application, it appears that it is impossible to open a business bank account even one with no overdraft facilities after sequestration.
Not really a surprise but it just means a bit more juggling money around within the group which is a pain but liveable with.

Hi on track.

It's a shame that you've had that response.

Given that you had no need for credit I wonder why the bank would make that decision?

The sooner we have more of them the sooner that they might remember that businesses are meant to serve customers rather than finding excuses not to help people.

There was a post earlier on HP and this falls into the same thinking.

As TDA says, if there is no overdraft or borrowing, then it's hard to see what the problems is.

Mark

It does seem to mean that restrictions which technically finish with discharge from sequestration may continue in practical terms.?

Without business banking accounts, company start-ups might be difficult.

Yes it must be a major problem, the only options seem to be expensive no credit check accounts.
It does seem crazy that as an ex bankrupt I have no debt and it is very difficult to go bankrupt again within 5 years. I do not require credit or loans or cheque book all I need is a debit card, access to on line banking and a facility to make payments in.
I don't know if things will improve over time but it seems a glaring flaw in the system, I could start up a limited company with my wife as director and me as employee but technically I would be barred from accessing banking facilities (though how they would ever know? ) It is surprising that suppliers are willing to take a "risk" with a credit account but the banks are not with no risk

Hi on track.

The cynic in me would suggest that's because suppliers are operating in a competitive environment whereas the relatively small number of banks that we have aren't.

spot on TDA - That would be the growing cynic in us all probably!

I tried to open a business account for my self employed work - I didn't want an overdraft or debit/credit card. I was still turned down because of my trust deed.[:(]

Hello, I'm back.

This may not be a route anyone wishes to go down, but give it some thought.

As Mark says - someone should have told the banks...

So, *you* have to tell them. And you do this in the form of a complaint. Calm, polite and considered.

Call, write, don't be fobbed off by - you can't complain - or - I don't think that's a complaint. Regulated companies are legally obliged to consider even the craziest of complaints. In this case, the complaint is very justified.

Dear bank, I wish to open an account, I have served my time, the legislation was to allow me to be released from constrictions, your blanket ban is unfair, I wish to be reconsidered and have an account opened. (Put this in your own words.)

You get the idea.

First, see if there's an appeal process listed, if not go to a complaint. If the complaint is rejected, go to FOS.

So many of the problems that we read about on this forum are down to the banks just not knowing. Someone sitting in an office in Edinburgh or London considered this in 1985 and it has never been looked at since. It may be time that it was brought up again. They may decline you, but you may be the first and slowly they may find the numbers rising and realise this has to be re-looked at.

I like your way of thinking.

I think we are all guilty of just accepting things. The government is focused on the start again way of thinking, perhaps they should shine a light on the banks, lenders in general & car finance companies. I think they may be guilty of looking at the events leading to, but not the events after.

Feeling very philosophical tonight!

Mark

That's some good advice Bert Rudge and something that more people need to do to try and drive changes in the opinion of lenders and credit agencies.

I laughed when you referred to someone in 1985 writing the T&C's. I certainly thing these need to be refreshed a little and brought up to date.