Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: tigers_gonads on 22 January 2016, 15:35:01
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Ello peeps ;D
As some on here know, I declared myself bankrupt back in May 2011 and was discharged in May 2012.
Before I pulled the plug, I setup a basic account in my name with just 10 quid in it (so the receiver wouldn't bother) and left it there for a rainy day.
Since the discharge, i've had money going in and out of since with no problems.
Right, here is the good news ...............
A bloke who I have known for 25 years in the game has had enough and as of 2 weeks time, he is retiring and going house sitting around the world.
Now for 25 years, I have been covering his call outs and vice versa so we know each others work inside out.
Because of this, I have first option on 90% of his business.
A agreement has been made where as I pay him a percentage of book profits for 3 years then the lot is mine :)
And the bad bit ..................
Obviously, I will need a separate bank account for the business.
Thing is, because I have next to zero credit rating and already have a basic bank account the few banking institutions that I have spoken to are treating me like a leper and all without exception are saying "computer says no" >:(
Who out there will give a dodgy bastid like me a basic bank account ?
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Nationwide, although they don't do business accounts, but if it's simply a basic account you need then be worth an ask :y
Legally banks are obliged to provide you with basic account facilities, so shop around and stick at it ;)
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Nationwide, although they don't do business accounts, but if it's simply a basic account you need then be worth an ask :y
Legally banks are obliged to provide you with basic account facilities, so shop around and stick at it ;)
That the thing Al
I already have a basic account in use at the moment so nobody is obliged to give me another one :(
I will try nationwide though :y
Thanks
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Nationwide, although they don't do business accounts, but if it's simply a basic account you need then be worth an ask :y
Legally banks are obliged to provide you with basic account facilities, so shop around and stick at it ;)
That the thing Al
I already have a basic account in use at the moment so nobody is obliged to give me another one :(
I will try nationwide though :y
Thanks
You could reasonably argue that as a self employed contractor you require a separate trading account :-\
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As an aside, you could ask your retiring mate to add you to his business account and then simply cross him off it when he retires... afterall you are taking over his business...
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As an aside, you could ask your retiring mate to add you to his business account and then simply cross him off it when he retires... afterall you are taking over his business...
This way :y
Is it a limited company? If not, look into it ;)
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As an aside, you could ask your retiring mate to add you to his business account and then simply cross him off it when he retires... afterall you are taking over his business...
That would establish a link between you for credit rating purposes. One or other of you may not be happy with that state of affairs.
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As an aside, you could ask your retiring mate to add you to his business account and then simply cross him off it when he retires... afterall you are taking over his business...
That would establish a link between you for credit rating purposes. One or other of you may not be happy with that state of affairs.
Depends if it is a business account though doesn't it :-\
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As an aside, you could ask your retiring mate to add you to his business account and then simply cross him off it when he retires... afterall you are taking over his business...
That would establish a link between you for credit rating purposes. One or other of you may not be happy with that state of affairs.
Depends if it is a business account though doesn't it :-\
I'm not sure. It's 100% certain if it's a regular joint account. Not sure if a business account would be any different. :-\
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My advice would be...take advice. There must be some kind of charitable organisation that can help you out.
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Co Op and Nat west are usually good at basic accounts. Couldn't you have the pretence that you are switching accounts ...then don't switch, keeping both?
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As an aside, you could ask your retiring mate to add you to his business account and then simply cross him off it when he retires... afterall you are taking over his business...
That would establish a link between you for credit rating purposes. One or other of you may not be happy with that state of affairs.
Depends if it is a business account though doesn't it :-\
I'm not sure. It's 100% certain if it's a regular joint account. Not sure if a business account would be any different. :-\
Definitely. Have done it :y
To add context:
Was in a partnership with three other people. Opened a Lloyds business account. Added a card reader. One partner left, removed from account. Second partner set up a second business account (turns out he was a dodgy, devious Tuesday), I went my own way, and the only way to keep the card reader without breaking lease was to keep me on the account oppsing the other partner of it, change it from a partnership to a sole trader with an account name change and job jobbed ;)
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Guessing your current account is whats called a 'Non Status Account' if so and your self employed and or T/A just ask them to set up a another second account , one for you and the second for your works money.
Also try Natwest Telephone Banking, its basicaly a Non Branch Account, so you do your banking by telephone, online or at any Natwest Branch, they may set you up,a Simple Bussiness Account they seem to have a easier method rather than going through a Branch Manager.
Last option as LD says go limited, most Ltd formation companies will throw in Bank Account as part of the package.
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As an aside, you could ask your retiring mate to add you to his business account and then simply cross him off it when he retires... afterall you are taking over his business...
That would establish a link between you for credit rating purposes. One or other of you may not be happy with that state of affairs.
Depends if it is a business account though doesn't it :-\
I'm not sure. It's 100% certain if it's a regular joint account. Not sure if a business account would be any different. :-\
Definitely. Have done it :y
To add context:
Was in a partnership with three other people. Opened a Lloyds business account. Added a card reader. One partner left, removed from account. Second partner set up a second business account (turns out he was a dodgy, devious Tuesday), I went my own way, and the only way to keep the card reader without breaking lease was to keep me on the account oppsing the other partner of it, change it from a partnership to a sole trader with an account name change and job jobbed ;)
I'm not saying the account can't be managed in that way, just that an association will be made between the financial status of all signatories.
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I think that while it is good practice, you don't actually need a separate account if you are a lonely trader.
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Apologies for disappearing, I had family shite to
smash heads together sort out ::)
The original business account was closed last week apparently.
The businesses current owners credit rating is only slightly better then mine due to Barclays foreclosing on his business loan a few weeks after the banks went pop and then offering him a new loan a full 6% higher >:(
He went bankrupt 6 months later :-X
Matt ............... I'm pretty sure your right on the single bank account thing but since i've got a close to zero credit rating and a slightly dubious financial past ;) You can bet your life that the tax man will be watching me very closely so everything will need to be 100% above board and visible ;)
I'm off in town this afternoon so i'll pop into a few more banks and see if I can sort anything out.
Cheers Lads :)
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Apologies for disappearing, I had family shite to smash heads together sort out ::)
The original business account was closed last week apparently.
The businesses current owners credit rating is only slightly better then mine due to Barclays foreclosing on his business loan a few weeks after the banks went pop and then offering him a new loan a full 6% higher >:(
He went bankrupt 6 months later :-X
Matt ............... I'm pretty sure your right on the single bank account thing but since i've got a close to zero credit rating and a slightly dubious financial past ;) You can bet your life that the tax man will be watching me very closely so everything will need to be 100% above board and visible ;)
I'm off in town this afternoon so i'll pop into a few more banks and see if I can sort anything out.
Cheers Lads :)
TG i feel your pain,as regards to bankruptcy and bank accounts ect.But i would like to say thanks for your comments and advice,on my situation.Despite your own problems,Regards Dean.
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You are probably right ref the taxman but to be honest I wouldn't think they would sign let you out for bankruptcy. If you had done tax evasion then yes on you like a hawk. But it won't be any different if you open a business account. It is linked to a person and their credit record. In this case, you.
If anything you have an opportunity to rebuild your credit here with a modest income and good financial management . If a few months down the line you feel you need a separate account, speak to the bank show them what you have been doing and go from there. You will pay a monthly fee for a business account so it will be in their interest too.