Bankruptcy and LTD formation Bankruptcy and LTD formation
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  1. #1

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    Default Bankruptcy and LTD formation

    As a long discharged (over 2 1/2 years since) but less than the 6 years until it drops off the credit record, I wonder if this will have a detrimental effect on setting up an LTD, with regard to the bank account. I know that different banks have different scoring systems and it isn't set in stone that a discharged bankrupt will/won't be approved but has anyone experience in a similar situation?

    I've been faffing around with going umbrella co but might just go for the ltd instead - however the above may be a sticking point.

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    A wee nudge..

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    I believe the Co-op Bank treat bankrupts and discharged bankrupts more favourably than others. You'll get nothing more than a very basic account with no credit facilities at all. Even then, it's all down to how you've conducted yourself since discharge, e.g. if you've maxed out the tiny credit available to a discharged bankrupt or have any missed payments on your record since discharge then that'll be another warning light to them, but if you've a clean post-discharge record then that will be treated as a positive.

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    Quote Originally Posted by craig1 View Post
    I believe the Co-op Bank treat bankrupts and discharged bankrupts more favourably than others. You'll get nothing more than a very basic account with no credit facilities at all. Even then, it's all down to how you've conducted yourself since discharge, e.g. if you've maxed out the tiny credit available to a discharged bankrupt or have any missed payments on your record since discharge then that'll be another warning light to them, but if you've a clean post-discharge record then that will be treated as a positive.
    Absolutely - I have a Co-op account and have done since discharge. No adverse credit since (unsurprisingly!) so perhaps this would lend itself to acceptance by one of the bigger banks

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    Quote Originally Posted by nealus View Post
    Absolutely - I have a Co-op account and have done since discharge. No adverse credit since (unsurprisingly!) so perhaps this would lend itself to acceptance by one of the bigger banks
    I bank with the Co-op for my business banking. I'd strongly recommend them over most other high-street banks. If you can persuade them to let you onto one of their freebie business accounts, e.g. the FSB one, then even better.

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    Default Natwest also

    I also know Natwest have a basic business account for people with bad credit ratings - no overdraft facility/credit card etc, but you probably don't NEED those things anyway. We have had a few clients in the past use them, and its worked out fine.

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    I am personally subject to an IVA and I use Co-Operative for my personal banking. When it came to starting a company, I was recommeneded Santandar for the business account and they opened a basic business account and then subsequently a business savings account with no problems.

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