Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Was informed today by a ery good source that ltsb have a new account available.
Its called a business foundation account and is aimed at those who have problems getting one.
Their only criteria apparantly is that you are not a bankrupt or owe LTSB money.
Worth a try for anyone thinking of changing/setting up.
"Their only criteria apparantly is that you are not a bankrupt or owe ltsb money".
I wonder if the criteria also includes not having previously taken their a**es to court !!
They are offering this account to Business' who are having difficulty getting accounts elsewhere ?
So, they have obviously identified this group as potentially quite profitable. ie: They will be likely to want overdrafts and loans, and will also be so grateful for having an account, that they will be suppliant and not object to paying high service and transaction charges. They will also likely be the business sector that are most likely to incur default charges in future.
So all in, quite profitable for the bank.
I for one will never ever run a business through a business account again.
Such accounts are astronomically expensive, and there is no legal requirement for a business (sole traders certainly, not sure about ltd co's etc) to be obliged to use such.
As long as you keep proper operating accounts and pay your bills and taxes, that is all the law expects.
.Let me explain in a little more detail.
I have been informed of this from an Inbiz business advisor.His job is helping people who have been unemployed and are setting up new businesses....no guessing that these ppl are at the very bottom of the ladder many hae had defaults and their credit ratings are next to nil.I assume they have made deals whereby ppl that have no Bankruptcy issues or owe ltsb dosh can get one.I did my first business course through my local Chamber of commerce under the enterprise allowance scheme in 1997-part of the course inolved a rep from Barclays coming in giving a talk about business accounts.
There were many unemployed ppl on my course..guess what - All had the chance to get a Barclays business account simply because they had a deal with my local COC.
It does not take working out that LTSB will be taking advantage of a scheme whereby the applicants are already given some appraisals and screening to make sure they are serious-by inbiz (an initiative run by the jobcentre/DWP etc ) to take ppl off the dole.
Additionally LTSB will be aware that these applicants have access to grants etc that are not widely advertised or available to the masses.
Couple this with Gordons orders to the banks to go and get the Euro grants that are available to the banks to use for business-and it begins to make a little more sense.
Of course at the moment some will beg the question about the timing of setting up a new business-but in tough times there are ppl who capitalise and I am not talking about baliffs or repo merchants.
The secret is to do what you know best-but keep the costs down.I am fortunate in that I have my fingers in many pies-these days you have to do it-suss out the local competition.I beat them on service-you cant be a 9-5 business in 2008
This week I have had 5 customers coming to my house-I dont mind cause I have kept their business-My kitchen may be as full of tools and repairs for customers as it is pans-but frying pans dont pay the bills....ha ha
I guess you get my meaning
I applied to ltsb a couple of weeks ago because I wanted to move my account away from NW and was turned down. Now, admittedly, I am not a start up. But my business is solid (just a bit short of the readies). I originally started the business in the last downturn (1991) and everyone called me a nutter then . Admittedly, it has taken me 17 years to find out they were right. Anyway, I digress.
If you read my other posts on the impact (not) that GBs statements are having on the REAL economy, you will see that the banks are making it really tough for existing businesses and you can bet your boots you will need a really solid business plan to make them support you as a start-up (you should have one anyway).
Don't think the regulations for limited companies will allow you to run a private bank account for the business. And anyway, if you did, and the bank found out (which wouldn't be difficult), they would probably make you liable for any previous charges which would have been incurred.
Yes Trilby I agree.This recession is more hard hitting than the last tho.There will be oppos for those who can suss out just where theres an opening.
As I explained prev-this account is specifically for peeps who go to the JC and ask for it.
One of the good things I suppose is that they have pledged this support and so cannot make conditions to refuse,outside those I mentioned.
In the period of what is called "test trading" there are assigned Inbiz managers who have authority on the account too-so you have mentors so to speak.
It takes a recession for things like this to happen-in the boom times theres no way the Gov would have told the banks how they should do business nor who they should entertain.It makes sense in these times that they dictate some terms-even if its only to make the unemployment figures look better.
I remember in the late 70s there being allsorts of incentives-The gov paid for rail warrants,clothes for interviews and even subsidised your first months wages.
In the good times that all stopped.
I have a neigbour on this new scheme and so will update on the progress and anything interesting on the account side.
Lloyds TSB new business account
have a new account available.
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