PS: I forgot to mention too - that Co-Op - who had had a "pause" on opening new bank accounts for companies, just due to being snowed under - are open again for new ltd company account business. The links on their website are active again.

SUCCESS !! I posted a note above [ 18th August 2010 13:31 ] saying I was applying for a Natwest Foundation Account for a new limited company account, and I have a badly "bruised" credit record as a result of the recession. I am pleased to report back that after six weeks thinking about it, good old Natwest have opened a Foundation account for my company. So they seem to be serious about the "helpful bank" moniker they've settled on recently. A note to anyone else applying in a similar situation - I did NOT just fill in the forms and leave it to them: I actively "marketed" myself to them, told them why they should consider me no risk whatsoever, described my business history, and also made it clear that I was welll aware of all their "helpful bank" marketing (e.g. current TV ad), and would hold them to it. We do own them, after all. In case helpful to anyone else, I should point out the following salient points of my application:- 1. I was 100% honest about my credit record - I spelled out specific detail in an attached letter, accompanying the application forms. 2. I also sat down with a young business manager in the branch and was equally candid with him : we completed the application together, and I made it clear to him that I wanted him to act as "champion" of my application internally. I said "...look - I can't progress your people internally, but you can: so please, you know my case, please stay on their back, on my behalf". He promised he would. 3. Halfway through, there was silence: I thought it had probably "gone aground". So I went in to chivvy the same business manager, and made him call internally to see where it had got to (interestingly it was "in referral" to the "lending dept" - even though I stated categorically in the application, that I did not have any desire to borrow a single penny). The young business manager told me he'd written his own accompanying note to the application, stressing the simplicity of my account need, and promised he'd see it on through. I would recommend anyone else trying to do this to follow the above approach: I've used all the main banks over many years, and Natwest have always claimed to be best for small business: you can always "rub that in" when talking to them. I'm pleased someone there seems to understand reality anyway. Good news for my MP too - he can breathe again now (I had already put his secretary on notice that I might need to breathe down his neck to point his big guns at the bank ) BEST OF LUCK to all.

As a fallback there is always this outfit - they GUARANTEE to open you an account, for £169. Not dear in the long run, if it solves the problem. Am not allowed to post URLs yet, but look for 0844 573 4878 or search LTDhypenCompanies do t see owe do t ewe kay

I sympathise Crockie - still waiting to hear on my new application for a Foundation account at NW. Should know within a day or two. If you can't get progress and have a business held up, why not hassle your MP with it : I certainly would go that way if I can't get one. We are all urged to get on and start businesses, and if the bl**dy banks won't help with zero-risk accounts then we need to collectively rattle the cage of government to kick the banks up the backside. We OWN RBS, let's remember, and a minister could just instruct them to get on and open accounts of the sort we're discussing for businesses that need them. If you've not come across it you can find your MP through w w w dot theyworkforyou dot com

AND YET ANOTHER ONE (WORKABLE BANK ACCOUNT FOR BUSINESS WITH NO CREDIT CHECKS): Here's another Prepaid card which has electronic banking facilities built in, and can accept monies-in by bank transfer too. So, effectively a status--free bank account: https://www.cardonebanking.com/landingPages/application.aspx?sourceCode=10426000 Good luck all

ANOTHER A WORKABLE BANK ACCOUNT FOR BUSINESS WITH NO CREDIT CHECKS: Further to my note above, here's another Prepaid card which has electronic banking facilities built in, and can accept monies-in by bank transfer too. So, effectively a status--free bank account: http://www.clearcash.co.uk/static/bill_pay#2 Good luck all

BusyBee, don't be panicked into doing anything rash in any hurry. I've been through this - the bank will not go all-out at breakneck pace - if you default on a PG'ed loan, you may be amazed at how longwinded they will be: it could be months before they do more than write a letter politely requesting th balance be paid. Generally it will be a year plus before they get firmer, and even then, as long as you are polite and write back summarising your situation, always acknowledging you'd like to clear it up as soon as you can, but you don't have the funds to do so yet and so on: be very calm, polite but yet firm, in a kind of "I can do nothing to help now but assure you I will contact you the moment my financial siatuation improves" tone. You may end up talking to them in this vein for several years : even then, they all have a debt-recovery deaprtment you can go and see (DO go and see them: that quite puts them on the back foot, as they'd rather just deal on the telephone). Find a sensible person in the debt recovery dept and strike up a sensible dialogue on the basis of 'I can't pay you what I don't have'. It is momumentally difficult, expensive and bad PR for them to actually try to take your home, and if you are civilised with them, you can pay them over a long period: all they really want to do, is to get your file back in the filing cabinet without having to mark it 'bad debt'. And what they will never, ever admit, even in the quiet of their own offices, is that they WILL do a deal to close the matter for less than the amount you owe. They'll always deny it, until you make a written offer, and develop the bid with them. They have been known (in previous recessions) to settle for as little as 8 pence in the pound owed: more usually 25-30. When you finally do that deal, require them to sign a paper of yours receipting the monies paid as "accepted in Full and Final settlement" - those specific words. Good luck

For goodness sake, matrrx, do you not know the expression "needs must when the devil drives" ? (Devil in this case being all the bas*tard banks who won't help). The whole point here is just to GET some account which allows money-in and money-out. As opposed to no such account. There is no security issue there: if you look up APS they are entirely credible and stable and in any case, you can easily open a basic savings account at a building society whatever your status, and if you're worried about too much cash sloshing around in the CashPlus account, just move it to the savings account. The reason a savings account is not the solution to this problem itself, is that they don't permit [any useful] outward bank-transfer payments. For information - this is APS Group who operate these cards, by the way. They're regulated by the FSA. Judge for yourself : http://www.apsgroup.com/index.html

Hi Neeta - see my posting added today (midday 18 August 2010) for a solution that should do the job for you.

A WORKABLE BANK ACCOUNT FOR BUSINESS WITH NO CREDIT CHECKS For those of you battling to get a simple in/out banking facility when your credit rating won't let you in to regular banking, I recommend you go and look at this company: http://www.mycashplus.co.uk/default.aspx The point about this - CashPlus - is that it is a prepaid Mastercard account, BUT it also has the recent addition, of internet banking facilities for OUTbound payments to other bank accounts as well. So - (1) you can receive money into it by bank transfer in the usual way (it has a sort code and account number as usual) ; (2) you can make outward payments using the card as a Mastercard in the usual way; AND (3) you can make bank-transfer outward payments to other organisation too, using the internet banking feature. So this 'card' is really a whole bank account, fronted by a prepay card. I can vouch for it, they are 100% credit-check free and absolutely anyone can have one: they guarantee this on their website. I have one and it works fine. Even the fees are modest: £4.99 a month if you have that much: but blessedly, if you don't have it, they don't charge you that month. Businesses with that kind of attitude I can do business with: so I don't begrudge the modest £4.99 to have all that functionality. Go try it - works well. Is operated by an entirely credible card services operator called APS Financial services who you can lookup: CashPlus is their own brand, and they also 'brand' versions of it for other people. Good luck all

I'm just applying for a Foundation Account at NW for a new limited company now, and my rating isn't snow white so will let this forum know how I get on. According to all the PR puff Natwest put out about it (google for it), they have "a type of business account for everyone". Well I plan to hold them to it. Let's see... For those of you stuck for a business account, there are one or two alternatives to conventional banks - entirely legiitimate ones - that I'll put in another posting. PS: some examples of that Natwest PR: http://www.thebusinessmix.com/index.php?option=com_content&view=article&catid=55%3Auk-business-news&id=357%3Anatwest-foundation-account-new-bank-account-for-owners-with-poor-credit&Itemid=80 http://www.natwest.com/business/products/business-current-accounts/foundation-current-account.ashx http://www.moneynews.co.uk/4634/natwest-business-banking-launches-foundation-account/