Lost Business account advice sought

[peanuts]

Hi All first post so go easy on me lol

 

Lloyds have just closed my Limited Company business account a month ago because I requested an investigation into unfair treatment by my Business Banking Manager.

 

Consequently I am now unable to receive my weekly fee from my employers .

Because the recruitment company that employ me (through my Limited Company) insist on paying only by Bacs transfer into a limited company bank account I have not been paid for 6 weeks .

 

Can't last much longer without going bust.

 

Can anyone suggest a solution please.

 

 

I submitted a application to A&L bank for a business account and after 5 weeks they came back and said no. They claim it was due to something on my Experian credit history but that is a s clean as a whistle.

 

How can I get paid ? any ideas please?

[barracad]

Give them an alternate account number to pay into - either an existing personal account or open a basic business account.

 

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[nathal]

did you check experian lately

[peanuts]

Yes I purchased instant access to my credit history and even Experian say its fine.

 

The recruitment company will not pay any money unless its into a limited company bank account. These are completly differant to any other bank account .

If they would pay into a personal account I could give them dozens

The money isn't mine technically it belongs to my Limited Company of which I am the sole Director. I pay myself wages and dividends

[barracad]

Open a basic business bank account then if you can't open a regular business bank account.

 

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[peanuts]

I think you need to understand the difference between a basic business account for say a partnership or sole proprieter and a Limited Company business account which has to be a limited liability company registered with Companies House with directors secretaries and a whole world of painful forms ,returns, PAYE, corporation tax, dividends etc etc

It takes 4 weeks to open a Ltd Co account and every signatory has to be verified by Solicitors etc

[barracad]

I think you need to understand the advice which is being offered to you.

 

I am well aware of the procedure for opening business bank accounts, and the checks which take place to prevent money laundering etc.

 

However, if you can only receive this payment paid directly into a business account then clearly you need to open a business account to receive the payment. If you can't get the credit for a 'normal' business account, then you need to open a basic business account. You can get a basic account for a limited company.

 

What other advice were you looking for? How else are you expecting to get hold of this money? The only other option would be to try and demand the payment is made by cheque, but you still have the same problem as you have no account to pay the cheque into.

 

In summary, follow the advice I gave you in post #2 on this thread.

 

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[elsinore]

Hi Peanuts.

I had a similar problem once.

Please PM me.

 

Elsinore

[peanuts]

Give them an alternate account number to pay into - either an existing personal account or open a basic business account.

 

 

Apologies for the delay in responding to your advice barracad

 

It wasn't my intention to be disparraging in my reply I was grateful for your input, however on the basis of your reply above I quite reasonably assumed that you didn't appreciate my circumstances.

 

It is not possible for my company's fees to be paid into a personal account because fee payments are issued in the name of my company

 

Re the basic business account , as I said in my initial post I have already made an application for a business account which had been refused. That is my dilemma.

 

I have in the mein time submitted an appeal and hope to receive a favourable outcome.

Thank you for all your help everyone