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28 January 2013

Unable to open a business bank account due to one default (paid off in full) 3 years ago.

Hi, I've recently gone freelance, and have found that most companies will only pay contractors via the contractors own Ltd co. So I set up a Ltd co. Spoke to HSBC to open a business bank account, I said I didn't need an overdraft or biz loan, but was offered a credit card. I told the adviser I had a default from the particularly nasty NatWest one month. This was 3 years ago when I was made redundant and ex aso stopped paying maintenance at same time. When I explained the situation to NatWest they promptly withdrew my overdraft. This has all been paid off in full, as I took money from my ISA to pay it off. I now have over £100k in my personal accounts, as I sold my house and I'm renting before finding next property. I have no debt whatsoever. I've now been refused a business bank account - effectively preventing me from working as a contractor. What can I do?

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