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Discussion and questions about what to expect when your IVA is finished
By Joanna Stephens

Is it possible to open a business bank account after an IVA has finished? Mine ended in Sept 08.

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By Steve Jackson
Hi Joanna

You can apply for a business bank account at any time. If the account is for a limited company and you do not want an overdraft or other credit facilities, then it should be relatively simple to get the account open. If you need a sole trader account, then in effect the account would be in your name. Given your IVA started in Sept 03, the history of you having had an IVA will remain on your credit file for a further 3 months until Sept 09. However, if you explain to the bank that you are now debt free and expecially if you do not want to borrow any money, you should be able to open an account with little problem.
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By Hayden
Great news that your IVA has ended Joanna. That must be a brilliant feeling!

Who do you bank with for your personal account? Given you have completed your IVA, they will have a 5 year record of you using the account sensibly. As such, they should not have any reason not to help you as long as you do not want to borrow any money..... :). Otherwise, I would go an speak to Nationwide if I were you. They have been really helpful to me in the past. Although I am not sure if they do business bank accounts or not?
By michelle2011
You should be able to open an account. To gain options such as an overdraft, I believe that will take some time. You need to begin rebuilding your credit prior to adding on these features.