I have recenctly joined the FSB, they offer free banking with the CO OP I haven't tried it yet but will do as soon as I have a bit of free time.
If you haven't done one yet, then it might be an idea to make a business plan Scott, you have had a dose of reality in the shape of a best part of a years trading now, to help make it more accurate. If you have a plan, as my old mate Brian used to say you have something you can amend.
Scott Kinnear said:
I wouldnt say it was Barclays either, I asked if they would give me a small loan to see me through Winter, they said no and refused a credit card.
I only started up through the New Enterprise Allowance Scheme in April, The weather has been absolute murder this year, Rain, Rain and more Rain. It had an impact on my income in the end.
I told the business bank manager I really needed it to tide me through, but the attitude was - cant help you so you might go bust. fortunately I was going to get money from my mum but then i had applied for ppi back and managed to get money from that.
I realise I should have managed my finances better, but as I only started up, i only had about 15 regular customers this year. so it was hard to build up money for through winter. Wet behind the ears I know, It is my first crack at self employment, I have thoroughly enjoyed being my own boss, and to add to that - I've met some really nice people, customers, suppliers, and general networking.
I wont make the same mistake next year. And I will certainly look at other banks to do my business banking with. I find it incredible that Barclays wouldnt help me out, but offer all the services under the sun. I dont have much outgoings anyway, but when you dont earn it becomes a lot.
A lesson learned anyway. :)
Since the news broke that Lloyds is axing half of its small business managers I wonder what you feel about service and choice for SME's in this new era of banking since the crash?
Lost the will to live dealing with RBS, took 3 months to get a replacement debit card - I had to ask 6+ times. When I moved house they wouldn't stop sending statements to old address even though they gave us mortgage for new house!! Every time I went through the security process for changing a business address they kept screwing it up, when I complained they would say they had no record of the request. After 6 months I had to close the account just to stop statements going elsewhere. USELESS USELESS USELESS. Their incompetence is OFF the scale.
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