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My bank does not view Business Acc transfers as an income

Mon, 09/08/2010 - 12:27 — millinerclaire

Hello,

This is my problem: My bank will not give me a graduate loan because it classes my business account transfers as transfers and not income. I argue that this is my self employed income which I supplement with part time work. As they only view my part time work wages as income, I do not earn enough to secure a graduate loan.

Is this a common problem? Should I try a different bank? My current bank is HSBC. This is an ongoing problem as I will need to prove my income for other finanacial products in the future.

Any advice much appreciated!

Claire Strickland
www.clairestrickland.com
www.twitter.com/millinerclaire
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millinerclaire's picture

Thanks for your help. I emailed my business bank manager and he said I could contact the quality and complaints department. So, I called the personal banking department again yesterday, re-explained the situation and said that I wanted it in writing that they would not accept business transfers as income as I wanted to refer it to the quality and complaints department.

The person I spoke to requested a call back and when they did call back they advised me that I had been misinformed and they can look at business account transfers as income. So, fingers crossed, I should be able to get a graduate account soon.

Thanks again for your help!

Tue, 10/08/2010 - 21:34 — millinerclaire
elaine@cheapaccounting.co.uk's picture

If not you could get an accountant's letter to confrim income

Tue, 17/08/2010 - 11:05 — elaine@cheapacc...
Saylavy's picture

Hi Claire

I would speak to RBS - I have some good contacts there if you wish I can email you their details.

Unfortunately for your self employed income to be included it is likely that most financial institutes will want to see accounts confirming your income or your self assesments if you have previously submitted them.

I would suggest speaking to your accountant to see if they can put some current figures and projections together depending on how long you have been self employed.

If you dont already have an accountant then speak to Simon from Willis Cooper - 01773 881045.

If you need any more help feel free to email me or call me, you can get all my details on my website - www.saylavy.co.uk

Best of luck Claire.

xxx

Mon, 09/08/2010 - 16:08 — Saylavy

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