CCJs and Contracting

[OwlHoot]

My guess is...retail banks make all their money on the overdraft fees. No point servicing an account in the first place if it can't rack up overdraft charges.

Yes but how many small business accounts have an overdraft facility? I don't know, but not many I'd guess, and banks can still make money from accounts in credit.

[AtW]

My guess is...retail banks make all their money on the overdraft fees.

Retail banks pay bugger all on current accounts (and now on savings too), this means for those customers who are not overdraft effectively give bank free money that they can lend to those customers who are in overdraft for which banks charge pretty $$$.

They can also take money and gamble in the City by using their "investment banking" entities.

Simples.

[thunderlizard]

Huh? What does the bank have to lose if the business account has no overdraft facility?

My guess is...retail banks make all their money on the overdraft fees. No point servicing an account in the first place if it can't rack up overdraft charges.

[TheFaQQer]

If you have a CCJ and set up a limited company where you are a director then banks will not give the company a business account.

So don't be a director.

Simples.

[OwlHoot]

... If you have a CCJ and set up a limited company where you are a director then banks will not give the company a business account. ...

Huh? What does the bank have to lose if the business account has no overdraft facility?

The only thing I can think of is an assumption on their part that the company would be more likely to bounce cheques, which the bank imagine might reflect adversely on them.

edit: I suppose there's also a slightly increased risk of more financial problems, leading to a court order to freeze the company account; but again I wouldn't have thought that's any big deal for the bank.

[SueEllen]

If you have a CCJ and set up a limited company where you are a director then banks will not give the company a business account.

So even if you find work and get it - you won't in the financial industry - you can't get paid by the agent, or if you are going direct, by the client.

And this happened before the "Credit Crunch"..............

If you can't get an appointment at the CAB try National Debtline - http://www.nationaldebtline.co.uk/

[d000hg]

There are also charitable groups who do similar things... use their muscle to negotiate interest freezes and payment terms you couldn't get talking directly to your creditors.
There are probably others, but I know people who CAP has helped and they have won awards for their work. And no, the 'C' doesn't mean you get tracts forced down your throat
Happy to explain more how they operate by PM should anyone be in that position.

[RichardCranium]

To pre-empt any CCJs, get your arse up to the Citizen's Advice Bureau and have a session with the financial advisor. If you are lucky, you'll get a decent one. You'll be able to come to an arrangement with your creditors that will prevent them from taking you to court at all.

[Pickle66]

Am mainly confused as to why you a pre-empting CCJ's - surely advisable not to let it get to that stage? i.e. by approaching anyone to whom you owe money and making arrangements independently of any court proceedings.[/QUOTE]

It is a hyperthetical quesiton and was asking if things got to that stage, what that would mean in terms of contracting. I am not in work and haven't been for a while so things are becoming incredibly tough. No inome means no ability to pay things at some point, and no means to offer anything but of course I hope it never comes to that.

[MaryPoppins]

Not sure if agencies do credit checks, and not sure it would affect your ability to get roles. Others will probably know more. Might cause issues with setting up bank accounts etc though.

Am mainly confused as to why you a pre-empting CCJ's - surely advisable not to let it get to that stage? i.e. by approaching anyone to whom you owe money and making arrangements independently of any court proceedings.

[Pickle66]

Hi
Anyone know what the impact would be on a CCJ and being able to contract and/or operate as a limited company if the CCJ is on an individual?

The way this year has gone in terms of no work I am concerned that I could end up in this situation and if that is the case, the ability of then not being able to work puts you in a catch 22

I guess working on client sites in the Financial Services sector could be a problem, even if you don't physically work on any systems with the ability to do financial transactions etc?

Would this also make it impossible to work in any sector as a contractor and even as a permanent member of staff?