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I have a business and personal Cheque acccount with my bank

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Hi I have a business...
Hi I have a business and personal Cheque acccount with my bank for over a year and have a good credit profile and I am able to get credit accept with my bank, after doing some enquirers it appears that it's due to an old account that was in 2006 which was handed for collection and I was listed on the credit bereaus and after 5 years was removed, the bank says it's an old debt that was written off. What I want to know is how do I resolve this as it was for a personal loan that I couldn't pay then. Am I liable to pay of this account before I am able to apply for credit as this is affecting not only my personal credibility but also my business as I cannot apply for any facilities on my business name. Please advice.
Submitted: 1 year ago.Category: Finance
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Answered in 2 hours by:
11/11/2016
Financial Professional: bkb1956, Finance Enthusiast replied 1 year ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 4,451
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Based on the information you provided, this is an old debt that was written off. You do NOT have to pay anything on that account, and you can apply for credit. Since you mention that you have a good credit profile and you are able to get credit approval with your bank, you do not have to do anything about that old debt.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 year ago
ok so I have spoken to my bank manager who says the old account is written off but is blocking me from applying for credit with them so how do I resolve this problem
Financial Professional: bkb1956, Finance Enthusiast replied 1 year ago

Does your bank manager have any suggestions?

Can you apply for credit with a different bank since it has been removed from your credit report?

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Customer reply replied 1 year ago
He suggests me paying the account but cannot guarantee anything, the problem falls on my business as I cannot apply for facilities with another bank on my business account
Customer reply replied 1 year ago
I have applied for vehicle finance with another bank and was approved but as I said I cant on my personal and business with my bank due to this old account and if I move accounts on my business it will be regarded as a new account and will need to be opened for at least 6 months before it qualifies for any facilities
Financial Professional: bkb1956, Finance Enthusiast replied 1 year ago

You will have to decide if you want to take a chance with your current bank and pay the old account off OR open a new account and wait 6 months.

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Customer reply replied 1 year ago
I do know that or I won't be asking this question, so basically you don't know yourself, you stated I do not have to pay an old account and that is correct by law so isn't the bank going against the law and banking codes of conduct.
Financial Professional: bkb1956, Finance Enthusiast replied 1 year ago

As an expert on Just Answer, I can give you information, but not advise you what decision to make.

You do not have to pay an old debt, but the bank certainly has the right to refuse credit for an amount that it wrote off.

The old debt does not appear on your credit report, so any "new" bank cannot refuse you because you did not pay that old debt.

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