Bounce back loan
- Thread starter OMGVape
- Start date
Don't give up HSBC'ers. Just got off the phone with them. The call was about a change in a mandate I had requested but I chipped in the bounce back loan question. The lady confirmed she could see the application on the account and that it's being worked on, she told me the amount and that's why I knew which application it was - 06/05/20. I had impatiently reapplied on 13/05/20 for s slightly different amount, apparently, that's not been logged yet. Summary - HSBC might be slow but we've not been forgotten 
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HSBC Update - just received a call from one of the onboarding team there. Someone asked about missed calls from a withheld number - he actually rang me from a mobile number (actually I was worried it might be a scam but all seemed legit).
He basically said he will run through the feeder account opening with me, this will take about an hour so we have an appointment booked for 10am tomorrow. After that he said they *might* be able to get the account open this week, but not for sure. He's then on holiday at the start of next week so would be after that...it seems each case is being dealt with by an individual person rather than system automated?!
It's some progress at least...but this is just to get the feeder account, never mind the then potential wait for the loan itself!
He basically said he will run through the feeder account opening with me, this will take about an hour so we have an appointment booked for 10am tomorrow. After that he said they *might* be able to get the account open this week, but not for sure. He's then on holiday at the start of next week so would be after that...it seems each case is being dealt with by an individual person rather than system automated?!
It's some progress at least...but this is just to get the feeder account, never mind the then potential wait for the loan itself!
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It would appear that they are trying to get all of these feeder accounts open in preference to existing customers as existing customers are dangling and not able to easily go elsewhere.
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We had to mess around with Barclays getting updated signatures for all directors, even though we have all signed off on previous lending before (e.g overdraft, short term capital). Big chew doing it as we all live in different parts of the country. A Local BM at Barclays branch checked all paperwork and sent it off, got a text this morning (9 days later) from Barclays saying they need more info. You can't make this up. We have been a business customer for almost 10 years.
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Applied with HSBC online this afternoon.
I only have a personal account with HSBC as I always used Starling for sole trader banking (also a personal account). Of course, Starling closed new business account openings.
From what I've read, this should still be ok, right?
Anyone who applied with HSBC that got the money deposited yet?
My business may just survive after all..
I only have a personal account with HSBC as I always used Starling for sole trader banking (also a personal account). Of course, Starling closed new business account openings.
From what I've read, this should still be ok, right?
Anyone who applied with HSBC that got the money deposited yet?
My business may just survive after all..
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I can't edit my last post but am freaking out now and need to ask this..
Today, when I applied with HSBC (already have personal account with them), I actually signed and accepted dozens of declarations about the loan.
Does that mean anything more? Like the loan should take less time to arrive now..?
Today, when I applied with HSBC (already have personal account with them), I actually signed and accepted dozens of declarations about the loan.
Does that mean anything more? Like the loan should take less time to arrive now..?
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I don't know how personal accounts work with HSBC's BBL but it does sound like you have applied for the loan and now you have to wait for them to get back. Hopefully, you are not waiting for 2 weeks like some of us here have. Did you get the long application code?
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I got an 'application ID'. Not sure what that is..
Did you apply with HSBC Business? Did you get an Application ID?
Yeah, I guess I should be holding on to my phone 24/7 now.. Or is everything done behind the scenes?
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I am a Natwest business account holders for one company and have applied for (and received) the BBL from Natwest.
My second business banks with TIDE. When BBLs where first released I tried to apply through Natwest for a BBL for the 2nd company but was prevented from doing so.
However it appear Natwest have amended their eligibility criteria and this evening I have successfully* submitted my application for a Natwest BBL for my second company.
* By successful I mean that I’ve submitted the application and returned the signed agreement. Funds have yet to be released so lets watch this space - I’ll update when I can!
fingers crossed for me
My second business banks with TIDE. When BBLs where first released I tried to apply through Natwest for a BBL for the 2nd company but was prevented from doing so.
However it appear Natwest have amended their eligibility criteria and this evening I have successfully* submitted my application for a Natwest BBL for my second company.
* By successful I mean that I’ve submitted the application and returned the signed agreement. Funds have yet to be released so lets watch this space - I’ll update when I can!
fingers crossed for me
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Another update regarding Barclays - we finally managed to submit an application on Friday and were told the cash would be with us within one day.
I got a text on Sunday night to say they would be in touch on Wednesday. So go knows what is going on.
My wife and a mate both bank with Tide - they haven't been given the opportunity to apply yet. Same with another business that banks with Metro, who have yet to be approved for the scheme.
I got a text on Sunday night to say they would be in touch on Wednesday. So go knows what is going on.
My wife and a mate both bank with Tide - they haven't been given the opportunity to apply yet. Same with another business that banks with Metro, who have yet to be approved for the scheme.
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Tide have just been approved to supply the bounce back loans, but they are rolling them out in a controlled manner to their pre-registered customers.
I haven't heard any restrictions on the furlough scheme - I thought that was run through the PAYE system and came direct from HMRC?
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I made a mistake yesterday when I applied with HSBC.
The loan amount was £12k based on the revenue I had off the top of my head. But when preparing documents today my revenue came out higher than that - I would qualify for £14k based on my correct 2019 revenue.
Now £2k isn't much but at this point and with only 2.5% interest, anything helps and I'd be a fool not to take the correct amount.
What should I do now? Reapply again or wait for them to contact me? The process seems very automated though..
The loan amount was £12k based on the revenue I had off the top of my head. But when preparing documents today my revenue came out higher than that - I would qualify for £14k based on my correct 2019 revenue.
Now £2k isn't much but at this point and with only 2.5% interest, anything helps and I'd be a fool not to take the correct amount.
What should I do now? Reapply again or wait for them to contact me? The process seems very automated though..
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Should have applied for the full 50k- its not like anyones checking from what I can make out.
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I didn't knew that they make no checks. But even then, I wouldn't really be comfortable doing that. You have to pay it back from next year anyway.
And it would be fraudulent.
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Fellow HSBCer's, just to let you know I received the BBL email moments ago - Signature requested on "Urgent: Your HSBC Bounce Back Loan documents". I have signed the form and can already see the amount requested on a newly set up BBL account in my online banking. It was the initial application on 06/05/20 they processed and not the 13/05/20 one.
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I think the risk is if you default come next year and your bank request the money from the government. It will only take HMRC a few clicks to work out if the amount you took out is actually = or < 25% of turnover. Personally, I don't think it's a risk worth taking.
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Exactly.
It's not free money, it's a super quick loan to help the economy. Even if you lie and get the full 50k, as long as you repay it, the gov is probably fine with it. Still a risk not worth taking.
But say you lied and then you can't pay it back... good luck then.
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Was the initial application the same amount as the second one?
Did you already have an account with HSBC?
I applied yesterday so I probably should expect something in about two weeks time, hopefully.
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Just a quick update on my Lloyd’s application.
As mentioned I applied on Monday at 9:30pm. I received an auto response email confirming my application seconds later.
Sometime after 3pm and before 7:30pm yesterday when I logged in we had the money in our account. I’ve received no other email or communications from Lloyd’s.
That is a pretty incredible turn around and I hope everyone who is waiting on their banks has a quick outcome.
Slightly regret taking only half of what we were entitled to, but I’m not a huge believer in taking on debt unnecessarily.
As mentioned I applied on Monday at 9:30pm. I received an auto response email confirming my application seconds later.
Sometime after 3pm and before 7:30pm yesterday when I logged in we had the money in our account. I’ve received no other email or communications from Lloyd’s.
That is a pretty incredible turn around and I hope everyone who is waiting on their banks has a quick outcome.
Slightly regret taking only half of what we were entitled to, but I’m not a huge believer in taking on debt unnecessarily.
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