How do you intend to go elsewhere when HSBC are the only ones accepting applications from non customers?
Or have I missed an announcement
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Bounce back loan
- Thread starter OMGVape
- Start date
How do you intend to go elsewhere when HSBC are the only ones accepting applications from non customers?
Or have I missed an announcement
Wait, are people getting phoned back from HSBC about feeder loans? We were told they would email us (nothing so far) - we had a number of missed calls from a withheld number yesterday (didn't leave a message) so now I'm wondering if that was them...
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You’re not allowed to apply for a Bounce Back Loan if you already have an application in progress with another lender.
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Maybe it's just me but if I hadn't heard anything for a week or so I would be thinking things weren't in progress.
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If you try to reapply with HSBC and your application is already being considered, you should be stopped from applying. Or you would be if the site were doing its job.
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Getting fed up with waiting for Barclays so wondering about Santander. I have an account that I have had had for twenty years that is a business account but I am listed as a sole trader on it. My business is now a partnership with my son. Our VAT account has both our names on it. Will this cause problems with Santander? or should I just hope i live long enough to see the Barclays site work properly?
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I'm putting this here as a data point, but also as I just find it odd, and perhaps if it seems odd to anyone else they may have some suggestions.
Have applied through HSBC for full £50,000
The question is posed (and i'm sure for all banks):
"Was your business already insolvent or otherwise a business in difficulty on 31 December 2019? "
And the answer is yes, as we fall foul of "Limited companies which have accumulated losses greater than half of their share capital in their last annual accounts* (this does not apply to SMEs* less than 3 years old);"
However, there is a handy questionnaire (I was going to link to it, but don't have 30 posts, but if you start the questionnaire you can see it)
The questionnaire clearly tells me 'I'm not in difficulty'.
However, I keep the box ticket 'YES we were a business in difficulty'. Then more questions pop up, largely as @gpietersz mentioned - about state aid. I tick all responses accordingly, and submit the application, expecting someone from HSBC to contact us later about our 'difficulty'. But the downloaded application form I receive shows the box 'Are you in difficulty' is now amended to 'I'm not in difficulty'.
So, it seems they are ONLY concerned with State Aid. No other financial concerns matter. I assume they will now hand over £50k. But we WE'RE in trouble. We're not anymore. But they didn't know that, or ask that. I'm slightly concerned about the lack of due diligence, but there you go.
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Due diligence has gone completely out of the window with the bounce back loans and that is precisely why business such as my own and yours are able to access such generous loans.
We bought a new machine on lease 18 months ago, the lease is obviously secured on the machine itself and that was difficult enough to get, let alone a completely unsecured loan up to £50k.
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An update for you all:
I joined Starling last week as I knew they applied for accreditation and was with Revolut for business and HSBC and Barclays for personal banking. I enquired with both HSBC and Barclays and got absolutely nowhere and still haven't had a call back after 9/10 days or reply to my secure message I was encouraged to use.
I applied with Starling Monday morning for £18k - very simple and more like the 7 yes/no questions I was expecting than what others had reported at some of the big 6. I was checking my account hourly Mon and Tues, hearing that others who applied at the same time had already received theirs so was concerned. But they had banked there longer.
Tues evening at approx 22:00 I received email saying I'd been approved and to log in and sign and sign documents. I received the funds at 8am today.
Over the moon and a HUGE relief for me.
Starling have my future business and the big 6 can f*ck right off from now on.
Good luck all and if you're having problems with HSBC and Barclays, why don't you give Starling a try. I can also offer you my referral code!!
I joined Starling last week as I knew they applied for accreditation and was with Revolut for business and HSBC and Barclays for personal banking. I enquired with both HSBC and Barclays and got absolutely nowhere and still haven't had a call back after 9/10 days or reply to my secure message I was encouraged to use.
I applied with Starling Monday morning for £18k - very simple and more like the 7 yes/no questions I was expecting than what others had reported at some of the big 6. I was checking my account hourly Mon and Tues, hearing that others who applied at the same time had already received theirs so was concerned. But they had banked there longer.
Tues evening at approx 22:00 I received email saying I'd been approved and to log in and sign and sign documents. I received the funds at 8am today.
Over the moon and a HUGE relief for me.
Starling have my future business and the big 6 can f*ck right off from now on.
Good luck all and if you're having problems with HSBC and Barclays, why don't you give Starling a try. I can also offer you my referral code!!
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Day 11 for me too and sweet FA apart from an email saying they couldn't look into it or give me any sort of progress report I would have to wait.
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To be fair why would they? They've no doubt been "told" to offer these loans, they're probably not going to make a lot of money out of them, and it's most certainly been a huge hassle to set up and run given the huge scale (I wonder how many million businesses will apply for these loans?). And all the thanks they're going to get is a lot of grief about how slow they are.
Still waiting to hear back from HSBC about the feeder loan at the moment, as my bank doesn't offer the loans...
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SimpleWhy would they??
Well I am their customer have been for 5 years and the service aspect of this is dire. I asked them for an update / likely timescale and they basically said go away and wait. Well 11 days in I kind of want to know if there is an issue but they wont even have a look. Having been a customer for 5 years and put a few million quid through them in that time I would expect a little bit better. If they don't make a lot of money on the deal that shouldn't mean anything.
If I treated my own customers this way they wouldn't be with me for much longer
Does that answer your question?
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It really is a shame for those poor bankers.
Yes, they are having to act outside their norms; yes, our expectations might be high (so is need) and yes the BBL scheme is far from their ideal commercial terms.
However, simple customer service and managing expectations/timescales etc, is not too much to ask of the banks.
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No. How they should behave, and how they do behave are not the same. They're banks. They don't care about you, it's a numbers game. At the end of this the % of people who have moaned about their bank probably aren't going to bother changing banks because it's too much faff and the anger will have subsided and they've got bigger things to worry about. And if all the banks are equally bad then they'll just end up losing some disgruntled customers and gaining some other banks disgruntled customers. Win some, lose some. The days of bank managers knowing their customers has long gone.
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Well, they've just put this up on twitter about an hour ago
''We’re working hard to process as many Bounce Back Loan Scheme applications as we can, as quickly as we can. We’re making progress. Thank you for bearing with us.''
What a joke they are...They are making progress on applications submitted on 4th of May
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Feel bad for HSBC - they've opened themselves up to more risk and more work to try and help more people by offering to lend to customers that don't already bank with them. They didn't have to do this, and they're working hard to try and get through those applications, and now they're "a joke"...
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Or they are just plain greedy. Their own customers should be first but that's obviously not the case.
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Sorry, but I can't think of any other word to use. I am a business customer and I have been with them for years. Existing customers should have been prioritised. They are a joke because the CBIL loan also took forever and there was no correspondence until BBL came out
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Out of interest, why is anybody still allowing HSBC/Barclays et all to mess them around when I've shown how quick and easy it was with Starling?
Loyalty? That's one way it appears.
Starling deserve a massive boost of business here for implementing what the government has rolled out to help small business and proved it CAN be done.
Loyalty? That's one way it appears.
Starling deserve a massive boost of business here for implementing what the government has rolled out to help small business and proved it CAN be done.
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Reason for me is just so that I have everything in one place. If I don't hear from them in the coming days, I'm going to look around.
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Is this really the case though? I don't believe HSBC have looked at my application at all.
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That is what they are supposed to do.
The government will cover defaults so what need is there for due diligence beyond checking that the business qualifies.
The government wants the loans to go even to businesses in difficulty but has to abide by EU state aid rules which sometimes limits that.
So if a business is in difficulty the only additional check required is of state aid received.
That is a bit weird. It sounds like something has gone wrong or the system was done a bit sloppily (not surprisingly given they rushed it).
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Have they sent you a reference code for it?
Also if you want a progress report on your application with HSBC best of luck.
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Yes, I received the long code, I think that's for internal use. The reason I believe they've not done anything with the application form is that I haven't seen their searches on me or the business.
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They also have a huge number of their staff off either with the virus or self isolating or shielding family members and were caught out by the number of people demanding their free money
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Not sure how this makes them greedy - we've already ascertained that no bank is going to make money off these loans.
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Well it must make them silly then if they have opened their doors to everyone from other banks at the risk of being inundated and making no money from it?!
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An update for you all:
I joined Starling last week as I knew they applied for accreditation and was with Revolut for business and HSBC and Barclays for personal banking. I enquired with both HSBC and Barclays and got absolutely nowhere and still haven't had a call back after 9/10 days or reply to my secure message I was encouraged to use.
I applied with Starling Monday morning for £18k - very simple and more like the 7 yes/no questions I was expecting than what others had reported at some of the big 6. I was checking my account hourly Mon and Tues, hearing that others who applied at the same time had already received theirs so was concerned. But they had banked there longer.
Tues evening at approx 22:00 I received email saying I'd been approved and to log in and sign and sign documents. I received the funds at 8am today.
Over the moon and a HUGE relief for me.
Starling have my future business and the big 6 can f*ck right off from now on.
Good luck all and if you're having problems with HSBC and Barclays, why don't you give Starling a try. I can also offer you my referral code!!
Same with us, one of our companies opened an account with starling on Sat, BBL accepted within 3 hours, paid that night. Incredible.
May move main biz over to them but worry that they don't provide all credit info to the agencies so our main biz requires lots of trade credit from suppliers and don't want that negatively effected.
But my god, big thumbs up for starling. Other biz still waiting for a BBL application being available to apply for via Barclays, and we are well into a 7 figure business whom have been with them years.
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Ok so you've decided they're bad and now it doesn't matter what they do, they're wrong.
Open a Starling account as suggested above and see how you get on with them.
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Not sure that's entirely true, 2.5% is a big spread on the base rate and if there is so much money being pumped out, they will make plenty.
You can be very sure that if they were making losses on this they would simply refuse to participate.
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