Desolate:
Application was made with the real figures.
I was wondering if I should request any kind of signed document from the new owner, if this sale happens;
Thank you.
Upvote
0
Bounce back loan
- Thread starter OMGVape
- Start date
Application was made with the real figures.
I was wondering if I should request any kind of signed document from the new owner, if this sale happens;
Thank you.
Just called HSBC again after being told I should hear something by Friday and to call back if not (this is just to get the feeder account). I wasn't hopeful to be honest.
They still can't tell anything - I mean, to be fair, at least they're being honest. They're now saying that it could take several weeks to open the feeder account but will not give a definitive timescale. They have no way of checking the status of your application. Their advice is to apply with your own bank if your own bank offers the loan (well, duh!).
What I don't understand is, whilst I know they must have had a shedload of applications on the first day, surely any system starts to process them in a numerical order. I'd applied within a couple of hours of applications opening, and since they tell me they have a dedicated onboarding team for these, how can it possibly be taking so long?!?! All very frustrating.
They still can't tell anything - I mean, to be fair, at least they're being honest. They're now saying that it could take several weeks to open the feeder account but will not give a definitive timescale. They have no way of checking the status of your application. Their advice is to apply with your own bank if your own bank offers the loan (well, duh!).
What I don't understand is, whilst I know they must have had a shedload of applications on the first day, surely any system starts to process them in a numerical order. I'd applied within a couple of hours of applications opening, and since they tell me they have a dedicated onboarding team for these, how can it possibly be taking so long?!?! All very frustrating.
Upvote
0
You jokin son !
Mark is telling the truth the way it is
Im going to put my lucky punch on this one and I hope it works !
Reading through this forum people are making the mistake of thinking that the banks are there for them
They are not there for you . Nobody on this forum or anywhere else has done anything to deserve a loan from the bank or anybody else No matter who is putting up a promise to pay when you screw things up .
Oh you have a nice credit rating ! Yes but that was based on trading prior to the biggest epidemic we have ever known followed by the biggest recession we have ever know !
You could be minced meat by the autumn. So scrap any idea that your credit rating is a passport to the banks money
If you don't pay it. It maybe a long time before the government repays your defaulted loan to the bank They are aware of this
The bank might give you some money but you will have to pay more back . If the bank wont give you any money or wont respond fast enough then don't worry it was never your money in the first place !
The banks were stitch up by the government over this but at the same time we all have to do our best to get the economy moving. So there is an argument for them to play their part !
My post here may be supporting the banks but the reality is I don't trust the banks That's why there is no post from me asking what to do next .
Been around too long to trust the money boys and girls
Upvote
0
You picked on the wrong person to have a dig at as Mark is one of the most useful contributors to the forum and has been for years unlike some of the whingers who have joined to moan about the lack of action from their bankers every five minutes and have contributed nothing else of value.
I assume that you are a re-reg of someone who is too scared to insult others under his real name
Upvote
0
I thought the forum was set up on the 4th of May to discuss Bounce Back Loan? Somehow, Mark has been contributing for years. I can offer HSBC payout timeline at least. You sure didn't expect me to have gone through all of his previous comments as a member who's been here for a long time. I am judging him based on what I have read on this particular topic and he does seem like a negative guy.
Last edited:
Upvote
0
Ian, I do agree with your comments about Mark. I've not been around these parts very long as a member but I have read the forums on and off over the years. Many of his contributions are informative, interesting and I can see that he is definitely an asset to the forum.
There is another side to him though, and I'm sure as an intelligent man you can see how some of his posts can be less helpful. He has his 'schtick', personally I find it amusing most of the time, but you can see how he can offend needlessly, right?
To those of you that know him well it's easy to accept, for newer readers it can be off putting. This is a community for all of us, however new, and not just for an established clique. I can see how some potential members would be put off contributing or asking questions in case they are criticised by a long standing member, however well meaning that member may be.
Upvote
0
Nada.
Starling paid out within 48 hours of my application, after an initial issue submitting my VAT number to them. Though I do see some trouble brewing on social media to do with lots of sole traders being declined for a BBL. They seem to be suggesting that Starling rejected lots of sole traders en masse despite them believing themselves to be eligible.
It will be interesting to see what Starling have to say about this, and the real reason some people (mainly sole traders, it seems) are being rejected.
Upvote
0
A lot of us in business and otherwise will be feeling the pressure in this current pandemic - unless you had a business in 1944 you haven’t experienced what is now happening. So please can some here find compassion for others and not insult. That doesn’t help anyone.
Even the recession in the late 80s didn’t prepare us for this bad boy imo. Meanwhile the government did say that they would guarantee bounce back loans for smaller businesses so quite rightly posters will be coming on this forum wanting to know how others are getting on and frustrated at how bad their own bank is at administrating the paperwork.
Whichever way you cut it, the BBL is an admin job, the banks are not underwriting the loans, securing them or doing anything with them other than the application processing so of course it is going to frustrate if you are still waiting on something that was supposed to be an instant one page online application, money in your back quickly, kind of situation, or so small businesses were led to believe and now you find that’s not the case.
Incidentally, I’m still waiting 5 weeks on a CBILS application and didn’t get the council grant either. I have equally been frustrated by things outside my control
Even the recession in the late 80s didn’t prepare us for this bad boy imo. Meanwhile the government did say that they would guarantee bounce back loans for smaller businesses so quite rightly posters will be coming on this forum wanting to know how others are getting on and frustrated at how bad their own bank is at administrating the paperwork.
Whichever way you cut it, the BBL is an admin job, the banks are not underwriting the loans, securing them or doing anything with them other than the application processing so of course it is going to frustrate if you are still waiting on something that was supposed to be an instant one page online application, money in your back quickly, kind of situation, or so small businesses were led to believe and now you find that’s not the case.
Incidentally, I’m still waiting 5 weeks on a CBILS application and didn’t get the council grant either. I have equally been frustrated by things outside my control
Upvote
0
He probably represents most of us on here . When you know a subject better than most, things can become frustrating .
You have to be a fruitcake to be in business for a long time and this fact is often proven by the usual suspects' on here . Nothing wrong with that !
Upvote
0
Upvote
0
Whilst what you say is correct the banks are under no obligation to actually offer the loans to everybody as the relevant section on the government website states "The lender will decide whether to offer you a loan or another type of finance and you’ll be responsible for repaying 100% of the amount borrowed."
There is also a further paragraph on "If the lender turns you down!"
Upvote
0
Very much the same here, applied Thursday evening and the money landed in my account 5 minutes ago (pretty good considering it is Saturday).
Upvote
0
Not yet, when you access it to apply it says priority is to existing RBS customers and not ready, try own bank first.
Will certainly keep an eye out ready for sure. Thanks for the heads up
Upvote
0
T
TSimmon5
No I didn't "pick the wrong person" I said what I said, and meant every word of it. This is a business forum for business owners. You don't get to talk down to people simply because you've been on here longer. Unfortunately the admin of this site perpetuates that sentiment by deleting my comment. And Im not a re-reg, I found the forum because I wanted to see others progress with the BBLS.
Upvote
0
Took a full week for me... All received now tho, and deeply apologetic on the phone, admitted their response to bbl and cbils had been somewhat lacking.
Upvote
0
No no, your comment was deleted because it was totally unnecessary and out of order. And now you’re criticising the admins despite the fact that they do an excellent job of policing the forum in a fair and justifiable way.
Upvote
0
I am a full HSBC customer ( 5 years) Today is day 14 since I applied for a BBL and no news yet.
Upvote
0
Upvote
0
I feel kind of bad. I applied with NatWest for the full whack, using a business account that had only been open two weeks and had never had a penny through it. I do also have a personal NatWest account that had been used as a business account (sole trader), but when asking about setting up an business overdraft using my history from a personal (used as business) overdraft, I was told that they couldn't use any info from the personal account history. So I dont know if they checked anything against the personal account, what I do know is that after I submitted on a Wednesday they set up the loan account on the Monday following the bank holiday, and credited it with 50k the Tuesday.
Sorry to hear of those of you struggling.
Sorry to hear of those of you struggling.
Upvote
0
Well that’s a right result, nice one. Wouldn’t worry about the logistics, fact is you got the money. Now if only the other banks were as efficient.
Upvote
0
Nick, I’m watching this forum to see if anyone that’s not a current customer can get a BBL. As soon as someone gets a feeder account and then the loan I’m applying to them.
It looks like HSBC and Starling Bank are the only ones offering a feeder account. Starling want you to switch to them as your main account and have a stop on applications anyway at the moment s9 it just leaves HSBC.
I bank with Metro, I don’t want to move banks but they are still not accredited for BBLs - meanwhile clock is ticking
Upvote
0
14 days as an existing customer for something that should be a simple one page online application, process and go, is really poor isn't it - how difficult is this really?
Upvote
0
It is as difficult as an organisation makes it by not setting up proper procedures before opening applications. STARLING was not, originally, in the group of banks that could offer this. They got approval and gave advance notice they would open for applications on 11 May. Mine had a minor hiccup because when I was told to go into my account to 'sign' the paperwork the page had an error message for about half an hour. That aside, the process was easy. They obviously invested in getting it right before accepting applications. As a result I have no hesitation in recommending them as an efficient bank.
Upvote
0
Porky
I applied to open a Starling account on Friday online interesting process as their app took my photo to compare to my driving licence.
If the account is all set up early next week I am looking to pull my HSBC application and switch; had enough of HSBC.
Upvote
0
Been reading forum for a while and bank with HSBC, i have had the usual problems with them, applied on day 1 and no correspondence at all so started to wonder if it had gone through. I got tired of waiting and on Friday i applied with TSB (second account not main one). Money was in bank the day after from TSB, excellent service.
However, today i have received an email from Hsbc to say its approved, sign the doc and money will be in bank next business day. Obviously i have no intention of signing it now but do you think i should just ignore it and it will go away or call them and tell them i don't need it now? Just a bit bothered as technically you should not have more than 1 app for bounce back.
However, today i have received an email from Hsbc to say its approved, sign the doc and money will be in bank next business day. Obviously i have no intention of signing it now but do you think i should just ignore it and it will go away or call them and tell them i don't need it now? Just a bit bothered as technically you should not have more than 1 app for bounce back.
Upvote
0
Wow, now that is impressive. Do you know if you can auto stream data from Starling to Quick Books? If you can I’m switching. thanks
Upvote
0
Latest Articles
-
Should you crowdfund? A framework for UK founders in 2026Three articles into a series on what crowdfunding actually costs, the...- Ozzy
- Updated:
-
The polls, the reframing, and the billion dollarsHow three letters from the early years of Star Citizen's development...
- Ozzy
- Updated:
-
The values trap: what the Punks actually ownedWhy BrewDog's Equity for Punks investors were structurally locked out...
- Ozzy
- Updated:
-
When belief is the business modelWhat BrewDog's collapse and Star Citizen's billion-dollar climb are...
- Ozzy
- Updated:
-
AI, Virtual Influencers and the Copyright Minefield: What Entrepreneurs Need to KnowI'll be upfront: this article was written with the assistance of an AI...
- Ozzy
- Updated: