Bounce Back Loans for property businesses – Part 2

Reply to the comment left by Paul Shears at 19/05/2020 - 23:55
From what I understand it must be paid into the business account from which you run your business.

With Lloyds you cannot get to the application form if you input current account details. They say:
'You must be:
Using your Lloyds Bank Business Current Account as your main business account '

Starling Says:
'Required criteria to be eligible for a Bounce Back Loan:
Be a Starling business account holder, using this as your main account'

Similar with Santander, TSB and Barclays. I'd be interested to know how other people are getting past this.

Reply to the comment left by JB at 20/05/2020 - 08:12I completely gave up with Santander after many hours spent on the task over several days. The final straw was when they wrote to my Email address asking a person who they would know very well indeed, could not possibly have any connection with any business of any kind, for business details! They have never raised any concern that the account is just a normal account that happens to be used for business. I gave up and moved on the HSBC who have proven to be painfully slow. HSBC informed me yesterday that they cannot even confirm any record of my application and they estimate that it will be five weeks before they might respond further.

Reply to the comment left by Paul Shears at 20/05/2020 - 09:11
I may have to give in and change the account I use at Lloyds to a business account.

Reply to the comment left by Paul Shears at 20/05/2020 - 09:11
As previously stated, I completely gave up with Santander after many hours spent on the task over several days with the final straw when they wrote to my Email address asking a person who they would know very well indeed, could not possibly have any connection with any business of any kind, for business details. They have never raised any concern that the account is just a normal account that happens to be used for business.
Santander repeated the same mistake above with the same person after several more days.
I had already given up with this bank and just ignored them.
Then they wrote to myself asking for the same information which I ignored as they had long since lost all credibility in my eyes.
Now, oblivious of the fact that their requests for additional and quite stupid information have been completely ignored, they have refused the loan.
The grounds for refusal given was not that I had ignored their requests for information.
Nor was it that the account is not a business account.
It was that insufficient business transactions had passed through the account!!!!!
So what I wonder, assuming I were inclined to waste even more time with these people, would be their reaction if I now open a new business account with them? Who cares? I certainly don't! Several weeks wasted on a wild goose chase.
I have moved on to HSBC who tell me that they have a huge back log and cannot track applications.

Reply to the comment left by HMO LL at 15/05/2020 - 21:57
my view is that you qualify-but pls check your own position

Reply to the comment left by Paul Shears at 22/05/2020 - 22:15I got another Email this morning confirming what I was told by the HSBC Helpdesk last week. My application has been approved. But I now need to follow a link in order to access the money. Well I could log on but all I then got was an error message saying that there was a problem and I should try again. Around six attempts produced the same error message.
I spent just over an hour on the phone with the "proper" helpdesk on the "proper" number rather than the two numbers that they advise you to ring.
The helpdesk admitted that they had other customers today who were having the same problem.
Under patient guidance of the fourth member of staff today, I was required to fill in exactly the same loan application that I did over two months back. I am now told that this will probably not take more than another few days. But, as they eventually agreed with me, there is absolutely no guarantee hat I will ever get the money as even now, they may reject my application.
I have a credit rating of 999.
By the way, I note that the software ignores any entry below 25% of your annual turnover and automatically increases the loan size to this amount!
It then asks you to confirm that the 25% of turnover figure which has been automatically added is actually 25% of annual turnover!
What a complete and utter shambles on an application made on 13/05/20!

Reply to the comment left by Paul Shears at 16/07/2020 - 09:27HSBC are now saying that my application has neither been approved or rejected and hey cannot say when or if it will be either! I have been promised that they will now pass the matter to a human being for some form of process following rather than just feed the my application details into yet another software algorithm. I have been warned that they may well reject my application due to Santander's previous mishandling of a previous application. There is no time frame for addressing this. However I have just been informed that, contrary to what I was told by the same helpdesk over two weeks ago, even if I get past the next layer of bureaucracy and the existing account remains open account, the loan is fully approved and remains so, I will still not get the money as I need to get through even more bureaucracy that has never been discussed since I applied on 13/05/20. A few days became five days which became five weeks which became ten weeks, which has become literally indefinite.
By the way, what I did learn today is that HSBC has still not checked my 999 credit rating for the 100% government backed loan and it is unable to say, when, if ever, it will actually do so despite it being a requirement of actually approving the loan.
I really want to get out of this country and it's life sapping corporate culture ASAP.

Reply to the comment left by Paul Shears at 22/07/2020 - 10:25
Well here we are on 05/08 having started with HSBC on 13/05.
Another five phone calls today taking around 2.5 hours and still no further forward than we were previously.
HSBC agree that both the feeder account & (probably) the loan itself is approved. The only guess that they have is that they have been too busy to send the final access Email to me.
The latest theory, (and it changes in crucial detail with every call), is that I will never actually have access to the feeder account and that the money will simply be directed straight into my own bank account.
This contradicts earlier statements but I am used to this by now.
As previously, the HSBC "Helpdesk" have no lead time on how long this might take.
All each "specialist" helpdesk can do is to send off another escalation Email to the next help desk in the chain. It's unidirectional communication by corporate Email only.
So another brick wall.

Reply to the comment left by Paul Shears at 05/08/2020 - 15:54
I have over 45 properties, and I too am having no luck with hsbc, they asked for my tax return, which i submitted over a month ago-nothing

Reply to the comment left by thomas at 05/08/2020 - 16:13
here we are on 30/08/20.
I applied to HSBC for a bounce back loan on 13/05/20.
That was twenty weeks ago.
I was informed, after countless calls and hours on the phone, that the loan was fully approved, necessary account set up, and all I needed to do was follow yet more procedures which were to be driven by an Email to me from HSBC weeks ago.
Still nothing has arrived.
I made a formal complaint to the financial ombudsman service and I received an automatic instant reply from them informing me that they would take weeks to read my complaint.
This country has long since gone to the dogs.
The formal escalation procedures in corporations have effectively been withdrawn.
I note that Property118 replies on this and other comments that I make, have ceased as well.