Bounce back loan for self employed

Percy1983

I got the money in less than 24 hours with lloyds, very impressed.

Shay65

My hubby is self-employed and does not qualify for anything except Universal Credit which we got on Monday (£1600) which is the first lot of income received, however our rent is £1200 then utilities etc on top so we are already in a minus. My hubbys income is the only income his contract was cancelled on 23/03 so no income since then. Applied for bounce back loan on Monday only to be reject. Apparently we do not qualify due the banks usual checks. He has a business account with Natwest. So what do we do, we have no savings and the only help we have received is £1600 which does not cover our bills, both of us cannot work, do we pay rent or eat???  Help please.

[Deleted User]

Shay65 said:

My hubby is self-employed and does not qualify for anything except Universal Credit which we got on Monday (£1600) which is the first lot of income received, however our rent is £1200 then utilities etc on top so we are already in a minus. My hubbys income is the only income his contract was cancelled on 23/03 so no income since then. Applied for bounce back loan on Monday only to be reject. Apparently we do not qualify due the banks usual checks. He has a business account with Natwest. So what do we do, we have no savings and the only help we have received is £1600 which does not cover our bills, both of us cannot work, do we pay rent or eat???  Help please.

Why were you not eligible, did they tell you? Or have you worked out why?  

[Deleted User]

Percy1983 said:

I got the money in less than 24 hours with lloyds, very impressed.

Thanks for sharing this, it's positive reassurance. Did you receive any contact, emails or letters in the interim? I applied last evening/ late afternoon but nothing back yet, withstanding the immediate email you get. 

Percy1983

assj_2 said:

Percy1983 said:

I got the money in less than 24 hours with lloyds, very impressed.

Thanks for sharing this, it's positive reassurance. Did you receive any contact, emails or letters in the interim? I applied last evening/ late afternoon but nothing back yet, withstanding the immediate email you get. 

Got the email immediately after applying and then the money just appeared with no other communication.
The email did say it was pending checks so I guess it got rubber stamped and I would have heard if there was an issue.

[Deleted User]

Thanks so good to know. :-) 

Shay65

assj_2 said:

Shay65 said:

My hubby is self-employed and does not qualify for anything except Universal Credit which we got on Monday (£1600) which is the first lot of income received, however our rent is £1200 then utilities etc on top so we are already in a minus. My hubbys income is the only income his contract was cancelled on 23/03 so no income since then. Applied for bounce back loan on Monday only to be reject. Apparently we do not qualify due the banks usual checks. He has a business account with Natwest. So what do we do, we have no savings and the only help we have received is £1600 which does not cover our bills, both of us cannot work, do we pay rent or eat???  Help please.

Why were you not eligible, did they tell you? Or have you worked out why?  

Hi - email just said "Unfortunately we cannot proceed  with the application due to information we have received following our usual checks and assessments".  So the application was cancelled.  Phoned the bank and they could not tell us why, the guy said there were no notes on the account as to why.

DonutMonster

Barclays have changed the info on their site:
One of the FAQs used to be:
I only have a personal account but own a business- can I apply?
Yes, but you'll need to update your account details first. To do this, log into Online Banking, start a web chat and we'll help you make the necessary changes.

I've spent at least 4 hours on the phone and web chat asking them how can I add my business details to my personal account and am being sent around in circles.
I see tonight the FAQ has been changed to:

I only have a personal account but own a business, can I apply?

Whilst personal current accounts should not be used for business purposes, we understand that a number of smaller businesses may have been using their personal accounts for business trade. If your business qualifies for a Bounce Back Loan and you’ve been using a personal account until now, you can find out more about our Barclays Business current accounts by visiting our Business Banking website, or alternatively, you can call the New Customer Team to discuss creating a business relationship.

Well, I haven't been using my personal account for business, I simply bank with Revolut and Transferwise for business.

I am losing hope here.

AARONSHAUN

Snap . Aa a sole trader I only use my personal account with barclays . There is no legal obligation to have a business account as a sole trader . I feel like I'm banging my head against a wall with barclays . 2 full days on the phone and web chat and still no further forward because I dont meet the criteria for a business account .. yet I'm eligible for the bbl . Bang bang bang. Just more stress for what was supposed to be a simple 7 question application. 

[Deleted User]

Shay65 said:

assj_2 said:

Shay65 said:

My hubby is self-employed and does not qualify for anything except Universal Credit which we got on Monday (£1600) which is the first lot of income received, however our rent is £1200 then utilities etc on top so we are already in a minus. My hubbys income is the only income his contract was cancelled on 23/03 so no income since then. Applied for bounce back loan on Monday only to be reject. Apparently we do not qualify due the banks usual checks. He has a business account with Natwest. So what do we do, we have no savings and the only help we have received is £1600 which does not cover our bills, both of us cannot work, do we pay rent or eat???  Help please.

Why were you not eligible, did they tell you? Or have you worked out why?  

Hi - email just said "Unfortunately we cannot proceed  with the application due to information we have received following our usual checks and assessments".  So the application was cancelled.  Phoned the bank and they could not tell us why, the guy said there were no notes on the account as to why.

If I were in your situation, I would read all of the guidance again to ensure you are eligible. 

If you can find no issue, make a further application and see what happens next. 

If that was declined I would be calling again to find out why, if they could not answer I would be writing to request further explanation. 

It sounds like it’s so important for you, you’d and just give up unless you are confident the reasons for the refusal were correct.