Bounce Back Loan as Halifax Personal Account Customer

mummymall

Hi everyone!
Hope you are keeping safe and well.
Apologies if this has already been discussed but I was wondering if anyone was in the same situation as my Brother.
My Brother is a self employed carpet fitter trading as a Sole Trader..... after reading information on the Bounce Back Loan eligibility, I can see that he would be able to apply.
The only problem is, he doesn't have a Business Current Account.  He uses a Halifax Personal Account.  Halifax aren't offering Bounce Back Loans.
I just wondered if anyone else uses a Halifax account and is applying through a different lender?  Bank of Scotland (part of Halifax) have said that they are reviewing options for people using personal accounts and it will be updated this week.  Do you think he will be able to apply through that, bearing in mind he banks with a bank that is part of the same group?

Jeremy535897

He can but ask. The FAQs here https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/ suggest personal accounts can be used, but I bet most banks will make customers open business bank accounts, so they can charge.

Tubularbells

Lloyds Bank just said no over the phone and told me to apply online, but now my credit file is so damaged all the lenders pre check say zero chance of success. I will phone Lloyds again and see if I can get a better response !
if no good i will try approaching another lender .
I have only a personal account but traded for 7 years now, and wonder why again it seems as another hurdle to climb! 

Janethunter65

I’m a business but only have a current account with the Halifax. From the research I’ve done so far it looks as if most lenders require a business account and you’re encouraged to apply for a business account. This does damage credit ratings. Halifax need to up their game and if nothing is done to help,  as soon as any normality returns I’m leaving them.

wingle1202

Hello, Halifax sole trader use my personal account. I have had the same problem today. Tried to open a business account with Lloyd’s and got declined not sure why. HSBC offering a temporary feeder account but you can’t get through to anyone. I’ve been on hold 2 hours every time cut off. I think I’m just going to leave it a few weeks it’s a new thing and running until November they need to make it accessible to all companies/sole traders that need it. 

NatalieAGC

Tubularbells said:

Lloyds Bank just said no over the phone and told me to apply online, but now my credit file is so damaged all the lenders pre check say zero chance of success. I will phone Lloyds again and see if I can get a better response !
if no good i will try approaching another lender .
I have only a personal account but traded for 7 years now, and wonder why again it seems as another hurdle to climb! 

Your file shouldn’t be damaged from it. From what I can see no checks are taking place for bounce back. And if soft searches have been carried out for CBILS surely soft not hard? 

I can see why many non business account holders will struggle to get thru.  The banks priority right now surely would be own customers and business accounts.. that makes their “fast checks, KYC, fraud checks” easier. 

Or else they will get anyone applying saying they have new company and demand 25% of forecast turnover.  

Smellykelly1981

We have a cleaning business, cleaning pubs bars restaurants.  We only have a personal account with Halifax trading for 2yrs  and can not apply anywhere except for HSBC.  I have tried, Natwest, Lloyds, RBS, Bank of Scotland, Ulster bank, Santander, TSB, Clydesdale, Yorkshire bank, Danske bank.  All are only accepting their business customers first via online applications.  HSBC told me to call their business banking cll centre via the online application to apply for a bounce bank loan they are doing a feeder account... basically the money gets paid into that and then a one off transfer out of the feeder into an account you use per the banking and fraud checks. Then the feeder account is closed. This has taken me 3 hrs today... and I still couldn't get through on the phone as they close at 6.... they could put that message on during their hold music... I wasted 1.5hrs on hold to be disconnected.

It has been an absolute nightmare trying to get funding!

Hope this helps and I hope I get a bit of luck tomorrow!

wingle1202

Smellykelly1981 said:

We have a cleaning business, cleaning pubs bars restaurants.  We only have a personal account with Halifax trading for 2yrs  and can not apply anywhere except for HSBC.  I have tried, Natwest, Lloyds, RBS, Bank of Scotland, Ulster bank, Santander, TSB, Clydesdale, Yorkshire bank, Danske bank.  All are only accepting their business customers first via online applications.  HSBC told me to call their business banking cll centre via the online application to apply for a bounce bank loan they are doing a feeder account... basically the money gets paid into that and then a one off transfer out of the feeder into an account you use per the banking and fraud checks. Then the feeder account is closed. This has taken me 3 hrs today... and I still couldn't get through on the phone as they close at 6.... they could put that message on during their hold music... I wasted 1.5hrs on hold to be disconnected.

It has been an absolute nightmare trying to get funding!

Hope this helps and I hope I get a bit of luck tomorrow!

Exactly the same problem. Let me know how you get on tomorrow my problem is I need my husband here too and he is doing so part time work. 

ctf123

Smellykelly1981 said:

We have a cleaning business, cleaning pubs bars restaurants.  We only have a personal account with Halifax trading for 2yrs  and can not apply anywhere except for HSBC.  I have tried, Natwest, Lloyds, RBS, Bank of Scotland, Ulster bank, Santander, TSB, Clydesdale, Yorkshire bank, Danske bank.  All are only accepting their business customers first via online applications.  HSBC told me to call their business banking cll centre via the online application to apply for a bounce bank loan they are doing a feeder account... basically the money gets paid into that and then a one off transfer out of the feeder into an account you use per the banking and fraud checks. Then the feeder account is closed. This has taken me 3 hrs today... and I still couldn't get through on the phone as they close at 6.... they could put that message on during their hold music... I wasted 1.5hrs on hold to be disconnected.

It has been an absolute nightmare trying to get funding!

Hope this helps and I hope I get a bit of luck tomorrow!

Yes, same issue. The problem I am predicting now is that they will “require” a 2018/2019 tax return which I don’t have as I had not been trading in 2018. 

Praying it will just be a simple process as promised, and not these banks making us feel like criminals. 

Smellykelly1981

Just a little update... I eventually got through to HSBC and now i am awaiting a call back which will take 3-5 working days to go through the application.... for the feeder account and the bounce back loan... I will update again with the outcome.

wingle1202

Smellykelly1981 said:

Just a little update... I eventually got through to HSBC and now i am awaiting a call back which will take 3-5 working days to go through the application.... for the feeder account and the bounce back loan... I will update again with the outcome.

Do you mind me asking what number you have for them I’ve been calling ‭0345 760 6060‬. 

What questions do they ask as I’m doing it on behalf of my husband do you think I can do it without him being here (obviously I’ll make sure he will be here for the call back). Thanks