Bounce Back Loan as Halifax Personal Account Customer

ctf123

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.

Just got through myself. He took all the details and said somebody would call in 3-5 working days with my account number and sort code for the feeder account for me to then apply for the loan on their website. It did take approx 45 mins to speak to somebody though, so it is worth staying on the line. 

Wingle - yes that was the number. They asked basics like business address, director name and dob, national insurance number, business registration number, annual turnover or predicted turnover, email address, phone number. 

wingle1202

ctf123 said:

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.

Just got through myself. He took all the details and said somebody would call in 3-5 working days with my account number and sort code for the feeder account for me to then apply for the loan on their website. It did take approx 45 mins to speak to somebody though, so it is worth staying on the line. 

Wingle - yes that was the number. They asked basics like business address, director name and dob, national insurance number, business registration number, annual turnover or predicted turnover, email address, phone number. 

thanks for that. I don’t have company registration number because we are sole traders. I wonder if this matters. 

freeid

It seems a number of us are in the same boat, with very limited information from some banks, (I have a Halifax personal account, after all this, wouldn't recommend them), as to whether they are actually going to become part of the scheme or not. I spent 1.5 hours trying to get through to HSBC yesterday for the feeder account and was thankfully able to get through, though it took ages to pass info on to the customer service person (they kept mishearing and got details down incorrectly so had to keep checking to make sure all was correct), and now it's just wait and see, apparently could take a week or more. You don't get a confirmation mail or anything either. In an attempt to cover other bases as well though, I also tried to open a business account with Starling at the end of last week, and I believe they are due to become a lender. It was a quick process on the app, they sent a follow up query, but it was approved in a few days. Fingers crossed something will come through and work out!

freeid

Just saw some comments from those who have gotten through to HSBC today with a 3-5 day turnaround time given. Hopefully that's the case rather than the 'week or more' I was given yesterday. I guess with all of this being so new they are just figuring it out as they go too. 

Mbrolad87

I applied on 5th May at 9.10am with HSBC was advised that it would be 3-5 working days for feeder account. Currently on phone and have been told that, the timescale is just a guide and coud be open ended - so we now have no clear end date in sight as to when. 

wingle1202

Mbrolad87 said:

I applied on 5th May at 9.10am with HSBC was advised that it would be 3-5 working days for feeder account. Currently on phone and have been told that, the timescale is just a guide and coud be open ended - so we now have no clear end date in sight as to when. 

I applied for feeder on 6th so just waiting for a call. Let me know when they call you. Hoping Halifax is working on this for us sole traders 

jas71

I applied for a feeder account with HSBC on Monday 4th May was told I would be contacted within 5 days heard nothing so called again Monday 11th May for an update was told I should receive a callback and give it another 3 days, not holding my breathe

stratty

Try Starling Bank

Mbrolad87

its ridiculous shouldnt have to take a loan in the first place

jas71

Article from IFA:

Many qualifying applications from last Monday are still to receive funds a week on. 

HSBC revealed yesterday, Sunday the 10th, that the bank now has no time frame within which it will deliver BBIL loans to applicants. Previously staff had been telling customers to expect five to seven days, and it was widely reported that loans would only take 24 hours. 

Over the weekend, customer questions were met with: “we have no way of telling you“. 

HSBC designed a “Black Box” application system. This means an application is posted in one side, and the loan is issued from the other side if it is successful. But while the application is in the process it cannot be seen. Like Schrodinger’s cat

Challenged on this approach, the response is that customers don’t need to know when their funds will arrive.