HSBC Bounce back loan

Eassenav

The echosign is to sign the agreement for the loan.  I had to do it and I have an HSBC personal account.

PP1984

Thanks, I have both a personal and a business account with HSBC already, so no new accounts needed.  So I was hoping it would be quite a quick process

Danrover82

When should we realistically expect to hear from  HSBC.   I applied on Friday, got my reference number etc.  But the more I read other posts the more I panic as my credit score is poor at moment as I got set up with the Business.

They even turned me down for a OD  a few month back so the KYC check worries me. 

SRB1609

So I applied on the 5th May heard nothing, I re applied on the 14th, now I don't know if that was a coincidence or not but I then received my Echo Docs immediately, signed and returned straight away and have heard nothing since! Its now the 19th. Do we get notified of acceptance or does the money just appear?

bruceseaton

I phoned on the 8th May for a feeder account, the guy took all details, and told me to watch for an email, but added i cant give you a timescale. Now nearly 2 weeks and have heard nothing. When people say they got a reference number, was that by email,or over phone etc? Really seems a shambles 

SteveCat

Looks like mine will trump everyone on this thread... I applied on the 6th (Two weeks tomorrow) initially got a reference number, no confirmation email, and have heard nothing since. That's 2 whole weeks tomorrow! Absolutely shocking from HSBC!
Does anyone think I should re-apply? (Has the application got lost) or Could I apply through another Bank? TSB who I also Bank with are offering the BBL, can I apply with another Bank? Would love some help please as I have no idea where to go with this now

Eassenav

Regarding the credit checking, I was worried about that too having a bad credit file (missed credit card payments - last missed payment January 2018) which caused issues trying to get a mortgage last year, but my BBL has been approved for the full amount I could claim based on my figures.  It said that no credit file search would be done, I think they just check that you are who you say you are and that your business exists.

The only confirmation I had prior to my approval was an automated email with a reference number.  None of the emails give any indication of timescales (as they don't know and don't want to commit to one!)

Regarding the reapplying, I am not sure what to do in your circumstances, my agreement came through at the end of business day 6, although I still don't know how long I need to wait for the funds to reach my account.  Others seem to have a quicker turnaround and others have been left waiting.  I think they are stretched to the limit and I struggled to get any answers from HSBC.  Hopefully someone with some more insight can give some advice on this one.

Danrover82

Cheers for the info on the credit check.   Mines been a few recent missed payments also as the start up was expensive.

I'm even checking my clearscore account to see if they have done a search yet.   

The more I worry the more I read, the more I panic about what if not successful. I start back next week and my UC will stop which will make it even harder! 

Jammo_1911

Stevecat, I’m in exactly the same situation as you. Same time frame and heard nothing. After trying to talk to someone from hsbc all day, I gave up and re-applied last night. I’ll let you know of any developments.

SteveCat

Jammo_1911 said:

Stevecat, I’m in exactly the same situation as you. Same time frame and heard nothing. After trying to talk to someone from hsbc all day, I gave up and re-applied last night. I’ll let you know of any developments.

I've been told this morning that people who applied before the 6th are the ones who are facing the problems.