HSBC Bounce back loan

MTK302

I have LTD company and banking with HSBC business account.  We applied for the max amount 50K.
My timeline:
Applied on the 4th May and was told the process is simply and everything should be done with 48 hours. I waited and on thursday 7th May I called my Relationship manager (RM) he said I should it within 24 hours. Waited until Monday 11th May still didnt receive anything. Called the bank on 12th May and no straight answer. 13th May I received my esign document with 000 at the front of my account number. Called my RM, told him and he was speechless, confused and he raised an internal complaint. He said to me sign it and you will receive new documents if required. I waited until 18th May and still nothing. I called the bank no clear answers. On 19th May still nothing and the on the 20th May, my RM called me and said things are not great and most likely it will take another week for my funds to received. I asked him why why why? He replied it could be a possibility that when you opened a business account with your forecast turnover it didnt match the forecast on you BBL application. I was more confused. Been with them for 4 years now. So guys there is no pattern. People who have applied £50K have been hit hard I think. Can anyone confirm who has received £50K? 

Engineer2020

Hello Everyone.
This is a farce. I banked with an online bank that didn't offer this loan, and after a bit of research online saw that HSBC were offering a 'Feeder Account' So I applied on the 4th for a business account with them and intend to transfer my business across. Bank account and relevant things such as welcome pack, debit card e.c.t arrived in a few days so looked promising and they carried out a credit/identity check for this purpose. Applied for the BBLS through the online form and inputted all the data, and as far as I am aware I do qualify for this based on the prerequisites stated. This was on the 12th of May. Got an email confirming the application and a Reference number within minutes. So far No  'echosign' form or any confirmation from them either way. Tried calling yesterday and after being on hold for an hour and a half was told it's on a first come first served basis. Asked why give a reference number if there is no way to track it, even if I call they cant offer any information. This is really stressful and already feel let down by this bank. 

Eassenav

I signed my Echo document on Monday 18th and had confirmation it had been signed.  My DDM was set up at least a couple of days ago so I have been patiently waiting for my funds.  In the last hour I have been sent the Echo document again requiring my urgent signature!! 

Has anyone else had this?  Should I just sign it again? 

I don't have the energy to wait on the phone and speak to someone who doesn't know what has happened.  The system does seem very chaotic.

PES1

PES1 said:

I applied on the 4th too then again on the 11th. Signed the echosign agreement and DDM on 12th. Since then nothing and there's no new DDM set up.

Update: After having my application escalated (again) yesterday. A BBL account is now showing in my app. It has a zero balance but the funds available show as the amount that I applied for - can't transfer it to my current account and there's no DDM sent up. I read on Twitter that someone has had the BBL account showing for over a week and still unable to do anything with it. Anyone got any ideas?

markohall

Update from myself 

I have just opened up my business banking app and there is now an account showing for the BBL however still at £0.00 and haven’t received any funds. 

I still haven’t signed any echo documents however I did email the CEO of HSBC so maybe that has something to do with it. 

Eassenav

Well that is bizarre, I did resign my echo document this afternoon and now the funds are there!

Sole trader with HSBC account, applied Sunday 10th May, received confirmation email immediately, received first echo sign document Monday 18th May and received confirmation it had been signed immediately.  Received second echo sign document Thursday 21st May and received confirmation it had been signed immediately, funds in account within 2 hours of signing.

I do not think there is any rhyme or reason to this process.  Hold in there and I hope that my experience gives hope to others.

markohall

My echo arrived an hour ago, things have progressed well today. Stay positive all still waiting your time will come. 

Eassenav

Weirdly, although I now have my funds I can't see the loan in my app but the DDM is set up.

Danrover82

PES1 how are you escalating this? 

Harley20200

HSBC

Applied 7th (no email) & 16th (email this time). Called numerous times, email and contact form. 11.43pm last night echosign arrived and signed at 3.32am. Fingers crossed DD is set up & funds available in the next 24 - 48 hours as advised via call on Wednesday. 

Good luck all