HSBC Bounce back loan

bigpappa

LJAkers said:

Danrover82 said:

MTK302 said:

Danrover82 said:

Did you have any obstacles like feeder account etc to open? 

I have business account. Had many many issues. Finally resolved. Do read my previous posts

Just read through, I'm guessing have a decent credit score though. 

I'm not so lucky at moment and others with a Fair score have been declined 😔

Hi, I don’t think they are allowed to credit check you for the bbl. I think they can for opening a new account, as with any bank. 

I have now applied for a third time and now have two applications with HSBC as the guy on the phone told me I’m unlikely to have the second accepted and there wasn’t enough signatures ( partnership between me my dad and grandad) the guy in the bank said just mine and my dads signature would be fine. But on the phone to a somewhat very rude man said ALL PARTIES might need to sign. I don’t know if I’ve just made my situation a lot worse by having 2 applications in the system! It’s hard because even HSBC employees haven’t got a clue about the processes or what’s needed, so trying to find any help is near impossible. 

How can you apply three times - do you not have to make a declaration to say you have not applied before?

I think as there application is a bit of a black hole people have gotten frustrated. In these times even a few weeks can be the difference between surviving and closing the business down.

goingskint

looking for a bit of hope coz as name says im going skint quickly!! instead of feeder account i applied for a hsbc bus acc .to my suprise got it as credit history poor ,, applied for bbl with hsbc as a sole trader who has only been trading since last june . applied  on 29th may got a email to say that they recieved it but nothing else since no echo sign email no nothing..i have spoke to hsbc and although they couldnt tell me anything about my application they said not to worry about fact i haven't recieved the echo sign email yet as some dont get til later in process.my question is this,  should i take the fact they have given me a business account as a good sign they will give me the loan?? tbh clutching at straws but looking for any positives ....thanks in advance 

[Deleted User]

LJAkers said:

Hi, I don’t think they are allowed to credit check you for the bbl. I think they can for opening a new account, as with any bank. 

The bank is allowed to and indeed required to credit check you.

If you are a director of a limited company then this will be a "soft" credit check and will not show to anyone other than yourself, this is largely for verification purposes. Even a director having personal CCJs are not enough to stop the limited company being eligible for the BBL as the director and the company are separate legal entities, however CCJs against the company can make the company ineligible. 

If you are sole trader then this will be a "hard" check and the BBL will show against your credit record. That is because you are personally liable for the debt. They will not refuse unless you breach rules for the scheme, CCJs are potentially one of them, as are CIFAS markers, but they will not refuse you for just having poor credit. 

Danrover82

goingskint said:

looking for a bit of hope coz as name says im going skint quickly!! instead of feeder account i applied for a hsbc bus acc .to my suprise got it as credit history poor ,, applied for bbl with hsbc as a sole trader who has only been trading since last june . applied  on 29th may got a email to say that they recieved it but nothing else since no echo sign email no nothing..i have spoke to hsbc and although they couldnt tell me anything about my application they said not to worry about fact i haven't recieved the echo sign email yet as some dont get til later in process.my question is this,  should i take the fact they have given me a business account as a good sign they will give me the loan?? tbh clutching at straws but looking for any positives ....thanks in advance 

How poor 😂 I'm in same boat,  ST since 1st Oct. Turnover over 23k in 6 month, but credit score about 100 off fair at moment 😕
Waiting to hear on feeder account but seems to be taking a age and I'm starting to worry more and more.  Been told erly next week before hear anything.... Good or bad! 

[Deleted User]

goingskint said:

should i take the fact they have given me a business account as a good sign they will give me the loan?? tbh clutching at straws but looking for any positives ....thanks in advance 

The business account in itself is no reflection on will they give you a BBL or not. The relevant point is do you meet the criteria for a BBL? If you do then they will, with near certainty grant you one, however as a new business, with a new account it will take longer. Do you have a year's accounts to back up your turnover, or previous bank statements to demonstrate your turnover so that they can verify that and the 25% figure? Some of those verifications (rather than for companies with a trading history with the bank) may take longer and require manual verification, where as people with existing accounts, verified with the bank etc. are a lot quicker. 
So long as you meet the eligibility criteria then you will almost certainly get the BBL, unfortunately it might just take a bit of time.

joshkes

I received an email this afternoon at 16:19 for action required following my HSBC Loan Feeder Account enquiry from early May. After completing the form a little after 5pm, I was rejected at 17:08 after being "considered very carefully" (in less than 10 minutes?!). Oddly I met all the requirements (hence filling in the application) but was not asked once how much I'd like to borrow. To add insult to injury, they assessed my application using my credit score - despite this not being required for BBL?! I have disputed it with them but wondered if anybody else was in the same boat? I'm aware Starling is being called out on this.

I've been rejected for a TSB Business Account and on a waiting list with Tide and Starling, and am running out of options fast. My business turned over more than £100k in the last 2 tax years and was due to have a record year this year, yet I am not able to find any support to keep it ticking over in these difficult times? Does anybody have any advice?

ceejayt

It appears that HSBC have ‘lost’ many if the applications. We have now been over a month waiting since we started the process and no one will tell us anything. We received feeder account info well over a week  ago. It’s a brick wall in terms of information 

ceejayt

beautician777 said:

Hi All - thanks for replies
Just an update - application was successful as per email received on Friday and have now signed documents and submitted bank details for d/d for repayments - hopefully monies will be in account soon.  Hopefully everyone who has been waiting to hear from HSBC has now done so.  

We have had our feeder account information for around 10 days now and still no sign of any funds   There is some kind of glitch at HSBC and they are not being honest about it. 

shaik0

 i applied BBL on 13th May  got approval email for Loan on 15th of May  sent it back on 17th of May 
since then i m still waiting for loan  can any one suggest what to do 
i spoke to bbl team they wait  no time frame  dont know what to do  

puss198420

Try being in my position. I’ve been waiting since the 4th of May, no email from echo signs NOTHING 
I know it’s not great for everyone on here but it’s sort of annoying when non Hsbc customers are getting a better service than a loyal Hsbc customer