HSBC Bounce back loan

bradztheman

So its been 48 hours now since i signed the echosign documents. Still no sign of the funds yet the direct debit is in place to make repments, they were quick enough to set that up within the hour of me signing the forms!!

have many people waiting alot longer than the 2 day period after signing the echosign documents??

Th1nkAb0ut1t

Hey all,

Just reading through some of these and I can honestly say I'm surprised, but not surprised, that I'm surprised, to be suprised, when in fact I should not be suprised and quite franly Im not...surprised that is!  Now if you think that's confusing, you should try a healty dose of HSBC BBL application pie.  It's sure to cause all the stress and confusion you hoped for when you decided to engage with them to obtain help in dealing with all the stress and confusin you currently are dealing with!

BBLS is a farce.  HSBC is the only company offering to new customers, however they are hiding it behind credit checks, by saying that applying for a feeder account falls under the same rules as applying for a regular account with them.  Whats the point? 

HSBC (among others who are doing this practice) and the government need to address this ASAP, as the whole point of the scheme is to make the loans accessible to all who meet initial criteria and AML/KYC checks.  NOT credit score, credit file, financial viability, or any other such term to describe your financial/credit history!

I was declined within 1 second, by an automated system that couldn't fit all of my name into the box and was unable to locate my business or home post code, but clearly could check my eligibility in a nano second. 

Maybe it was someone on "a team you can't speak to", who "makes the decision, at their discretion" who is responsible for making the light speed decision, that even after meeting eligibility criteria, a declination should be awarded. 🤨  #Accountability #PlayingGod

Don't worry, I complained to a person who "does not make the decisions, is not a banker, does not know about how the decisions are made, cannot provide me with a direct answer, can only request to speak to the team you cannont speak to, who also cannot guarantee that they will give an answer that they can give to you" and I was told that all I had to do is "Wait until someone contacts you.  IF they feel that they should contact you to expand on the reasons for the decision, IF the reasons for the decision were an error on our end, BUT you will never know that, because I can't tell you and IF they dont bother to tell you then nobody will contact you.  Plus, there is no time scale or guarantee that they will in fact give you any reason at all, or even contact you to start with"

Great HSBC, great Government! You've really aided me so much during this time!  I am forever in...wait, I can't be indebted to you because my application was declined!😑  Duh! 😒

Anyone else with the same?

Th1nkAb0ut1t

BusyDeeX said:

Can anyone elaborate on the process is involved for opening a Feeder account as a Ltd company Director with only a personal account at HSBC and not a business account?  What do they need from me? Will it involve a Credit Check? Do I need to provide the past X number of years' financial data / tax returns? What questions will it be useful for me to ask them at the time since I will likely not hear back for weeks again after? 

I called and they took my name, phone, email, Business name and nature of business then said I will be contacted in future with no ETA available. 

All you need is all of your business and personal info, such as company number, name, address, date of incorporation, turnover or estimated turnover, director/shareholder details etc.

Then your personal detail, such as name DOB, address.

They DO perform a credit check, using the excuse that "HSBC have their normal checks in place to open an account.  The feeder account rules and the BBLS rules are two different things"

You need to show returns for 18/19 if the business traded during that time.  For anything else it's your forcasted turnover for 19/20.

Hope this helps.

xk120c

bradztheman said:

So its been 48 hours now since i signed the echosign documents. Still no sign of the funds yet the direct debit is in place to make repments, they were quick enough to set that up within the hour of me signing the forms!!

have many people waiting alot longer than the 2 day period after signing the echosign documents??

In a similar position, Had confirmation yesterday my BBL was successful and signed the echosign docs straight away.
Have not heard anything since and no funds?

bradztheman

xk120c said:

bradztheman said:

So its been 48 hours now since i signed the echosign documents. Still no sign of the funds yet the direct debit is in place to make repments, they were quick enough to set that up within the hour of me signing the forms!!

have many people waiting alot longer than the 2 day period after signing the echosign documents??

In a similar position, Had confirmation yesterday my BBL was successful and signed the echosign docs straight away.
Have not heard anything since and no funds?

Just got off the phone to them. They said it can take upto 48 hours for the funds to 'draw down' what ever the hell that means!! Well its been over 48 hours and they still cant give me any more information on where my money is!!

have to say i probably have the worse credit rating in the world and i still got accepted for it as i have a basic account with hsbc all i did was send my 18/19 tax return as a pdf file and that was it. After 3 weeks i was approved, and tuesday i had an email with the echosign documents but no sign of any funds!!

xk120c

bradztheman said:

xk120c said:

bradztheman said:

So its been 48 hours now since i signed the echosign documents. Still no sign of the funds yet the direct debit is in place to make repments, they were quick enough to set that up within the hour of me signing the forms!!

have many people waiting alot longer than the 2 day period after signing the echosign documents??

In a similar position, Had confirmation yesterday my BBL was successful and signed the echosign docs straight away.
Have not heard anything since and no funds?

Just got off the phone to them. They said it can take upto 48 hours for the funds to 'draw down' what ever the hell that means!! Well its been over 48 hours and they still cant give me any more information on where my money is!!

have to say i probably have the worse credit rating in the world and i still got accepted for it as i have a basic account with hsbc all i did was send my 18/19 tax return as a pdf file and that was it. After 3 weeks i was approved, and tuesday i had an email with the echosign documents but no sign of any funds!!

You sound like your in the same situation as me.. I'm a sole trader with an extremely old current account with HSBC (probably haven't used it for 10+ years).
Applied on the 20th May, Received a confirmation email and document to sign. Sent my 18/19 tax return on 5th June, then got an email yesterday confirming my BBL was successful. 
My credit score is atrocious!

Fingers crossed we will have the funds in our accounts with in the next day or so...

BusyDeeX

Th1nkAb0ut1t said:

BusyDeeX said:

Can anyone elaborate on the process is involved for opening a Feeder account as a Ltd company Director with only a personal account at HSBC and not a business account?  What do they need from me? Will it involve a Credit Check? Do I need to provide the past X number of years' financial data / tax returns? What questions will it be useful for me to ask them at the time since I will likely not hear back for weeks again after? 

I called and they took my name, phone, email, Business name and nature of business then said I will be contacted in future with no ETA available. 

All you need is all of your business and personal info, such as company number, name, address, date of incorporation, turnover or estimated turnover, director/shareholder details etc.

Then your personal detail, such as name DOB, address.

They DO perform a credit check, using the excuse that "HSBC have their normal checks in place to open an account.  The feeder account rules and the BBLS rules are two different things"

You need to show returns for 18/19 if the business traded during that time.  For anything else it's your forcasted turnover for 19/20.

Hope this helps.

Thank you! 
Do you know how they verify your 19/20 forecast (will we need to provide documents and calculations) or do they just take your word for it over the phone? 

Th1nkAb0ut1t

BusyDeeX said:

Th1nkAb0ut1t said:

BusyDeeX said:

Can anyone elaborate on the process is involved for opening a Feeder account as a Ltd company Director with only a personal account at HSBC and not a business account?  What do they need from me? Will it involve a Credit Check? Do I need to provide the past X number of years' financial data / tax returns? What questions will it be useful for me to ask them at the time since I will likely not hear back for weeks again after? 

I called and they took my name, phone, email, Business name and nature of business then said I will be contacted in future with no ETA available. 

All you need is all of your business and personal info, such as company number, name, address, date of incorporation, turnover or estimated turnover, director/shareholder details etc.

Then your personal detail, such as name DOB, address.

They DO perform a credit check, using the excuse that "HSBC have their normal checks in place to open an account.  The feeder account rules and the BBLS rules are two different things"

You need to show returns for 18/19 if the business traded during that time.  For anything else it's your forcasted turnover for 19/20.

Hope this helps.

Thank you! 
Do you know how they verify your 19/20 forecast (will we need to provide documents and calculations) or do they just take your word for it over the phone? 

Unfortunately not.  Didn't get into that with them.

bradztheman

Just a quick update for everyone, signed the echosign document email around 50 hours ago, the money has gone in my account now

happyjeremy

We applied (Ltd Company) 9th June at 17.15 pm. Received confirmation of application at 17.35 pm. Received echosign document at 22.05. (and signed). Received funds this afternoon 11 June (maximum amount) at 17.00 pm (approx). Effortless, painless, fast procedure. We have been an HSBC customer for 27 years and have never caused them any problem. We also have an overdraft facility for seasonal reasons and have never ever broken our limits / agreements. My best advice - fill in the documentation fully and correctly. CHECK everything before you submit. Good luck to you all! This loan (and furlough scheme) has saved our company - all of our major customers have been closed since mid-March, and will not reopen until mid-late July (museums etc, with giftshops).