HSBC Bounce back loan

Janethunter65

Daz4471 said:

I have gone through the process to open a feeder account. It started on the 6th may, it’s a very long and complicated process. However I’m not a HSBC customer, so hopefully it will be less painful for you. I completed my application and submitted it on 2nd June. Had a email conformation straight away. Heard nothing since. Was not asked to submit proof of turnover for 18/19.... but would not be surprised if that comes next. The only plus was the man from HSBC stayed on the line and talked me through the whole process, if he hadn’t I’d have given up... I’ll update when I hear 
anything else
good luck

Hi, 
how long was it from forwarding your application for the bbl  to getting an esign document if you don’t mind me asking? Also how do track any progress - is there app for feeder account holders? 
Thanks 

j02020

The BBL that has been set up for business isn't being paid very quickly. Its been over 4 weeks and still nothing. Generic responses to emails, phone operators that are clearly reading from scripts. You are appalling. With other banks paying out in less than 24 hours I don't understand why your customers are being made to wait for so long. Withholding the funds this length of time may put some people out of business not support them.

jjmummy

Hi, It's been 3 days passed after echosign signed. 
My shop rent will be 25th June,, so I would like to get the loan before 25th hopefully.  

I applied CBILS in Apr, - approved but cancelled because of the new BBLS
Applied BBLS on 26th May
Signed Echosign on 9th June
Still waiting for the fund. 

Daz4471

Janethunter65 said:

Daz4471 said:

I have gone through the process to open a feeder account. It started on the 6th may, it’s a very long and complicated process. However I’m not a HSBC customer, so hopefully it will be less painful for you. I completed my application and submitted it on 2nd June. Had a email conformation straight away. Heard nothing since. Was not asked to submit proof of turnover for 18/19.... but would not be surprised if that comes next. The only plus was the man from HSBC stayed on the line and talked me through the whole process, if he hadn’t I’d have given up... I’ll update when I hear 
anything else
good luck

Hi, 
how long was it from forwarding your application for the bbl  to getting an esign document if you don’t mind me asking? Also how do track any progress - is there app for feeder account holders? 
Thanks 

It was from 6/5 to 2/6 to go through process of Opening a feeder account to being able to submit an application for the loan. Unfortunately that didn’t seem to be a way of tracking your application.

 You are given an application ID through email as soon as you Press submit your Application. I have heard nothing since. However I have just come off the phone with customer services and they informed me that as part of the process they will be contacting HMRC and my bank! From that information this process could take another couple of months. Hopefully I’m wrong. But I am concerning Cancelling this and going and opening a business account with Barclays or one of the others who do this loan. Maybe that would be quicker in the long run!!

BILLBO63

why are banks making it so hard to get the bounce back loan my bank is not in the scheme but all i keep getting is you need to have a business account with us but opening up a business account or getting refused is not helping my credit score i applied with HSBC  it has taken nearly 8 weeks to get it fro  phone calls to on line applications duly filled in then with in seconds  returned email stating i do not meet there criteria ??? 

BILLBO63

many of the banks now will not let you open business account stating there prioritising there existing customers and when you do get the option to open a business account if your luck you have to jump through big hoops & sell your sole  what are the self employed sole trades supposed to do if there not eligible fort the self employed scheme from hmrc 

BILLBO63

Th1nkAb0ut1t
i had exactly the same response more or less word for word from them your 100% about HSBC including most of the  needs looking at asp 

leagaz22

I applied 28/5/20, had the confirmation email but absolutely zilch since. I have called 4 times since for an update, but get fobbed off all the time. I have (like you all) bills to pay and includes my own wages, I have to feed my family on nothing. This is classed as an emergency loan...... yea ok then. 

It’s an absolute joke HSBC you should be ashamed. 

[Deleted User]

@BILLBO63
At the start of the BBLS the banks which signed up with the government were going to offer to all, however before it launched all but HSBC changed their conditions so that you had to be a customer with them. Because of that HSBC ended up being utterly swamped with applications and for some, but especially sole traders, those without business bank accounts and non-customers that has resulted in long delays. 

Further compounding the delays many people have made multiple applications, the banks have had to sort out the issue of people using personal current accounts for business (which is against the Ts and Cs on the account and also means that they have no clear business trading history) on top of the sheer volume of applications. 

The banks are not "making it so hard" to get a bounce back loan, they are doing their best in an incredibly difficult situation. For those who chose to dodge the bank fees by using a personal account, I have a little sympathy, their situations are of their own making regardless of being able to foresee Covid-19, if they had done things correctly before it would not be an issue. 

It is also correct that the banks prioritise their existing customers, those who have been loyal to them, paying fees every month on their business account, why should they not be ahead in the queue of those who have only popped up in the last few weeks, demanding the bank lend them tens of thousands with no previous relationship?

BILLBO63

i do have a clear trading account with bookkeeper accountants  and even opted for the feeder account  but yes was a bit lazy to open a business account  but still nothing to hide in my so called sole trader  account  the scheme is there not just to help the people who do have the correct  accounts and yes i do agree with some of your comments  we should no better  but HSBC and the rest of the banks  who operate with in the bbl system are only reading from scripts but trying to talk to some one who understands your situation is very few & far between  i fully understand the situation the world is in at the moment i have paid my taxes  NI  and all other so called fees to banks & government  now i need a little help back just like  lots of other self employed / sole traders       this is surely a strange time we are all in  stay safe people & keep the faith