HSBC Bounce back loan

bazzyb

Givens said:

I've applied for a bounce back loan through HSBC whom I bank with, applied early May and only heard back late last week that my application had been denied as my tax return lists my income from lettings activity only and doesn't evidence that I'm performing a trading activity. Has anyone in my situation had the same response? I've not read anywhere that landlords weren't allowed to have access to a bounce back loan.

At least 50% of your income needs to be from trading activity to qualify for a BBL. 

gt94sss2

MariaFrances4 said:

We are wondering if we can apply through another bank instead? 

You can't submit an application for another BBL with someone else until you have had a response from HSBC.
As an existing HSBC business customer, it should have been relatively straightforward - the majority of delays are with those who are new to HSBC or did not have business accounts with them.

MariaFrances4

I never imagined it to be like this, I’ve been with HSBC for over 15 years. I’m genuinely shocked at how they’ve responded to it all. 

MariaFrances4

gt94sss2 said:

MariaFrances4 said:

We are wondering if we can apply through another bank instead? 

You can't submit an application for another BBL with someone else until you have had a response from HSBC.
As an existing HSBC business customer, it should have been relatively straightforward - the majority of delays are with those who are new to HSBC or did not have business accounts with them.

I know people who don’t have accounts with them that have found it so easy to get a BBL with HSBC. So as a long standing customer I’m shocked at their poor response.

mcmad1958

I applied for a feeder account for a Ltd company on 10th July i received an email stating that they have received all of my documents and on rhe onoarding site it states that i am at the "pre-approval" stage. Judging from everything i have read, i suppose it is now a waiting game. I hope a decision is made soon because i am close to being bankrupt.

jackroit

i applied more than 30 days ago, and contact them today and they said that "I understand and I do apologise about how long it is taking. I have got this escalated for you now." dos it means something or just another delay?

snash22

beautician777 once you sign e forms how do you access feeder account?

yngperspect

Now approaching 3 months since applying for a hsbc feeder account on 6 May. Been in pre approval stage since 16 June.

MariaFrances4

jackroit said:

i applied more than 30 days ago, and contact them today and they said that "I understand and I do apologise about how long it is taking. I have got this escalated for you now." dos it means something or just another delay?

Unfortunately I’ve been told this since May!
We’re so fed up with HSBC’s poor customer service over this that we’re looking into fully changing banks. We’ve banked with them for over 15 years but this is just appalling.
Fingers crossed they sort it for you soon.

Lee1901

I applied for a feeder account on 16 May and after numerous calls I finally had one opened on the 17 July. When I applied for the feeder account I had already indicated how much I intended to borrow. That amount came already printed on the actually loan application I did on the 17th July when the feeder account was opened and sent back. There was also a part at the bottom where I had to echosign as the company director. Going back to when they were processing my feeder account I had done a signature specimen and sent it off and they also phoned during that period for me to upload the bank details of the account the Direct Debit for loan repayment was going to come from and I did. 

Now my big question is , is it weeks again before I hear from them? The section where I signed on screen is it the echo signature everyone is talking about?. How do I know when and if they deposit the money into my account as I have no access to online banking?Do they send an email? I tried ringing to find out all this from a chap who was very rude.