HSBC Bounce back loan

Lucero_2

After my direct complaint last week, I had echosign Friday and money in my account same day.

Lmac1

Lucero_2 said:

After my direct complaint last week, I had echosign Friday and money in my account same day.

Congratulations! 
Would love to know what you put in the complaint to get such a quick turn around.

bricklinng

hahaha ridiculous HSBC...

I my feeder account was approved and set on 28th July
submitted the BBL application in the same day
got an email notice today (3 Aug) saying that my application's account number is a personal account number...but not a feeder account
what a joke...

sean_jackson

yay my ship came in last thursday the 30th July, mind you i started out my journey on the 13th May, yes May. I was over 5 weeks in feeder creation which is where the bulk of my dark period was. So good luck guys, i hear they have more staff to deal with things now, in fairness HSBC are doing what no other bank could do, but boy did it (probably still is) get bogged down with applicants and a woefully low ratio of staff to manage things. Hope your journeys aren't 10-11 weeks like mine was. I'm off this thread now, it's been an experience like moving house or applying for a mortgage, i kid you not! 

gra71

We applied 8th June and still waiting. Produced I.d for the app 3 times to be told they were having problems with it. Logged into the application on the banks website ,again uploaded documents 3 times. Then took documents into the bank. I’ve spent about 5 hours a week on the phone to them being told it’s all going ok they don’t need nothing from us etc. Yet every time when it’s escalated to a different department we are told they have not got the i.d.
Today finally after another long phone call I’m told they have the I.d now but because it has taken so long they need to run the credit checks again.  Just don’t know what to do!

yngperspect

3 months to open a feeder account and still not there yet.  No sign of anything more happening (In pre approval stage). Received a garbled voicemail from 0800 783 8422, which when I called back , an automated message said it was HSBC who had called and that I didn’t need to call back! Anyone else ha this?

monicazei

sean_jackson said:

yay my ship came in last thursday the 30th July, mind you i started out my journey on the 13th May, yes May. I was over 5 weeks in feeder creation which is where the bulk of my dark period was. So good luck guys, i hear they have more staff to deal with things now, in fairness HSBC are doing what no other bank could do, but boy did it (probably still is) get bogged down with applicants and a woefully low ratio of staff to manage things. Hope your journeys aren't 10-11 weeks like mine was. I'm off this thread now, it's been an experience like moving house or applying for a mortgage, i kid you not! 

Congratulations!! 😁
just wanted to ask, as I’ve recently echosigned, did you need to do anything else after that? Or did they transfer the money from HSBC feeder account to your business account automatically, and if yes, how long did you need to wait after echo sign for a transfer ? 

Regards 

macman

I echosigned on Monday, got a PDF confirmation same day. Loan arrived in my NatWest current account this morning. I thought I would have to access the feeder a/c and transfer it on from there, but It's gone through automatically. 
As others have said, the tricky bit is getting the feeder a/c set up, because that's where they run their credit, address and ID checks. Once that's done, the BBL application and loan stage is relatively straightforward. 
The whole process has taken me just over 5 weeks to complete. 

monicazei

macman said:

I echosigned on Monday, got a PDF confirmation same day. Loan arrived in my NatWest current account this morning. I thought I would have to access the feeder a/c and transfer it on from there, but It's gone through automatically. 
As others have said, the tricky bit is getting the feeder a/c set up, because that's where they run their credit, address and ID checks. Once that's done, the BBL application and loan stage is relatively straightforward. 
The whole process has taken me just over 5 weeks to complete. 

Great! 

I echosigned on Monday too, so it’s a matter of time now, thank god it’s almost over 😅

Johnwax

11 Weeks now since we applied with Hsbc being less than a year of our company  but with the Eligibility creteria we are qualified for the loan, Bank with Hsbc less than a year , I wonder what is going on with our application now, no echosign, nothing from Hsbc , been on the Phone every week but nothing is done, the phone operator can only tell us that  'we just have to wait' . This is really frustrating. Anyone has an idea of what is going on?