Bounce Back Loan / HSBC Feeder account

NTAY04

I’ve finally now received an email for my feeder account from HSBC... They asked me to fill out a form out now my application is in progress...
I first applied for the feeder account on the 6th May... 
I have also opened sole trader account with starling who re-opened the new applications for new accounts on 1st June. 

And have now opened a sole trader account with Tide.  

I’m on the waiting list for bounce back loans with both starling and Tide but they are prioritising established customers.

Was turned down from Santander as don’t have a business account, only current account...

5 weeks tomorrow since I first applied... I’ve had mortgages go though quicker than this... 😤

mcmad1958

Hello, 
I have been declined for a bounce back loan and the reason given is all about my credit rating and my credit score. I always thought that bounce back loans were not certified by the applicant/director. There's a form for appealing the decision and I wondered if anyone has successfully appealed their decision.

Jeremy535897

mcmad1958 said:

Hello, 
I have been declined for a bounce back loan and the reason given is all about my credit rating and my credit score. I always thought that bounce back loans were not certified by the applicant/director. There's a form for appealing the decision and I wondered if anyone has successfully appealed their decision.

If you have no business account with the bank you apply to, you have to open a feeder account, and that results in a credit check etc. You don't get to the bounce back loan because your application for the feeder account is rejected. It does rather drive a coach and horses through the idea that there is no credit check for a bounce back loan, but that is the way it is.

Jules123vick

Feeder account guarantees nothing and infact very little.I was approved for a feeder acc and given sort and acc number which inabled me to apply for BBL.I then received email days later saying that same feeder account had been declined.HSBC are a joke.

HendrixHarvey2020

I applied for my hsbc feeder account at the beginning of June. Only recently had confirmation that it was successful. It’s taken weeks to process. On 18th July having finally got my feeder sort code and acct no I applied for bounce back loan which was approved on 24th so that bit was fast!  Now I’ve signed the agreement and DDM digitally and assume the funds will go into feeder account and automatically across to my own personal account with First Direct. Does anyone know if this is what happens. As you have said in this thread phoning HSBC is not really an option. 

Good luck everyone. We live in stressful times. 

g4477

Hi, 
 I’m a sole trader but only hold a personal bank account with hsbc .
  I applied for the bbl using these account details to be told 5 weeks later that I need to open a feeder account, I have now received the feeder account details and applied again around 10 days ago, my credit isn’t the best any ideas on timeline for this application?  Surely not another 5 weeks??
    

MrYelstone

Hi

has anyone else had the issue of HSBC cancelling your application despite numerous amount of phone calls telling them to keep your application active because after the 30 day period your application expires two months and a half wait just to be told today to start the application again and that there is nothing we can do for you

MrYelstone

And the funny thing is hour and a half wait times for call, over 10 calls on 10 different days at each period of my application conferring with them so that no mistakes would happen several Asking for verbal confirmation that they understood why I was calling and still is almost as if ignorance is a motivation behind answering calls, Because the last phone call I made was three days ago confirming the account is active that we were in our final stages confirming wait times and it’s almost as if that morning I purposely set my alarm for eight for me to just talk about it thanks for the customer service HSBC

ladyb2020

i had my feeder account declined after a three month wait with HSBC. apparently based on an experian report - contacted experian - they couldn't verify me - contacted accountants, an old address was listed on companies house - could this be why i was declined? have appealed to hsbc but also had to sit through 2 x 1hr waits to get any advice and was told by guy on phone that my account link had broke and this may be why!!!! my company has traded solidly for 5+years and im in live events - this is killing me!

Gina88

Anyone knows how long it takes money to drop from a feeder account? Called yesterday they said funds in the feeder but nothing come through yet