Starling Bounce Back

Gandhi23

JakeMM said:

I was approved by Starling as a brand new account holder. If you’ve been refused, it’s because you’ve failed their fraud checks - check names on accounts, electoral roll etc before you apply with another bank. 

I've lived at my current address for 4 years, on the electoral register, clean credit history (not that it should matter). I did all my due diligence before I applied.

Having thought about it now (with a slightly more clear head and the nasty stinging sensation gone), the only thing it might be is that up until late last year I was on PAYE as a Director of another company. I then didn't start as a sole trader until feb so despite me turning over £7k in 5 weeks, the majority of my income in the last financial year was from PAYE.

In theory, that shouldn't make a difference as my income is now from my sole trader business but on their site it states;

• Have more than 50% of your income from trading (unless your business is a charity or further education college)

Which is somewhat unfair as the BBL is partly designed to offer support to people like myself who don't qualify for the self employed support grant and can't access funding elsewhere.

Shame really as I was quite prepared to move my business and personal accounts over to Starling but will now be closing both of the ones I just opened to access this funding. Their loss ultimately.

Gandhi23

P.S. the 50% rule comes from the BBB. How is this supposed to support new sole traders if we only started recently and didn't immediately turn over more than we earned from PAYE in the same tax year?

Jeremy535897

Gandhi23 said:

JakeMM said:

I was approved by Starling as a brand new account holder. If you’ve been refused, it’s because you’ve failed their fraud checks - check names on accounts, electoral roll etc before you apply with another bank. 

I've lived at my current address for 4 years, on the electoral register, clean credit history (not that it should matter). I did all my due diligence before I applied.

Having thought about it now (with a slightly more clear head and the nasty stinging sensation gone), the only thing it might be is that up until late last year I was on PAYE as a Director of another company. I then didn't start as a sole trader until feb so despite me turning over £7k in 5 weeks, the majority of my income in the last financial year was from PAYE.

In theory, that shouldn't make a difference as my income is now from my sole trader business but on their site it states;

• Have more than 50% of your income from trading (unless your business is a charity or further education college)

Which is somewhat unfair as the BBL is partly designed to offer support to people like myself who don't qualify for the self employed support grant and can't access funding elsewhere.

Shame really as I was quite prepared to move my business and personal accounts over to Starling but will now be closing both of the ones I just opened to access this funding. Their loss ultimately.

The full quote from the BBL FAQ list is "More than 50% of the income of the business (together with that of any member of any group of which it is a part) is derived from its trading activity. This confirmation is not required if the borrower is a charity or a further education college."

Your PAYE income has nothing to do with your business. This provision is aimed at companies (or groups) that are mainly investment companies. Ask them why you were turned down, if you can get through.

MO235

Why are some many people being declined by Starling Bank is it just as simple as they have run out of funds ?

silvercar

Martin Lewis tweeted this last night:
"Just wanted to say I am aware of all the complaints about @StarlingBank rejections esp for sole traders (and some say they've had credit checks). We'll try and find out what on earth's happening on Monday.

Meanwhile if rejected you can still apply at another bank. https://twitter.com/stevembsm/status/1261394796335075328"

stratty

No movement on my application today.  I assume they do not process over a weekend.  Tried to ask customer services about this and they were clueless.  Hopefully Monday has some positive news.

gizmo111

stratty said:

No movement on my application today.  I assume they do not process over a weekend.  Tried to ask customer services about this and they were clueless.  Hopefully Monday has some positive news.

I'm the same opened account last weekend, applied Thursday 5pm (card came in post at 4.30pm) and heard nothing back yet.  I think they do work as normal over weekend because they had to do further checks with companies house on my new account and they opened it on Saturday.  Lets hope we can get a positive in the next couple of days.

stratty

gizmo111 said:

stratty said:

No movement on my application today.  I assume they do not process over a weekend.  Tried to ask customer services about this and they were clueless.  Hopefully Monday has some positive news.

I'm the same opened account last weekend, applied Thursday 5pm (card came in post at 4.30pm) and heard nothing back yet.  I think they do work as normal over weekend because they had to do further checks with companies house on my new account and they opened it on Saturday.  Lets hope we can get a positive in the next couple of days.

Interesting.  Someone else posted on here reckoned they opened a new account and applied for BBL on Friday and got approved on Friday. 

jackroit

did anyone was declined from Starling Bank for a BBL with a Ltd Company or all declines are for solo traders?

Rich6859

I applied for a bbl with starling as a sole trader. Had to open a current account then a business account. Once cards arrived and activated I applied for bbl and after sending tax details for 2018/19 I was given a bbl.  The whole process from initial applying to open account to getting the funds was 7 days, which I think is very good.  Other banks I was waiting for 2 weeks for a call back !!