BOUNCE BACK LOAN DECLINED

RuthEBrowne

gt94sss2 said:

NatWest have the right to choose who to open an account for. It's possible they may have been more sympathetic if you had applied for a business account to 'regularise' your dealings - as an existing customer -rather than applying for a feeder account.
All you can do is apply elsewhere and see if you're successful - many here are trying HSBC (but it's a slow process and their is no guarantee)

gt94sss2 said:

NatWest have the right to choose who to open an account for. It's possible they may have been more sympathetic if you had applied for a business account to 'regularise' your dealings - as an existing customer -rather than applying for a feeder account.
All you can do is apply elsewhere and see if you're successful - many here are trying HSBC (but it's a slow process and their is no guarantee)

Thanks. I've checked and I can use a personal account for my business transactions at Santander. They don't require one to have a business account, or a feeder account. I already have a current account with them so will now move all my business transactions to them. At least it will get me away from the NatWest.

dunstonh

RuthEBrowne said:

gt94sss2 said:

NatWest have the right to choose who to open an account for. It's possible they may have been more sympathetic if you had applied for a business account to 'regularise' your dealings - as an existing customer -rather than applying for a feeder account.
All you can do is apply elsewhere and see if you're successful - many here are trying HSBC (but it's a slow process and their is no guarantee)

gt94sss2 said:

NatWest have the right to choose who to open an account for. It's possible they may have been more sympathetic if you had applied for a business account to 'regularise' your dealings - as an existing customer -rather than applying for a feeder account.
All you can do is apply elsewhere and see if you're successful - many here are trying HSBC (but it's a slow process and their is no guarantee)

Thanks. I've checked and I can use a personal account for my business transactions at Santander. They don't require one to have a business account, or a feeder account. I already have a current account with them so will now move all my business transactions to them. At least it will get me away from the NatWest.

That seems to be a sensible option.  However, once the dust has settled, do consider opening a business account.  Those with business accounts were getting their money in 24 hours.     The banks have not been shy from saying that they have prioritised those with business accounts compared to those without.      You may find your accountant costs are lower as well as they wont need to filter out personal transactions from business transactions.

gt94sss2

RuthEBrowne said:

gt94sss2 said:

NatWest have the right to choose who to open an account for. It's possible they may have been more sympathetic if you had applied for a business account to 'regularise' your dealings - as an existing customer -rather than applying for a feeder account.
All you can do is apply elsewhere and see if you're successful - many here are trying HSBC (but it's a slow process and their is no guarantee)

Thanks. I've checked and I can use a personal account for my business transactions at Santander. They don't require one to have a business account, or a feeder account. I already have a current account with them so will now move all my business transactions to them. At least it will get me away from the NatWest.

You can't.
As with all banks i know, Santander's personal T&C include

2.1 You must not use the account for business purposes.

17.2 If you are in significant breach of these Conditions or the Specific Conditions on your account, (or if you have failed to remedy a breach where we have asked you to do so) we may close your account on giving immediate notice or less notice than that specified in this Condition.

RuthEBrowne

gt94sss2 said:

NatWest have the right to choose who to open an account for. It's possible they may have been more sympathetic if you had applied for a business account to 'regularise' your dealings - as an existing customer -rather than applying for a feeder account.
All you can do is apply elsewhere and see if you're successful - many here are trying HSBC (but it's a slow process and their is no guarantee)

Thank you for your information, however, one of the FAQ on the Natwest website plus the answer is:

I run my business through a personal account. Can I still apply?

If you hold a personal current account and operate a business, you'll need to open a feeder account* to enable a Bounce Back Loan application to be funded. This account will purely be used to facilitate your loan and will be free of any transaction charges.

To open the feeder account, apply for a Bounce Back Loan. You’ll be guided to open a loan servicing account. We'll prioritise your application for this account. Once open, you then need to apply for a Bounce Back Loan.

SO, it would seem fine to be running a business through a personal account, this is the purpose of the feeder account surely?? Therefore it is still a mystery to me why they have declined as once again, we have an extremely good credit rating, the business is in good profit, we always pay our suppliers on time or before time actually. In fact, I can't see how to improve upon all that. I have emailed the New Business Team, however, it is my feeling that they won't answer my questions or will take a long time to do so. They are swamped with people asking they same questions as me.

Grumpy_chap

Natwest can decide who they want to give a feeder account to.
Maybe someone with a record of breaching their terms & conditions is outside their acceptance criteria.

dunstonh

SO, it would seem fine to be running a business through a personal account, this is the purpose of the feeder account surely?

As has been said a number of times now.  The banks have often turned a blind eye to it if you have not used the counter facilities, business facilities or higher volumes of transactions.   Bank staff were often too busy to look or care.   However, the banks are now building up nice lists of people breaking their T&C and drawing attention to the fact.  In some cases, the banks may feel some people have been taking the P and that they dont want to offer services any more.  Or they will save that information up to use at a later date.  Some banks have been quite up front and said they will not offer a BBL to those that use personal accounts and have no business accounts (mainly on limited companies).

Therefore it is still a mystery to me why they have declined as once again, we have an extremely good credit rating, the business is in good profit, we always pay our suppliers on time or before time actually.

That may be your opinion but there is no business account that the bank can look at to see the history for itself.  

. In fact, I can't see how to improve upon all that. 

Having a business account would have improved it.   The banks have admitted to dealing with their business banking customers as a priority over non business banking customers.

RuthEBrowne

gt94sss2 said:

RuthEBrowne said:

gt94sss2 said:

NatWest have the right to choose who to open an account for. It's possible they may have been more sympathetic if you had applied for a business account to 'regularise' your dealings - as an existing customer -rather than applying for a feeder account.
All you can do is apply elsewhere and see if you're successful - many here are trying HSBC (but it's a slow process and their is no guarantee)

Thanks. I've checked and I can use a personal account for my business transactions at Santander. They don't require one to have a business account, or a feeder account. I already have a current account with them so will now move all my business transactions to them. At least it will get me away from the NatWest.

You can't.
As with all banks i know, Santander's personal T&C include

2.1 You must not use the account for business purposes.

17.2 If you are in significant breach of these Conditions or the Specific Conditions on your account, (or if you have failed to remedy a breach where we have asked you to do so) we may close your account on giving immediate notice or less notice than that specified in this Condition.

Wrong! A client of mine uses a personal account for business transactions (at Santander) and has just received a BBL for £25,000. Therefore they obviously make allowances for this.

2020anoyed

toady received email from Santander to say my BBl application had been cancelled as we didn't respond with in 5 days or correspondence from them, We have had two correspondence one asking for tax return which was sent immediately after 2 weeks I called to see how things were going, was told everything was fine and that it would take a while as they had a lot of applications. then received email asking for tax return clicked link to resend it, wouldn't let me as id already done it called them yes they confirmed they had it, called again week 4 to check yes they have everything they need just be patient, then an email 6 weeks after initial application  saying if we didn't respond within 5 days it would be cancelled, called next day as this email arrived at 8.59pm  was told its a genetic email and has been sent out to everyone, They can see by my account they have everything they need there just doing their final checks then today received email saying they cancelled my application as we didn't respond within the 5 days, called again to be told that its cancelled nothing I can do except speak to complaints department, which wasn't open, so what do I do now ?

gt94sss2

RuthEBrowne said:

gt94sss2 said:

RuthEBrowne said:

gt94sss2 said:

NatWest have the right to choose who to open an account for. It's possible they may have been more sympathetic if you had applied for a business account to 'regularise' your dealings - as an existing customer -rather than applying for a feeder account.
All you can do is apply elsewhere and see if you're successful - many here are trying HSBC (but it's a slow process and their is no guarantee)

Thanks. I've checked and I can use a personal account for my business transactions at Santander. They don't require one to have a business account, or a feeder account. I already have a current account with them so will now move all my business transactions to them. At least it will get me away from the NatWest.

You can't.
As with all banks i know, Santander's personal T&C include

2.1 You must not use the account for business purposes.

17.2 If you are in significant breach of these Conditions or the Specific Conditions on your account, (or if you have failed to remedy a breach where we have asked you to do so) we may close your account on giving immediate notice or less notice than that specified in this Condition.

Wrong! A client of mine uses a personal account for business transactions (at Santander) and has just received a BBL for £25,000. Therefore they obviously make allowances for this.

With respect, I am not wrong. Using a personal account for business use is clearly against Santander's T&C.
While they may often turn a blind eye, they can invoke those T&C whenever they want and I suspect going forward will be a lot less forgiving of customers doing this.

ASCSussex

I’ve been trying to apply for a bounce back loan with Barclays since 4th of May I was up at 7am and trying to get this done. The portal didnt go live until noon. When I applied I kept getting errors on my Barclays Online terminal and it would not let me apply. After hundreds of hours on HOLD and trying to speak with agents, they figured out that they made a mistake when they opened the company up and put us under the (INSURANCE) but we pay VAT on all sales and we are STRICTLY NOT AN INSURANCE COMPANY BUT A SERVICE PROVIDER – They changed this but due to the change and when portal was built it used historic data for AUTOMATIC refusal of BBIL. ERROR: We need more information before we can continue with the BBIL – I have been waiting 7 weeks for a call-back I’ve rang them over 100 times, and every time they say nothing they can do. As an alternative I’ve applied to Starling – Which rejected my application on opening an account. I tried opening an Account with HSBC – they refused my application there also.

I’ve contacted FSB Small business’s for support waiting for a reply, as we have membership with them, but no one seem to be helping us. It’s really unfair, as this funding is for us to bounce back when our employee’s go back to the offices, we have been effected and I cannot believe the lack of support or help provided by our Existing bank BARCLAYS – which said they had 1200 people working on fixing this as there as few people experiencing this issue, but 7 weeks in and NOTHING has been done!

TODAY 29/06/2020

Just an update, after waiting 7 weeks for them to call back, the same agent I spoke with many times, that couldn’t help. Gave me a call to tell me, that I have been rejected, due to fraud by CIFAS.

I’ve never had any fraud/related issues in my life, I hold several credit cards, which of one I had opened only a year ago with no issues with a really high limit, always up to date with all my payments. Have no loans/debts or defaults on my credit-file.

They just fobbed me off saying you have to write this to CIFAS/Or a credit referencing agency to get a Subject to Access request to find out what is on the file that’s preventing us getting the funds we need to support our business. I feel they are coming up with 1 excuse after the other.

I feel the two things I’m going to be doing is once receive the complaint letter, will create a case with Financial Services Ombudsman and also will raise a complaint with CIFAS/Equifax, to find out whats happening on our file that’s caused us to have this problem.

I cannot believe this, it feels like every corner taken is hitting a wall! The good thing is that the council recently gave some funding to help our business, which we are eternally grateful, but this BBIL which we are entitled to, which is coming out of tax payers money, where we pay all TAX/VAT and are above board which we have done for the past almost 2 years, we are being refused the support! If anyone else has anything else we can do in this instance, all help and support tips would be welcomed. Thank you