BOUNCE BACK LOAN DECLINED

Grumpy_chap

If you have made two (or more) applications for BBLS at the same time, that may have contributed to the rejection and also the fraud marker?

What value of BBLS have you applied for?  Is this substantiated by your 2019 turnover?

What sector do you trade in that Barclays thought you could be insurance?

[Deleted User]

ASCSussex said:

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.

They are not "fobbing you off" by refusing to lend due to a CIFAS marker, no banking institution will lend to you with a CIFAS marker in place, many will not even allow you to have a bank account. To find out why there is a CIFAS marker in your name you need to complete a SAR with National Hunter who hold the database, this will show what institution placed the CIFAS marker and what for, you can then look to address the issue. 
https://www.nhunter.co.uk/

ASCSussex said:

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.

A CIFAS marker is nothing to do with Equifax any of the other credit reference agencies or the Financial Ombudsman Service., it is an issue between yourself and the institution which placed the marker. 

ASCSussex said:

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

What are you actually trying to apply for? You mention "bounce back" and BBIL, there is either the Bounce Back Loan Scheme (BBLS), or the Coronavirus Business Interruption Scheme (CBIL). Also how many simultaneous applications do you have or did you have at any one time? It is in breach of the rules of the scheme to have more than one application for BBLS or CBIL open at any one time, multiple applications could have potentially caused the CIFAS marker, but you will not know until you submit the SAR.

Your course of letter writing you say you will do is not going to get you anywhere. The only course of action that will allow you to progress is to contact National Hunter with a SAR to gain your file, which will then show you what the flag is for, which institution placed the flag and then if that fraud flag is incorrect you are able to dispute it with that organisation who would be able to remove it if it is incorrect. 

ASCSussex

Hi Grumpy_Chap, 
Yes we were in the middle of applying with HSBC at the time, which declined us, because it was taking over 7 weeks for a call-back from Barclays, which was denied only few days ago, to get a call today to say that this is the case. Perhaps this may have been the issue. 

We are a repair company, we provide a repair service on Kitchen Appliances, as well as selling service plans to give people access to the network of engineers that we have. We have been told that there is no reason to why we aren't entitled to getting this and our turnover was above the 250k Mark in 2019. Barclays themselves stated it was a fault on their portal before, they changed our business type properly but yet still rejected. 

[Deleted User]

ASCSussex said:

Yes we were in the middle of applying with HSBC at the time, which declined us, because it was taking over 7 weeks for a call-back from Barclays, which was denied only few days ago, to get a call today to say that this is the case. Perhaps this may have been the issue. 

Unfortunately this may have triggered a fraud warning and caused one, or both banks to place a CIFAS marker against you.

Grumpy_chap

I think it is highly likely that the multiple applications gave rise to the CIFAS marker.

I think you are correct not to be classed as insurance, though can see how the classification may have come about.

ASCSussex

Thank you so much for the responses, I will approach National Hunter. 
We applied to Staring Bank, for a feeder account which was declined, this was before any application was done, we were applying with HSBC for a feeder account which was rejected last week. 
We did not have any application in just yet, but trying to open an account with the banks to try and attempt to do an application. 
We were only waiting for a reply from the banks to do an application, where we haven't even gotten to this stage. 
Same time, we had someone from SwoopFunding Approach as we were desperate, they advised it may be best to try and get finance for a CBIL instead,  which we attempted to do, and this was put  forward to the lending team  which we are still waiting to hear back from. 
I hope that makes sense, I will try my best for a SAR from National Hunter, I've already filled one in with CIFAS today. 
Thank you for the information, I will keep updating this. This may help others overcome these types of obstacles if they have experienced it. 

Andy_Kat

Andy_Kat said:

A couple of months ago I was also trying to get a loan but every time I was rejected because I had a bad credit score, then some of my friends recommended me to address to these guys https://nearmepayday.loan/texas/houston/,and they really helped me. They gave me a loan even with my bad credit score, but the coolest thing is that they gave it with a 0 % annual rate and also without any hidden fees as other companies do. I hope that my advice will be of hope for you.

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DM29

I applied for a HSBC feeder account on 5th May, Finally today 6th July I have been told that my application has been rejected based on a report from credit reference agency. Of course i have bad credit as i have defaulted on many payments for nearly 4 months. I can not understand the need for a full credit check for a feeder account that will have two transactions and then will be closed. This was my last hope of saving not only my business but my entire life. I now have a insolvent company, riddled in debt, every last personal penny i had also went into trying to stay afloat now i literally have zero income or savings. Next to go will be our rented house, then finance car. What did they say, nobody will be left behind. I wasn't left behind i was buried alive.

andymurphy93

fdkdes said:

Bounceback Loans are not to be credit checked, no document should be required aswell, especially if your a limited company. Its a self certify scheme, so if anyone is being asked for accounts etc then they are breaking the rules.  HSBC are offering feeder accounts just for the Bounceback Loan Scheme, even HSBC will tell you, as the government is 100% backing the loan eligible companies wont be turned down. 
Call HSBC and ask for a Bounceback Loan Feeder Account, the account can only be used for 2 transactions then its closed, one transaction for the loan to go into and one for you to transfer it out to an account of your choice. HSBC Coronavirus Customer Support Line 0800 0121 614 (Lines are open 8am – 6pm Monday to Friday) - Ask for a Bounceback Feeder Account.

Businesses from all sectors can apply for a facility. The business must self-certify to its lender the following:
✔ Confirm it is UK-based in its business activity, and established by 1 March 2020
✔ Confirm it has been adversely impacted by the Coronavirus (Covid-19)
✔ Confirm it is not currently using a government-backed Coronavirus loan scheme (unless using BBLS to refinance a whole facility)
✔ Confirm it is not in bankruptcy, liquidation or undergoing debt restructuring

Assessment of affordability and viability - The borrower is required to self-declare they meet the eligibility criteria for the scheme. Lenders do not have to assess a business’ affordability or viability. Lenders are not responsible for the borrower’s decision to borrow.

Businesses should check the British Business Bank website to find out which lenders provide Bounce Bank Loans. Businesses will be required to fill in a short online application form on their lender’s website, which self-certifies whether they are eligible for a Bounce Back Loan facility. Eligible companies will be subject to standard customer fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks. 

HSBC turned my down for a feeder account based on my personal credit score (I'm guessing). I have a ltd company trading for 18 months and profitable. I didn't even get the chance to apply for the loan. 

I bank with tide and cash plus but neither are offering loans. 

dunstonh

andymurphy93 said:

fdkdes said:

Bounceback Loans are not to be credit checked, no document should be required aswell, especially if your a limited company. Its a self certify scheme, so if anyone is being asked for accounts etc then they are breaking the rules.  HSBC are offering feeder accounts just for the Bounceback Loan Scheme, even HSBC will tell you, as the government is 100% backing the loan eligible companies wont be turned down. 
Call HSBC and ask for a Bounceback Loan Feeder Account, the account can only be used for 2 transactions then its closed, one transaction for the loan to go into and one for you to transfer it out to an account of your choice. HSBC Coronavirus Customer Support Line 0800 0121 614 (Lines are open 8am – 6pm Monday to Friday) - Ask for a Bounceback Feeder Account.

Businesses from all sectors can apply for a facility. The business must self-certify to its lender the following:
✔ Confirm it is UK-based in its business activity, and established by 1 March 2020
✔ Confirm it has been adversely impacted by the Coronavirus (Covid-19)
✔ Confirm it is not currently using a government-backed Coronavirus loan scheme (unless using BBLS to refinance a whole facility)
✔ Confirm it is not in bankruptcy, liquidation or undergoing debt restructuring

Assessment of affordability and viability - The borrower is required to self-declare they meet the eligibility criteria for the scheme. Lenders do not have to assess a business’ affordability or viability. Lenders are not responsible for the borrower’s decision to borrow.

Businesses should check the British Business Bank website to find out which lenders provide Bounce Bank Loans. Businesses will be required to fill in a short online application form on their lender’s website, which self-certifies whether they are eligible for a Bounce Back Loan facility. Eligible companies will be subject to standard customer fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks. 

HSBC turned my down for a feeder account based on my personal credit score (I'm guessing). I have a ltd company trading for 18 months and profitable. I didn't even get the chance to apply for the loan. 

I bank with tide and cash plus but neither are offering loans. 

Why haven't you applied where you hold your limited company banking account?

Most banks are declining limited company applications made to personal accounts.