HSBC Bounce Back issues.

Reviol

Good morning everyone, 
I've recently like many other made an application for a business bounce back loan. I have 2 personal accounts with HSBC one of which I use for my sole trader income. I filled the form in online and I uploaded my 2018/19 tax return which my accountant sent to me. That was on the 5th of May or the 6th. I can't remember as I didn't ever receive any type of communication from HSBC to say that they had received my app. It's now two weeks later, and I've heard nothing, I've spoken to CS at HSBC and they insist there is nothing they can do to let me know whether I've applied, or not. I'm getting increasingly worried that I didn't do it correctly as they can't tell me whether or not I have applied and just keep telling me to 'wait and see' which is not a lot of use when you are stressing out about not being able to make ends meet. 

I wondered has anyone else made an application through HSBC and has either received or not received confirmation. Also has anyone made an application with HSBC and got accepted, or been turned down? Basically how are people getting on with HSBC and BBBLs? 

Thank so much for any answers, 

RE

Weezypops2

I'm in the same position - applied on the first day I had an email from them, existing customer so supposed to be quick. Haven't heard a think.

Am now wondering if I should apply with another bank (and actually came on here to ask that!) but I don't know if that's allowed.

PP1984

I applied last Thursday.  Received a confirmation email straight away with a confirmation number.  However I added a second signatory required, along with their email address, expecting the other party to receive an email to sign - but nothing.  So for now the application pdf has a blank space next to the other person's name.
Also slightly concerned that our business entity is a partnership, but we've been running from a HSBC business account, in my name only.   Hopefully they don't have to convert the sole trader into a partnership account first - as we've had issues in doing that in the past.

Reviol

Weezypops2 said:

I'm in the same position - applied on the first day I had an email from them, existing customer so supposed to be quick. Haven't heard a think.

Am now wondering if I should apply with another bank (and actually came on here to ask that!) but I don't know if that's allowed.

Exactly! I don't know if I should wait, or go to another bank. I've spoken to CS and they are completely useless. They can't even tell if I've applied or not even though I'm a loyal customer with loads of products from them. 

PP1984 said:

I applied last Thursday.  Received a confirmation email straight away with a confirmation number.  However I added a second signatory required, along with their email address, expecting the other party to receive an email to sign - but nothing.  So for now the application pdf has a blank space next to the other person's name.
Also slightly concerned that our business entity is a partnership, but we've been running from a HSBC business account, in my name only.   Hopefully they don't have to convert the sole trader into a partnership account first - as we've had issues in doing that in the past.

Yeah, it's tricky as they don't really give the best advice! They told me ages ago not to bother with a business account. Then we we made a partnership with 4 of us they messed around for so many months trying to get a business account open we just sacked it off and continued with a personal ones. 

AJLB1

I applied for £50k first day, 4th May. We are existing HSBC Business Banking account holder and I'm registered with HSBC for online banking with the account.  Application straightforward with online signature at the end. Included my business email address and mobile. No acknowledgement by email or text. 7th May our MD (registered account holder) received email from Jade Nicol at echosign with copy of confirmation agreement (dated 7th May) confirming loan approved. Bank account and sort code correct in loan agreement and direct debit mandate. Document was signed and returned 13th May. Document shows 5 step history with document created, emailed and viewed 7th May, signed and emailed back on 13th May. So far no funds received. Has anyone received money from HSBC BBL?

ashley0007

I applied for a bounce back loan via HSBC.
The approved it, but strangely wanted me to sign the agreement against my personal name, which I refused.
In the application my Ltd. was the application, in the agreement (to be esigned) the loan was setup against me.
So, not really sure what they are doing here, those bankers can't be trusted.

khanji17

The one I signed was under my name too, whereas I have a limited company, now I am worried after reading your comment.

ashley0007 said:

I applied for a bounce back loan via HSBC.
The approved it, but strangely wanted me to sign the agreement against my personal name, which I refused.
In the application my Ltd. was the application, in the agreement (to be esigned) the loan was setup against me.
So, not really sure what they are doing here, those bankers can't be trusted.

Jeremy535897

Look at the detail in the paperwork. Did you sign as an officer of the company? Who does it say owes the debt?

khanji17

No mention on echosign of the limited company, agreement is between my name and HSBC, but it does say you can only use the loan to benefit the business. Nowhere in the document it talks about limited company.

Jeremy535897 said:

Look at the detail in the paperwork. Did you sign as an officer of the company? Who does it say owes the debt?

ashley0007

The agreement said that the borrower is liable for the loan (and its repayment) and I was listed as the sole borrower instead of my LTD's name. I rejected the agreement now. Seems too fishy. My Ltd was only mentioned in the account details to which to transfer the loan amount to. I checked the application form and it clearly states that the applicant is my LTD. 

I called HSBC and the lady told me that she cannot open the agreement document and also said that she cannot advice me on anything regarding the loan and I should seek advice either from a solicitor or my accountant.
By the way... excuse all the typos in the original post ... i was very furious when I wrote it.

ashley0007

Jeremy535897 said:

Look at the detail in the paperwork. Did you sign as an officer of the company? Who does it say owes the debt?

My name (not my LTDs name) was listed as the borrower and the borrower owes the debt.
It states that clearly as the first few (and in bold) sentences on the agreement document.