HSBC Bounce Back issues.

[Deleted User]

The borrower is listed on page one of the documents, "This Agreement is between ****************** ('you' and 'your') and HSBC UK Bank plc ('us', 'we' and 'our') or another entity that we transfer our rights and/or obligations to under this Agreement.", so that is the key part.
Page 9 is the one you sign, that will have your name as you are signing, if you are an officer of the company, in that capacity, you can not sign as "Ashley0007 Ltd" because that is not a person, only a legal fiction of person hood, you sign as an individual in the capacity as an officer of the company. 
If you have signed the document and been approved with your name in the first section it would appear that you completed the process as a sold trader, that could be your fault, or theirs. On your original BBLS Application form what name is in Section 1 - Applicant details and which box did you tick in Section 2?

ashley0007

In the application the applicant details are clearly in my LTDs name. I just opened a business account with HSBC to apply for the bounce back loan.

I chose Option 1 in Section 2:
If you are applying for a Bounce Bank Loan from a lender with whom you have a business current account or charity bank account, please supply your account number and sort code

In the agreement document it started as follows:
This Agreement is between ashley007 ('you' and 'your') and HSBC UK Bank plc ('us', 'we' and 'our') or another entity that we transfer our rights and/or obligations to under this Agreement

So, I was very certain that the agreement was not with my LTD. (as a legal person), but with me (as a legal person).

[Deleted User]

It looks like you have applied correctly, but wires have got crossed somewhere in HSBC. Have you been approved and paid out yet? I would flag it via email so you have a record of having raised the issue, I am sure that there will be a policy in place to sort out a lot of these issues in the next few months, but at the moment the banks are just fighting their way through the applications so things do seem to be a little slow. 

ashley0007

I did not take the risk:

a) I rejected signing in the e-document (there was an option to reject signing)
b) I called HSBC and reported this. The lady told me to wait 10 days and re-apply (apparently after 10 days the application is cancelled)

It might have been a copy and paste error, it might by systematic error in their system, but I do not want to take the risk of becoming personally liable on a 50K loan which is for my LTD.

khanji17

I did the whole application like yours @ ashley007, now quite worried about this, I thought as I am the sole director, the documents are in my name as I applied on behalf of my limited company.
I will start another thread to see what other limited companies got their echosign document as.

Jeremy535897

ashley0007 said:

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.

It sounds like an error by the bank, as unless you are also self employed you would not be entitled to a BBL.

ashley0007

Jeremy535897 said:

ashley0007 said:

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.

It sounds like an error by the bank, as unless you are also self employed you would not be entitled to a BBL.

I am self-employed, that is what makes this a bit ....

Jeremy535897

ashley0007 said:

Jeremy535897 said:

ashley0007 said:

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.

It sounds like an error by the bank, as unless you are also self employed you would not be entitled to a BBL.

I am self-employed, that is what makes this a bit ....

I am not 100% clear about what is happening here, but if you are self employed on the one hand, and are a director of a limited company on the other, and you used your bank account rather than the company's bank account in the application, maybe this is why the loan has been put in your name?

ashley0007

Jeremy535897 said:

ashley0007 said:

Jeremy535897 said:

ashley0007 said:

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.

It sounds like an error by the bank, as unless you are also self employed you would not be entitled to a BBL.

I am self-employed, that is what makes this a bit ....

I am not 100% clear about what is happening here, but if you are self employed on the one hand, and are a director of a limited company on the other, and you used your bank account rather than the company's bank account in the application, maybe this is why the loan has been put in your name?

I am the owner and the sole director of my LTD. I opened a bank account with HSBC in my LTD's name.
I applied for a Bounce Back loan via my LTD (and the newly opened business account) and was accepted.
In the agreement it said to transfer the loan amount to my LTDs business current account.
Begs the question why then the agreement is not in my LTD name but in my personal name.

Anyhow, I retry in a fortnight... 

ashley0007

khanji17 said:

I did the whole application like yours @ ashley007, now quite worried about this, I thought as I am the sole director, the documents are in my name as I applied on behalf of my limited company.
I will start another thread to see what other limited companies got their echosign document as.

Hey khanji17, please share a link to the new thread. I am also curious if this happened frequently or just a minor glitch.