Bounce back loan taken back

college1

Hi,
A NatWest bounce back loan was approved and the money credited into business  account and then taken back 3 days later by the bank? We have escalated an urgent callback but so far no explanation? Has any else had experience of this? Thanks 

khanji17

Haven't heard of that before, hope this gets sorted soon for you.

Grumpy_chap

Are you / the business fully compliant with all the eligibility criteria for BBLS?  If they paid and then found a discrepancy, that could be one reason they would recall the funds.

I think, though, you really need to make contact with Natwest - either on the phone or visit a branch.

college1

Yes the money was in the account for 6 days does anyone know who I can talk to regarding my legal rights?

Pennywise

college1 said:

Yes the money was in the account for 6 days does anyone know who I can talk to regarding my legal rights?

Before you start down the "legal rights" route, you need to talk to the bank to find out why they've taken the money back.  Until you do that, no one can help.  It may well just be a mistake that can easily be rectified.

college1

We have tried calling again and promised to be called back but nothing! this has created so many more problems for my business and im
now worse off than before. The branch have been useless also. 

[Deleted User]

college1 said:

Yes the money was in the account for 6 days does anyone know who I can talk to regarding my legal rights?

Before you start talking about "legal rights" you need to establish why the money was taken back, that may well take a few weeks. There could be a whole host of reasons, it could range from a simple admin error to something much more serious. It depends if you are a sole trader, Limited company, were the figures supplied accurate and correct, if they did not verify or something came to light afterwards (figures do not add up, CIFAS tags, CCJs, address verification failed), if you had multiple applications for a BBL with different banks, if the name on the bank account did not match the name on the loan, if you were using a personal account for business purposes etc. there are too many factors for anyone on here to be able to know. It could even be something as simple as it was not your BBL, but someone else's (eg most are for £50k, and someone got the bank account details wrong, so "theirs" was reclaimed and "yours" is yet to be paid. 
Just as a point of clarity, there is no "legal right" to a BBL, a bank is not required to lend to you and there is probably a clause that allows them to reclaim money they believe to have been issued either erroneously or claimed fraudulently. 
Your course of action needs to be to speak to/get a response from the bank, that might take a few days, then take action based on the information you are given. 

dunstonh

Yes the money was in the account for 6 days does anyone know who I can talk to regarding my legal rights?

Don't go down the route of legal rights as the bank will then treat you differently and that will delay things more. 

Yes it is frustrating but there are plenty of reasons why it happened.  Including eligibility and mistake.  You just need to keep on at them.