Starling BBL / Why are banks dragging their feet?

cbruin

I've been on waiting lists with 3 banks; HSBC, Starling and Tide. I meet all the government criteria. I feel like I'm being punished for using challenger banks, as I'd closed up my previous bricks and mortar accounts previously.
All of them have different excuses; we'll process people on the waiting list sequentially, then it wasn't, then it was.... I asked how do you know if you are or aren't going to be offered even the ability to apply, and I was told no. Here is my latest transcript with Starling, I'm going to keep a running log on here for people, as its about as much transparency as those waiting are going to get from these banks. I'd love the chancellor to ask them 'Why are you deliberately taking so long to push people through the process?' (having worked on IT systems for a number of banks, I know that the process for these isn't as challenging as they are telling people, no were near!);

Transcript of Starling chat (at least they reply, HSBC just get people to pick up the phone, strugge their shoulders and say 'thats all the information we have');

Visitor 35437317: Hi, I applied on the waiting list for a bounce loan 2 weeks ago, my friend signed up a day after me but has had his application sent to him, approved and paid out. We have identical accounts. When will be able to apply for the bounce back loan? As they the lack of transparency is whats making it painful as its impossible to know people should look elsewhere or wait. Cheers Carl

*** Ting joined the chat ***

Ting: Hi there

Visitor 35437317: Hi Ting, can you see my message?

Ting: Did you receive a confirmation on the next day from us?

Visitor 35437317: What I did was go to the form to submit my wanting to apply, but I've not heard anything back (I may have recieved a thank you email)

Visitor 35437317: Yes, I got an email on the 22nd May saying thank you for your interest in a Bounce Back Loan with Starling

Ting: This indicate you are on our BBLS list

Ting: Thanks for your patience, we appreciate you're waiting to hear from us after applying for a Bounceback Loan. We're processing applications as fast as we can and some may be quicker than others. If you haven't heard from us, don't worry, we're working hard to get through all applications. Once we have completed our review, you will receive an email confirmation of our decision. Thanks

Visitor 35437317: Thanks, I understand that the message above is 'post' my application, I've not even been able to apply yet

Ting: The team will go through the list and will send you an invitation if you are eligible for it

Visitor 35437317: OK, so I know I meet all of the eligibility, will they inform me if they won't be inviting to apply?

Ting: No

Visitor 35437317: Is there anyway to check? What I'm worried about (knowing I meet all the eligibility criteria) is I keep waiting for Starling, they've rejected my waiting list approval, but I never know so I keep waiting instead of look elsewhere.

Ting: I'm afraid I'm unable to provide any BBLS update individually, the team will be in touch

Visitor 35437317: Or they won't, I know its not you, but please can you feedback that the lack of transparency is shocking and being honest and straight with companies is fair irrelevant of the outcome (Accepted or declined). Thanks for your help though, and have a good day I've got a timer of when I'd applied, so lets see how long before ANY of them get back to me. The joke of BBLS rolls on and I can see a number of SMEs going to the wall over it, well done to all the banks who we had saved for helping the looming financial crisis.

bengalknights

Are you limited or sole trader?
Limited companies are being given preference as if they go bunk/dont pay the banks in a year the bank dont really have to do much work chasing it.Sole trader they have to do a bit more effort and be more cautious in case the government down the line changes the rules (Or so im told by my local Barclays BM).

cbruin

A Ltd, trading history of 13 months, clean company, took a big hit from the cornavirus. Were I feel let down is the schema structure and the way in which it has been implemented. I went to Anna, good setup, but as they can't offer the loan I applied for Feeder HSBC account, that was 5-6 weeks ago (day after the schema launched), you know as I kept given the run around, I then setup a Starling account (I have another business that already has a Starling account) 3 weeks after the HSBC one, so I could at least run with which ever I got to apply with first, then I setup a Tide account, in the hope that would accelerate things, but for them I am forgiving as they've at least made an effort with their customers to keep them updated. I didn't want to create more accounts, but without any transparency, I couldn't risk 3 weeks wait, plus 3 weeks, plus 3 weeks just to get to Tide.

Luckily (or we'll soon find out), I had a HSBC account for 18 yrs (personal) until 2 years ago when I moved my account to Monzo, as soon as I put that in instead of applying for a feeder account, boom, straight in to the application and applied Saturday, so going to give it until next Friday before I call as that would have been 10 working days then (I'm not holding my breath though).

I completely get it takes time to clear backlog of applicants, but with zero transparency or clear guidance on timelines, its all very cloak and dagger, and I'm now at a point where I may not have a business much longer if I can't organise this loan. I've already gotten a small business loan, but I feel aggrieved that I can gain the same benefits that I will also contribute to paying back, as the interest rates are going to be hire if I extend my other loan and with immediate payments. Ironically after talking to a few people, I'm not interested in getting the loan and skipping the payback later to save paying it’s back, as I'd clear mine by Xmas, but the banks @ present really aren't showing much interest in my BBLS application.