Barclays - Bounce Back Loan

BevPinkCraig

Hi All

On 3rd July 2020, I went through the Barclays application process online. The loan was accepted and funds should have been deposited within 24hrs. We are now 10 days on and there has been no funds deposited into the account. 

I’ve spoken to some lovely people within customer services at Barclays who despite their best efforts, don’t seem to be able to help. It’s apparently in the system and will be paid at some point soon. 

Is anybody else having this issue?

NickProfile

My application was accepted and approved over 2 weeks ago; still no funds. It’s been an appalling customer experience. I have exhausted all avenues available to me with no success. If anybody has any advice which is helpful, it would be greatly appreciated. 

dunstonh

Whilst some banks turned them around in 24 hours for existing customers, not all the banks did.   Barclays, Santander and HSBC have turned up frequently on this forum as being slower.    More so for those that did have a business banking account with them and were not using personal accounts.   Limited companies have generally been quicker than sole traders/partnerships as well.

Are you a sole trader/partnership or limited company?

Is barclays where you hold your business banking account?

Is it a business banking account or a personal account being used for business?

BevPinkCraig

Hi

Limited company, business account is with Barclays (4yrs) and the application which was approved was completed on the Barclays Business Banking portal. 

I believe I’m merely waiting on the funds being deposited but it’s incredibly frustrating in that  I was informed it would be deposited in 24hrs. That was 10 days ago. 

dunstonh

In which case, that is just the bank being slow.  Other banks have turned these around in less than 24 hours.   As I said, the same banks keep popping up again and again for being slow.    You barely see any mention of the banks that are doing a good job with these.

BevPinkCraig

*Update

After a lot of chasing up, Barclays have called today to announce we are now NOT ELIGIBLE for the Bounce Back Loan. This is absolutely crazy and unbelievable. 

Our personal Barclays banker has lodged an official complaint on our behalf. He has  disclosed he doesn’t understand why this has happened and double checked everything on their system to which he can’t find any issues. It’s approved and accepted. 

NickProfile

Please can you keep us informed? I am now quite nervous in that I have not heard anything from Barclays. 

BevPinkCraig

Just an update..........
Received my letter from Barclays (see attached). My complaint has now been registered wit’s the Financial Ombudsman but what doesn’t make sense here is, the application was accepted and authorised by meeting the criteria. Barclays said the funds would be deposited in 24hrs. To add insult to injury, the Barclays advisor stated we were eligible but the decision was made by a 3rd party which they don’t have access to.

BevPinkCraig

BevPinkCraig said:

Just an update..........
Received my letter from Barclays (see attached). My complaint has now been registered wit’s the Financial Ombudsman but what doesn’t make sense here is, the application was accepted and authorised by meeting the criteria. Barclays said the funds would be deposited in 24hrs. To add insult to injury, the Barclays advisor stated we were eligible but the decision was made by a 3rd party which they don’t have access to.

Didn’t apply for a Business Interruption Loan So not quite sure why that is in the letter.