Bounce Back Loan Removed and all my funds taken Natwest

YKNA

Like everyone i was eagerly awaiting this summer. Pandemic hit ruined everything. I had three successful businesses  one with over 500k  turnover
one with over 1.5 million turnover. one with 80k I had applied bounce back loans via NatWest given on all three
amounts , 50k, 50k, 20k
ok left money in the account apart from one company paid overheads, the others are only acquire stock or service  when ordered so no overheads, this particular business has repayments AND insurance ETC. anyway 45  days later debit card declines, call NatWest said issue with bounce back loans i am ineligible, they stop all credits and debits
and  taken all money out of  my accounts, hold on i am net positive 24K after loans what about that, someone will be in touch that was June 19th. no  contact yet apart from me calling and them, and telling me that my accounts are working so i have started reducing on the 20K i owe them although they have my 44k 
anyway today i made a complete mistake sent an invoice with bank details of loan account instead of current account, loan account overdrawn £1400 paid in £3k loan account is plus £1600, i ask for this to be transferred back told no, i ask for my  44k less 20 i owe them they say no.
I wish i had never taken these loans if you have not dont they are nothing but headache, I have filed a complain to Natwest. They have 56 days. 
if anyone else has had similar issue please get in touch so we can put a consortium together and show the banks  that we  are not idiots and can fight back.

Sibbers123

It’s probably because you claimed more than one loan. You can only claim one loan for all linked businesses. The fact you have claimed 3 is were you have gone wrong.

YKNA

No they all act as different businesses in different sectors not part of a group structure anyway whatever the reason for not being ineligible the bottom
line is my money is mine why would you take that 

Grumpy_chap

Santander have a good guidance to "group" business in the context of BBLS - I assume other banks would use similar criteria:
https://www.santander.co.uk/assets/s3fs-public/documents/bounce_back_loans_guidance_sheet.pdf

Do the business trade between each other at all?
What type of businesses are they all?

Given you own and operate business with T/O exceeding £2m, do you not have any retained funds?

I suspect the system has blocked everything (including your own funds) as they are carrying out a fraud investigation.

YKNA

One is a car rental business
another a B2B Hospitality servicing businesses

and last one is e-commerce 

and the comment of the system has blocked everything. why am I allowed to trade without restrictions just no access to my funds. One loan now cleared so two left will clear the other two hopefully next two weeks and them you would think they would give the money back 

anyway done some further reading so basically these loans are not part of any fca protection so I will be taking legal advice as if the bank is acting on behalf of the gov not much I can do 

but fight for my money back if bank is acting on behalf of bank they have an issue as it’s civil matter and actions like this would need normal procedures of communications prior to such drastic action and on that basis I will fight for a case.

NickProfile

All of the banks seem to be collectively acting wrongfully in many cases concerning Bounce Back Loans. There has to be something deeper going on for this kind of thing to be happening across the board. 

dunstonh

All of the banks seem to be collectively acting wrongfully in many cases concerning Bounce Back Loans. 

That is a contradiction.

There has to be something deeper going on for this kind of thing to be happening across the board. 

it is not happening across the board.

NickProfile

HSBC, Barclays, Natwest and Santander are ones I have noticed in the last couple of days on this forum. It’s the majority and it’s incredibly inconsistent. Do you not agree?

sam8787

You only read the minority of the ones which have gone wrong. The tens of thousands who have received with no problems whatsoever generally tend to not post on forums. I applied on the 10th of July through Barclays and am now just waiting. There must be a reason why the ones have failed

NickProfile

sam8787 said:

You only read the minority of the ones which have gone wrong. The tens of thousands who have received with no problems whatsoever generally tend to not post on forums. I applied on the 10th of July through Barclays and am now just waiting. There must be a reason why the ones have failed

I hope not Sam, but you could be waiting a while and at the end of it all be told you’re not eligible. 

Thrugelmir

NickProfile said:

HSBC, Barclays, Natwest and Santander are ones I have noticed in the last couple of days on this forum. It’s the majority and it’s incredibly inconsistent. Do you not agree?

Being the UK's major banks hardly surprising that they'll receive more comments.