Bounce back loan refused

masim75

I applied bounce back loan with Santander but after few weeks without any reason they have declined the application. I have bad credit rating. Can any one tell me how to get BBL. Is there any appeal I can file.

masim75

I had HSBC business account but that was closed in January 2020. Now because of bad rating HSBC is not even opening my feeder account. I spoke with them that all my last year business transactions was with hsbc and I need to apply loan. But they are not giving me any solution. Any idea what are my options

Jeremy535897

If you do not have a business account, you need to open one, or a feeder account, to get a BBL. Unfortunately all these options will mean the banks look at your credit record, so I doubt you will be successful in obtaining one. If you have a business account with another bank, approach them.

Grumpy_chap

masim75 said:

I had HSBC business account but that was closed in January 2020. 

It sounds as though you closed your business in January and are not eligible for BBLS.

mattyprice4004

Grumpy_chap said:

masim75 said:

I had HSBC business account but that was closed in January 2020. 

It sounds as though you closed your business in January and are not eligible for BBLS.

To me it read that HSBC closed it, and they since have a bad record - so either debt or something else untoward. 
To the OP, if you have bad credit rating for not paying your debts is (up to) £50k of new credit a good idea?