Bounce back loans - what to do?

muniro

I have a IT limited company and since July I have not managed to secure any contracts, as most of my clients are not looking to recruit contractors and any contract roles out there are being fought out by 100s of applicants for 1 role! I have been digging into my saving ever since, hoping for a better market but now I am worried about running out of money.
I have applied to HSBC for the Bounce back loan and I have been declined because of credit record and yet I have checked the credit club, which is run by Martin Lewis I believe, and it shows no CCJ or anything untoward. The score is 650 mainly because I have only mortgage and I don't try o take loan or credit cards out and this has caused
my credit to be lower tha it should be.
However I don;t have any CCJ or anything negative on my file. My question is how can they decline me - i.e. on what basis? Their email says they used Equifax but the credi club shows my Equifax details which like I said no CCJ or anything bad? Also, is there anything else I can claim for please? I could apply for a benefit but I fear that would take too  long. Thanks for reading this and appreciate any suggestions.

Grumpy_chap

You say you have an IT Ltd Co.  Who is the company bank account with?

muniro

Grumpy_chap said:

You say you have an IT Ltd Co.  Who is the company bank account with?

 It's an online company which my old accountant setup called Cashplus. I have approached them but they are not a Bank so they told me to go to the govt site and find a Bank listed on there and apply. That's why I went to HSBC. 

muniro

Apologies for typos.

Grumpy_chap

When was the Ltd Co. formed?
Are you certain you made the application to HSBC as the Ltd Co., and not as yourself (sole-trader)?  
With HSBC, I understand you need a feeder account, according to others on here before you can apply for the loan if you do not already bank with HSBC.
I assume you applied for CJRS when that was available.

muniro

Grumpy_chap said:

When was the Ltd Co. formed? 2017
Are you certain you made the application to HSBC as the Ltd Co., and not as yourself (sole-trader)?  Yes, I am sure as it gave me an option to select Limited company which I did
With HSBC, I understand you need a feeder account, according to others on here before you can apply for the loan if you do not already bank with HSBC. I went on their business account onboarding page and applied from there?? Not an expert though.
I assume you applied for CJRS when that was available. No.

   I have replied in bold, please see above - thanks

Grumpy_chap

Ah yes, I see you were working April - May - June so missed CJRS when your work reduced from July.  
I can't advise on the HSBC BBLS process as I have not used it myself - hopefully there will be someone on here with direct experience that they can share on how it works.
I know there have been others with difficulties around status checks for the feeder accounts (or other similar names at other banks).  Again, hopefully someone with direct experience can give some advice.

muniro

Grumpy_chap said:

Ah yes, I see you were working April - May - June so missed CJRS when your work reduced from July.  
I can't advise on the HSBC BBLS process as I have not used it myself - hopefully there will be someone on here with direct experience that they can share on how it works.
I know there have been others with difficulties around status checks for the feeder accounts (or other similar names at other banks).  Again, hopefully someone with direct experience can give some advice.

  Well done Grumpy! yes, my bad for not mentioning that I was working until first week of July. 

muniro

Hope someone on here had similar experiences and managed to resolve something! 

gizmo111

My Ltd account was with Cashplus also - I opened an account with Starling and got the BBL through them.  I think they have a waiting list now though, but their service is very good.

muniro

gizmo111 said:

My Ltd account was with Cashplus also - I opened an account with Starling and got the BBL through them.  I think they have a waiting list now though, but their service is very good.

Thanks gizmo!  
Did you open the account via their app? Don't know see any other options on their site.