Bbls turn over wrong

5h4ggy

I applied for bbls in June, got accepted, got the money all OK. Now I didn't get any paper work or copy of my agreement until weeks after. Now in the face of the second lockdown and the possibility to top op my loan I looked more closely at my application. On my application its says my turnover is £40k but it should say £140.

I have phone my bank today to try to amend the error incase I should need to top up the loan and they say I can't and that if I want to top up I may only be able to top up to the max allowed under my Original application.

Anyone have any news or advice on this, am I right in thinking I should have had my. Documents sooner and had a chance to correct errors? 

Many thanks 

Grumpy_chap

How much did you apply for initially?
From £40k, max £10k.
From £140k, max £35k
If the original loan was >£10k, then it gives some evidence that the t/o recorded by the bank was an incorrect figure.  If it is your own bank, then they have visibility of account history and can assess t/o from that also.

Jeremy535897

"We will also adjust the Bounce Back Loan Scheme rules to allow those businesses who have borrowed less than their maximum (i.e. less than 25% of their turnover) to top-up their existing loan. Businesses will be able to take-up this option from next week; they can make use of this option once. We understand that some businesses didn’t anticipate the disruption to their business from the pandemic would go on for this long; this will ensure that they are able to benefit from the loan scheme as intended."
From https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/932077/ECONOMIC_SUPPORT_UPDATE__NOVEMBER__FINAL.pdf

If the bank insist on sticking to the original (erroneous) turnover, it is difficult to see what can be done.

5h4ggy

Grumpy_chap said:

How much did you apply for initially?
From £40k, max £10k.
From £140k, max £35k
If the original loan was >£10k, then it gives some evidence that the t/o recorded by the bank was an incorrect figure.  If it is your own bank, then they have visibility of account history and can assess t/o from that also.

I asked for £8.5k, which is all I needed/wanted but in light of recent events I was looking into options. 

It is my bank and they agree that my turn over is £140k, but are unable to tell me if I would be able to top up to the full £35k or only to the amount on the incorrect application witch would allow me to top up to a max of £10k. I don't necessarily need it but if this is going to go on for more months as it looks like it will I have limited time to get it. 

Grumpy_chap

If the bank accept your turnover is £140k, and the error is an obvious one (missing "1"), then I would have thought you should be able to do the top up application with the correct turnover entered and get the increase to the full £35k.
Did the bank correspond in writing / e-mail to say they accept the correct t/o is £140k?  That would be something you can use as evidence.  Indeed, you should have other evidence of the t/o figure - it is a matter of fact, not speculation.
Maybe best to see when the full process is rolled out by the bank for the top up and then do the top-up sooner rather than later so that you have time to follow the appeals / complaints process if needed.

5h4ggy

Yeah I hope that is the case that they will accept a "top up" given they know my t/o. Given the issue I have I am. In the mind to apply on day 1 for the maximum I can, as there maybe delays/appeals. And repay anything I don't need as soon as we are out of the pandemic. 

stratty

According to Starling you are not able to correct/update the turnover on the original application.  Turnover however wasn't stated on any of the loans paperwork from Starling.