bounce back loan top up declined.

bigbadsoundman

Have original bounce back loan with Natwest business. After the fiasco of trying to get the original one which took nearly 6 weeks and emails to the CEO once it was sorted I changed banks. Have been declined a top as they say my account has been dormant. Now not sure whether or not they think I am no longer in business or what but the original loan is with them so in all effect I am still a customer. The guidelines only say that top ups have to be made to the same lender and that a declaration will have to be resubmitted. 
So don't really understand how a top up can be declined. Anyone have anymore knowledge on this? 

Thanks 

Grumpy_chap

bigbadsoundman said:

they think I am no longer in business

Yes, I very much suspect this is what has happened.
One of the criteria for the BBLS & Top-Up is continue trading / intend to continue trading.  Even if sales are really low, a trading business would still have some transactions being processed.
Why on earth would anyone chose this time to change business banks, especially after difficulties in arranging the first BBLS?

bigbadsoundman

Why stay with a bank that treats you like S### and nearly puts you out of business?

Jeremy535897

It looks like the situation here is that OP's original loan was with NatWest, then he changed banks (some time ago) and now he wants a top up. The rules issued by the banks say:
"A business can only make one top-up application and can only top-up their loan with the same lender from which they obtained their original loan. As with the original application, businesses will be subject to customer fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks."

As the business account with NatWest will have been dormant since the change of bank, as far as NatWest know, the borrower no longer qualifies. OP will have to pursue this with NatWest.

Grumpy_chap

If the OP has expressed his opinion of NatWest to NatWest, that will not endear NatWest to be sympathetic.

Sibbers123

You don’t have a right to receive a loan. It is the banks money at the end of the day and they can choose their own policies on who to lend to.

normanna

Just remember, it was as a result of Coronavirus that nearly put you out of Business and not the Bank.  During this 6 week 'fiasco' many bank employees will have been isolating and others moved across to support these loans and many will have had to retrain very quickly while limited staff trying to keep branches open.  Maybe you should have thought of the bigger picture here and unfortunately you have been short sighted in moving your account at this time.

mattyprice4004

bigbadsoundman said:

Why stay with a bank that treats you like S### and nearly puts you out of business?

Because if you close your account, you'll get even less service and they'll have a much better chance of putting you out of busines...

[Deleted User]

bigbadsoundman said:

Why stay with a bank that treats you like S### and nearly puts you out of business?

Because your now finding out the consequences. 

debthelp1

Sibbers123 said:

You don’t have a right to receive a loan. It is the banks money at the end of the day and they can choose their own policies on who to lend to.

It's not their money is it? 
These loans are fully guaranteed by the Govt

MattMattMattUK

debthelp1 said:

It's not their money is it? 
These loans are fully guaranteed by the Govt

The money lent is the banks they have to lend from their own funds, the government only covers repayment if the borrower defaults.