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BBLS - My bank doesn't offer it!
Martyncapp
Posts: 3 Newbie
in Loans
Hi all,
I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply. I didn't need the loan originally so held off for not wanting to get it for the sake of it, now feel like I am being punished.
Does anyone have any information that could help me access the funds? I have been a sole trader for 3 years now. I have no lending accounts with any of the lenders, only a newly open Personal account with HSBC but still cannot apply with this.
I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply. I didn't need the loan originally so held off for not wanting to get it for the sake of it, now feel like I am being punished.
Does anyone have any information that could help me access the funds? I have been a sole trader for 3 years now. I have no lending accounts with any of the lenders, only a newly open Personal account with HSBC but still cannot apply with this.
0
Comments
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You are not being punished for not taking out a BBL.
If you do not need it you do not need it - end of.
You would have to repay it and eventually pay interest of 2.5% on it.
If you want to persist - then you must find a bank that will open you a business account - even then there is no guarantee that you will get the loan.1 -
Thanks JonesMUFCforever. I merely meant punished for not looking at getting the loan earlier. I stated I originally didn't need the funds, I do now. Now I do, I cannot get the loan because banks/lenders are making it difficult/impossible if you don't bank with them.0
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Well if you have a business account with Nationwide then my complaint would be going to them - for not providing an essential service.
You don't state if you have a business account - do you?0 -
I your bank doesn't offer it you need to change bank. My wife faced a similar issue with her business, although in her case a Limited company with a long trading history. In her case they went to one of the progressive banks - Metro - and had the money in their account in a matter of days. Bear in mind though that this is not money that is available under any circumstances. Your business has to be viable and meet the lending criterion.0
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Martyncapp said:I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply.
I am guessing in reality you have been breaching the T&Cs of your account and using your personal account for your business activities but are now understanding the consequences.1 -
Sandtree said:Martyncapp said:I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply.
I am guessing in reality you have been breaching the T&Cs of your account and using your personal account for your business activities but are now understanding the consequences.
https://www.nationwidecommercial.co.uk/help-and-support/opening-an-account
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jonesMUFCforever said:Sandtree said:Martyncapp said:I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply.
I am guessing in reality you have been breaching the T&Cs of your account and using your personal account for your business activities but are now understanding the consequences.
https://www.nationwidecommercial.co.uk/help-and-support/opening-an-account1
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