Bounce back loan approved then next day withdrawal of banking services!

Robert2016

HI there everyone,
I wondered if anyone could shed any light or advice on the following. My business banked with revolut we then switched to Natwest in August to apply for a bounce back loan. After months of going back and forth and having to submit evidence or trading pre March 2020 with 2019 and 2018 accounts we were finally approved for a 25k loan. The very next day received a message via app saying a withdraw of all banking services and all accounts blocked!
Super frustrating along with no answers from Natwest apart from a letter on its way. They have confirmed now that the bounce back loan will not be coming!

Are there any options open to us or alternatives to a bounce back loan available to us? We have looked at applying for new business accounts but no banks are currently taking on new customers! An extremely frustrating process getting so close to then have it taken away. We have a sign acceptance letter of the bounce back loan if that aids us?

Many thanks
Robert

MattMattMattUK

Robert2016 said:

The very next day received a message via app saying a withdraw of all banking services and all accounts blocked!

You need to acertain why your banking facility was closed, but it is likely because the bank strongly suspect fraud of some kind. Do all your companies accounts (if you are a company), or personal accounts (if you are a sole trader) match your corporation tax returns or personal tax returns, do they match your previous Revolut bank statements if they were supplied, are you a sole trader or an Ltd. and did that status change in the qualifying period or the over the last five years? Was your turnover figure accurate and was £25k you applied for as the loan less than 25% of your turnover? Had you continued to trade, or had you notified HMRC or companies house of a change of status? 

Robert2016 said:

Are there any options open to us or alternatives to a bounce back loan available to us? We have looked at applying for new business accounts but no banks are currently taking on new customers!

There are currently no options for new BBLS applications if you do not already have a business bank account with a qualifying bank and in many cases even then they are not accepting new applications.

Robert2016 said:

We have a sign acceptance letter of the bounce back loan if that aids us?

That unfortunately means nothing.

Your biggest issue is the withdrawal of banking services, it indicates a suspicion of fraud and that could cause far bigger issues.

Robert2016

Thanks for your message.
Ltd company. Hold two business accounts with Natwest one recently which we applied for the bounce back with and another held for about 18months but have turned over less than 10k. Our turnover figure was accurate if anything we applied for less than our turnover and everything else is correct and matches up. 

MattMattMattUK

I suspect it is having two business current accounts for the same company, with the same bank and the turnover in neither of those accounts supporting the figures presented. 

If you already had a business bank account with Natwest why did you open a second?

Robert2016

Two seperate business accounts for two different companies. Only opened the business account recently with Natwest to apply for the bounce back 

Grumpy_chap

Drip drip drip.
Are you saying you have two separate Ltd Co?
Exactly which business has which accounts? And which are now frozen?
Which business received the BBLS?  How much?
What is the 2019 turnover for each business?

It will be much easier for people to assist if you provide full information.

MattMattMattUK

Also to add to Grumpy's post, has the other business already received a BBL or did you apply using both Ltd companies?

Grumpy_chap

And some inconsistencies that need too be clear to make the whole situation make sense:

Robert2016 said:

we were finally approved for a 25k loan. 

Yet:

Robert2016 said:
have turned over less than 10k. Our turnover figure was accurate if anything we applied for less than our turnover and everything else is correct and matches up. 

Even with benefit of the doubt of a typo, "less than 10k" or "less than 100k" does not equate to a BBL at 25k.  Max BBL is 25% of 2019 turnover.
It does look as though something has triggered the bank fraud alerts and, judging by the obscure information from the OP in the thread, that is perhaps not surprising.

Robert2016

Apologies I didnt want to make it into of those long winded stories where people give up even reading! I certainly should of added more as it looks as if I have confused some people!
I have two companies both with Natwest. One building firm and one consultation firm my main company. The building firm has been with natwest for 18months and turned over less than 10k. My consultation firm has turned over £260k and we applied for £25k bounceback which was accepted then the next day withdrawal of banking services. Only applied for natwest business bank account for this company in August and had to show all our previous revolut bank statements as proof of trading. We also turned over £18500 in the natwest business account before they shut it.

Any help or advice? Am still not receiving any information from Natwest or received a letter from them. Without now being able to apply for other business bank accounts can anyone advise alternative loan companies who can assist?

Robert2016

Ah I see a few were quick to judge my initial post only to go into detail then no response?

Grumpy_chap

Sorry Robert,
Can you set out clearly what actually happened in what dates? 
And the two business structure? 
And the clear question you would like to have answered?
It all remains rather blurred to me, maybe I am not piecing the information from multiple posts together as it should be.
Please use paragraphs and bullet points to make the layout more readable.