Repayment of HSBC Bounce Back Loan?

macman

Does anyone know the procedure for the above please? My BBL is soon to enter repayment and I would like to make a lump sum repayment rather than monthly payment with interest?
HSBC send monthly reminders that the loan is soon to fall due, and that interest can be avoided with early repayment, but there is no mention of how this can actually be done unless you are registered for online business banking?
Would it be too much to ask for them to supply an account number, sort code and payment reference with these monthly emails?
Online help/chat does not help at all, as it just tells you how to repay early via online banking. Thanks.

Jeremy535897

You have presumably received a letter from HSBC 3 months before the first repayment is due, that said:
"We'll automatically collect your repayments using the payment details set up when you opened your loan..."

If you want to agree early repayments, or change anything, and you aren't registered for online banking, you need to contact them on 03457 606060, or visit business.hsbc.uk and use the Need Help? assistant (although you say that does not cover the point). The letter unfortunately does not tell you what the account number of the BBL is, although the direct debit set up to cover repayments will do. Can you ask your banking manager for these details?

As you say, the whole system appears to be geared to customers who use online business banking. Is that an option you could consider?

macman

That's correct. That number only works if you have an account number, which I don't. I can see no way to bypass it and 'get to human'.  The DD has not yet been activated, so the details do not appear in my own bank's (not HSBC) online DD section.
I looked at registering for online banking, but hit the same problem: you need an acc. no. and sort code to start the process. 
They do not appear to allocate an account reference to identify the BBL itself: all I have on the paperwork is the original application reference.
I'm probably going to have to go into a branch to try to resolve this, which is a bit ridiculous. You'd almost think that HSBC didn't want people to pay their loans off and avoid interest payments, wouldn't you?

Jeremy535897

This then was a feeder account case, presumably? This must be going to cause a lot of problems then, as HSBC were the main provider of BBLs to non HSBC business bank customers.

I suggest you arrange the following in order of likelihood of success, and get dialling.

https://contactnumbers.buzz/hsbc/

macman

Yes, it was a feeder account, which of course self-destructed once the funds were deposited.

tinap555

Macman did you ever find out how to pay it back? We're having exactly the same problem (a Google search brought me to this thread). On hold for 2hrs before had to go back to work, lines close at 4.30 before I finish, online chat just say to ring, can't have internet banking due to it going into a feeder account. Am stumped as to how to pay the thing back in a lump sum! Cheers 

sheramber

Try contacting them through their facebook page

macman

The account number and sort code are in some of the correspondence, but it's not made at all clear. I ended up going to the local branch with some ID and they confirmed the correct details for me in a couple of minutes. About 6 weeks later I received a paper statement confirming zero balance.
The account number supplied is a specific account, not a generic collection account, so it can't be mis-allocated.