Good news for some of you who have had a delay this past week or so regarding being paid out your Bounce Back Loan from HSBC, many people contacted me yesterday (Saturday) to let me know their money finally dropped into their account.
I am aware there are loads of you still waiting for that delayed loan payment, however hopefully you now have some hope that it will arrive possibly today or more likely early next week. No word from HSBC on why there was a delay (they usually take two working days from echo-sign to payment), but that is HSBC being as non-communicative as usual I suppose.
Also, one route I have always suggested for anyone having great difficulties finding a bank to accept you as a new customer or when you are being messed about by a bank regarding processing of a Bounce Back Loan is contacting your local MP.
Be aware that they have all now gone on their summer holidays, well most of them have jetted off, so keep in mind a response from them may be a long time coming now sadly. In fact, once they return from their summer recess, they soon then have another holiday.
To give some of you some hope you may one day soon get a Bounce Back Loan, below is a message I received from one of my Twitter “lurkers” late last night, give it a read through to see the experience they had trying, unsuccessfully at first to get a Bounce Back Loan and then how they finally got one.
“I started my journey with HSBC who i have been with as a personal customer for around 20yrs now, and they have had their fair share of benefit from me, from having no savings and a loan to having £30k in one account.
My business was incorporated on 17/01/2020, (so lucky) it was never a business to make huge amounts of cash, just enough to live a OK lifestyle (£60ish k net). I was refused a business bank account with HSBC back in Jan, I assume it was because my credit rating is moderate (depending on who you look at either c450 or c720). I went down the feeder account for 3 months, after watching your thread from afar, contacted the CEO a few times – having heard back immediately from my initial email. That’s 3 months. Refused for feeder account.
Genuinely thought all was lost, contacted Clydesdale for a business account the next day, a week past, they wanted proof on income and invoices for my business pre March (understandable) so provided them with a mass of 6 months invoices and my personal account statements with all personal expense blacked out, they had to do the hard work here! 2 days later, account accepted and new business account opened.
Next day I apply for BBL – 2 days later in the Clydesdale account and I’m transferred it out straight away to cover off what has been put on credit cards and other debt.
All paid off and back with little worry. So, thank you, I don’t know how many msg you get, or how many people read, like me, and don’t contact, but thank you and keep doing what you are doing. It provides help to others and hope too.
Oh by the way – closed my Tide business account as they seem like t**ts. Will be moving all business to Clydesdale as they actually did some good.”
Been Declined a Bank Account or BBL?
Please read below for some reasons as to why you may be declined a bank account and/or a Bounce Back Loan with some lenders.
Many people who are declined tend to fear it is their credit rating/score that is the cause of a decline, and whilst that can and may play a part obviously, there can be a whole host of other reasons, some of which can be sorted out, and when the latter is the case you may find it much easier to open a bank account and/or obtain a Bounce Back Loan.
Some Lenders can and will and are in within their rights to decline anyone for an account and/or BBL based on their own criteria in additional to that laid down by the British Business Bank.
With that in mind, if you have checked all of the following and/or have been declined by one lender then you are also within your rights, and encouraged to apply to any other lender that is part of the Bounce Back Loan scheme.
Potential reasons not relating to credit score/rating
SIC Code – Not matching on companies house vs what you put in your application.
SIC Code – considered a reputational risk – you would be surprised how many business types fall into this category.
Directors/owners name(s) not matching companies house and/or
Voters roll e.g. Chris vs Christopher, as your middle name.
Business address not matching, has your accountant used their address to register? What is your correspondence address at companies house?
Business name not matching e.g. Ltd v limited
Recent changes of directorship and/or ownership – red flag at the moment due to BBL fraud
Markers registered against the company or director
Previous financial relationship with the bank or one its subsidiaries that did not end well
Compensation
Many Bounce Back Loan applicants that have been through hell and still are experiencing problems have been offered compensation from a bank ranging from £50 up to £2500 for the more complicated problems.
It is your choice as to whether you accept any offer of compensation and the amount you accept too.
Bank and Lender Updates
Be aware things can change in an instant at any bank and as such I will now give you an overview of how things are going with each bank, and let you know how and where to contact if you want to try and chase up your Bounce Back Loan application and find out where things stand with each bank.
Each bank will have their own criteria for opening accounts, and some lenders also have their own set of rules regarding who they will allow to open an account and/or apply for a Bounce Back Loan.
HSBC
They appear to have now launched their online Feeder Account Portal, which hopefully does away with the exceptionally long and drawn out process for applying for such an account.
Many people who had previously applied for a Feeder Account are still waiting for their call backs to set up the account, and/or to receive all related documents and many people are still waiting for payment.
HSBC Feeder Account Portal Link
Be aware many people have been declined for such an account when using that portal, and also when they have applied for a feeder account during the telephone interview for such an account.
Link to the HSBC BBL section of their Website
Useful Email Addresses for Contacting HSBC:
feeder.account.team@hsbc.com
Ian.Stuart@hsbc.com
Sally.A.Williams@hsbc.com
commercial.executive.complaints@hsbc.co.uk
amandamurphy@hsbc.com
marissa.k.adams@hsbc.com
julienapier@hsbc.com
feeder.account.team@hsbc.com
oliver.james.exley@hsbc.com
Lloyds
Lloyds continue to do what they do best, process, and pay out BBL applicants quickly and with no fuss or hassle.
Be aware that if you hold a Bank of Scotland or a Halifax or Lloyds personal bank account you can use the Onboarding Portal to get a Lloyds Business Account and then can apply for a Bounce Back Loan.
Be aware though the dates listed on the website, as you will have had to have a personal bank account in operation before those dates to be able to onboard with Lloyds, if you have opened an account after the dates you will not be able to use that onboarding system.
Halifax, Bank of Scotland, and Lloyds Onboarding Link
Lloyds CEO Email Address
vim.maru@lloydsbanking.com
Metro Bank
Metro Bank have now launched their Bounce Back Loan scheme, which is a sight to behold.
Due to the speed at which applicants are processed, and the rapid pay-outs too, many people wish they had an account with them, as their Bounce Back Loan journey would be an easy one for sure.
Metro Bank will let you register an interest in opening an account with them online and they will then make contact with you to arrange an appointment in one of their banks or ”stores” as they like to call them.
Applicants simply join an online queue and when it is their turn to apply for a Bounce Back Loan (which can be after a few hours), they then fill in the application form and once done they are then either approved on the spot, declined or told whether any additional information is required.
The feedback from many people is that Metro Bank are the game changer, as unlike most other banks people get to know at the end of their application their fate, without having to wait for days or weeks to discover what is going on with their application, as has been the case with other banks.
Visit the Metro Bank BBL Section of their Website
Email the CEO of Metro Bank Dan.frumkin@metrobank.plc.uk
Tide
Tide have run out of money to lend and are desperately scrambling around trying to raise more to increase the number of applications they can process, as such you can expect a huge delays before any application you have put in will be processed.
Visit the Tide BBL Section of their Website
Co-Op Bank
To be fair to the Co-Op not many people have been complaining about them, I have had a few here and there and some have been sorted out but every now and then I get someone appearing and asking for help.
Co-Op Bank CEO Email Address
chris.davis@co-operativebank.co.uk
Visit the Co-Op Bank BBL section of their Website
Yorkshire Bank and Clydesdale Bank
I get the odd complaint about both Yorkshire Bank and Clydesdale and it is always worth checking out their respective BBL sections of their websites for updates, seen reports of those banks taking applications for new bank accounts by the way, but check that out as it can change at any time.
Visit the Yorkshire Bank BBL section of their Website
Visit the Clydesdale Bank BBL section of their Website
Yorkshire Bank CEO Email Address
david.duffy@cybg.com
Clydesdale Bank CEO Email Address
david.duffy@cybg.com
Barclays
I am still getting all manner of weird and wonderful complaints about Barclays, it does appear though that many applicants now fly through their Bounce Back Loan system, but many are still experiencing problems with applying, getting paid and contacting the bank.
Visit the Barclays Bank BBL section of their Website
Barclays CEO Email Address
Jes.staley@barclays.com
NatWest and RBS
The usual complaints about NatWest and RBS, including poor communication, problems applying for a BBL and even people being declined. Once again you need to start haranguing the right people to have any chance of your problems being resolved.
They have been paying many applicants out obviously, so if you do manage to have a hassle free experience then you should get paid out fairly quickly, even if it is not in the time scale you had hoped for.
Be aware that you may apply, not hear anything and then out of the blue get an email saying they are so busy your application is being dumped and not looked at.
Visit the NatWest BBL section of their Website
Visit the RBS BBL section of their Website
NatWest / RBS CEO Email Address
Simon.Separghan@rbs.co.uk
Santander
Much like some of the above banks Santander have attracted plenty of complaints, but in all fairness many followers, and many long-time ones too have found emailing their CEO does get a response and their claims processed quickly. They too have also been dumping applicants via a mass cull type of email so be warned.
Visit the Santander BBL section of their Website
Santander CEO Email Address
nathan.bostock@santander.co.uk
Starling Bank
Starling Bank operate a waiting list type of system, however, be aware they have additional criteria of their own as to whom they will supply a Bounce Back Loan to. Therefore, there are no guarantees you will get a loan from them. They have declined many thousands of applicants.
Visit the Starling Bank BBL section of their Website
Skipton Building Society
Skipton Building operate a different business model than most mainstream lenders so you will need to check their website to find out more about what they have on offer to applicants.
Visit the Skipton Building Society BBL section of their Website
TSB
You will be asked to sign away your rights to be able to apply for a Bounce Back Loan if you try to open a new account with TSB. As such do not waste your time trying to get such an account with them if your intention is to apply for a TSB Bounce Back Loan.
Visit the TSB BBL section of their Website
TSB CEO Email Address
debbie.crosbie@tsb.co.uk
Other Bounce Back Loan Lenders
The following are other Bounce Back Loan Lenders, be aware I receive very few if any complaints about any of the following.
Visit the AIB BBL section of their Website
Visit the Bank of Ireland BBL section of their Website
