A month had passed since the powers that be had released the last set of figures relating to just how many Bounce Back Loans had been approved and the next set of figures to be released covered the three weeks before and additionally week twenty four of the scheme which for reference was from the 12th of October through to and including the 18th of October 2020.
During the four weeks that has passed by a total of 75,380 Bounce Back Loans had been approved, however as sure as night follows day, plenty of people did contact me during week twenty four with the usual mix of problems relating to the scheme, some of which you will see in the video below.
Below you will see an overview of anything that did happen of interest and an insight into the many ongoing problems that were still being experienced throughout week twenty four of the Bounce Back Loan scheme.
Whilst Tide had run out of money to lend a long time ago, many people did have a business account with them and when they had been successful in getting a BBL from other lenders through a feeder account such as those offered by HSBC or nominated their Tide account when getting a loan from Conister Bank, they would find their accounts were locked when those funds hit their Tide account, and it was a long and drawn out procedure to get Tide to respond and unlock those accounts.
The shared industry database was still causing stress with many applicants, for when applying with another lender they would often find they would be declined solely due to them applying for a BBL with another lender and not getting a BBL with those other lenders.
It was still the case this week that many people were still being declined for a business account with most banks that were accepting new customers, many people had been waiting for weeks if not months for some banks to finally get around to processing their new account applications, so you can only imagine the stress caused when they finally found out their applications for a new account had been turned down.
Bounce Back Loan News Stories from Week Twenty Four
Changing the Repayment Term and Topping Up Your Bounce Back Loan
Metro Bank Slowly Reviewing their Bounce Back Loan Declines
Bounce Back Loan Problems Causing Stress, Anxiety and Despair
Dear Mr Johnson and Mr Sunak – Open Letter from an SME
Barclays Slam the Door on New Customers Seeking a Bounce Back Loan
Bounce Back Loan Complaints – The Shared Industry Database
Three-Tier Lockdown to Increase Interest in Bounce Back Loans
