Yesterday was an amazing day for many people, as banks appeared to catch up with the lack of payments sent out over the weekend. All major banks were firing money out of the doors. However, three things did catch my eye on Monday.
The first thing was the launch of the Metro Bank BBL scheme at midday, and despite a slight technical hitch during the evening, their system did live up to the hype, and applicants found a completely hassle free procedure awaiting them when they did start applying for a BBL with them, more about that in the respective section below.
HSBC have sadly have started to decline a lot of people for a ”feeder account”, and by doing so caused upset and distress for many people who had been hanging on waiting for such an account to be set up, some for weeks, only to discover they were declined for that type of account and therefore could not then go on to apply for a Bounce Back Loan with HSBC.
I am not sure what Tide are playing at, the lack of decent communication from them is worrying a great number of their customers hoping to apply for a Bounce Back Loan. Their website and app did go down for a short period of time late last night, which then caused additional stress and worry, however it did reappear and was live again in a short space of time.
Been Declined for 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 application.
SIC Code – considered a reputational risk – you would be surprised how many business types fall into this category.
Directors/owners name not matching companies house and/or
Voters roll e.g. Chris vs Christopher, is middle name included etc
Business address not matching, has accountant used their address for registered? 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
Thanks for the Donations by the Way
If you want to help keep me and this place going and can throw a few bob in the donation tip jar it is appreciated. Asking for donations was not my initial aim when I launched the Twitter account, however it has taken off and the website too, and both are now consuming a lot of my time.
But either way as usual this website will be free to use and advert free, and you can always get me via DM over on Twitter if you want anonymity with your problems, worries or concerns, or just need someone to talk to, if I don’t respond instantly I will get to you.
The website is coming along great as you can see, over 350 posts and pages already loaded up, not bad in just a week of it being live, some posts may just be a paragraph or two long, and some are rather long and intense real life Bounce Back Loan experiences that you will relate to, so do please have a good look around, and when doing so you will see you are not alone with whatever BBL problems you are experiencing. .
Help and Support Thread
“Listen, I am getting quite a few DM’s, they are worrying me seriously worrying me. If any of you are prepared to chat to people in a very, very dark place put “I’m Here” in this thread. If you are in a dark place, please pick a follower in this thread to DM and chat to PLEASE.”
Listen, I am getting quite a few DM's, they are worrying me seriously worrying me. If any of you are prepared to chat to people in a very very dark place put "I'm Here" in this thread. If you are in a dark place please pick a follower in this thread to DM and chat to PLEASE.
— BounceBackLoanExperience (@Bounce_BackLoan) June 6, 2020
Many Bounce Back Loan applicants that have been through hell and still are experiencing problems have been offered compensation, ranging from £50 up to £2500 for the more complicated problems.
It is your choice as to whether you a 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.
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.
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.
Useful Email Addresses for Contacting HSBC:
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.
Lloyds CEO Email Address
Metro Bank have now launched their Bounce Back Loan scheme, which is a sight to behold.
Applicants simply join an online queue and when it is their turn (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.
Tide are still causing mass confusion regarding their “waiting list”, when you apply you are allocated a position on that list, which dependent on which support team member you ask for an update on, you will either be informed that your list position doesn’t change, it will change or there is no list.
Utter chaos, and their CEO is apparently going to make an announcement soon regarding how well Tide are progressing. Lots of followers and lurkers waiting to apply by the way and are stuck on the waiting list.
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
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.
Yorkshire Bank CEO Email Address
Clydesdale Bank CEO Email Address
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.
Barclays CEO Email Address
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.
NatWest / RBS CEO Email Address
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.
Santander CEO Email Address
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.
Skipton Building Society and JCB Finance
Both Skipton Building Society and JCB Finance (who have just been accredited) operate a different business model than most mainstream lenders so you will need to check their respective websites to find out more about what they have on offer to applicants.
Not that many complaints about TSB however if you do have one the CEO’s email address is below.
TSB CEO Email Address
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.