If you believe the recent outrageous tweet from HM Treasury, you would be led to believe that applying for a Bounce Bank Loan is a breeze, and you will merrily be on your way “bouncing back” in no time at all.
However, for 10,000’s if not 100,000’s of people, they have discovered that is certainly not the case.
It has proven to be, at least in the first four weeks of the BBL scheme, practically impossible for many people to even apply for a Bounce Back Loan, for many banks are not allowing new customers to open an account, and many people may bank at one of the many other banks that are not part of the scheme.
Banks such as NatWest and HSBC do offer “feeder accounts”, however those have proven to be virtually impossible to set up, in fact NatWest keep on mass emailing people and telling them that as they are so busy dealing with applicants they are dumping applications for many people.
Even when you are lucky enough to apply for a Bounce Back Loan, that doesn’t mean it is going to be processed rapidly, many people have been waiting weeks to even get some form of acknowledgement they have successfully submitted their applications to some banks.
When an application has been acknowledged or when it is in the system, that is when the mental stress and anxiety can get too much for many people. It is quite common for such applicants to become overly obsessed with checking their emails, text messages and their bank accounts in an OCD-like state.
If you are experiencing such problems, keep in mind that you are not alone, and eventually it will get sorted, I know that is very easy to say, but that is the only thing that will keep you going.
I strongly advise you to talk to people in a similar position, for sharing your stories and seeing you are not the only one sat there waiting can at least help you make some sense of this ongoing BBL saga.
If it all gets too much, try and take a break, and if you do find yourself in a very dark place, and sadly many people have done, please reach out to the Samaritans, they will offer you the maximum support.
Also reach out to your local MP too, for often they can direct your complaints to the right people at most banks. Keep the faith, it will get sorted.