Looking at Week Fifteen of the Bounce Back Loan Scheme

Madness was beginning to set in for lots of people still waiting for a Bounce Back Loan in week fifteen, which covered the days from 10rd of August through to and including the 16th of August, and again another drop in approved loans were reported that week, that being just 17,558 of them.

I will give you an overview of the week fifteen problems experienced that week below, however, feel free to watch the video below for some of the messages I got that week.

Many people do have more than one business, and if they are not a holding company at the top of the company structure then the rules of the BBL scheme do state anyone with more than one business can apply for a Bounce Back Loan for each business.

However, sadly Starling Bank decided that they were only going to allow one business to apply for a BBL no matter how many businesses a person owns, and they stuck to that rule rigidly, so a great many people got a knock back when applying for a BBL with a second or third business with them.

Being on hold for hours with banks like HSBC then getting cut off was causing complete annoyance for many people, some did finally get a response when contacting the CEO team with that bank, however even when they did and were nominated a “case handler” it could take weeks to get their BBL or bank account application finally sorted out.

The number of people who got a Bounce Back Loan with NatWest then at some point in time days or weeks later got told their accounts were being closed with that bank continued to increase, in fact most days I was contacted by people telling me that exact same thing had happened to them.

Metro Bank continued to turn down bank accounts for some people based purely on the fact they did not like the business market sector they operated in, in fact Starling Bank did also have a list if business that they wont touch with a bargepole too on their website.

Compensation was interestingly still forthcoming for those that had been forced to endure a long wait for a BBL or a bank account with some banks, as always though, the value of that compensation was all dependent on the bank and how much haggling a customer of any bank would be prepared to do.