Seven Months on and 100,000’s No Nearer to Getting a Bounce Back Loan

It has gone worryingly quiet on the Bounce Back Loan scene. Many of you still waiting for a top-up from the likes of HSBC or Metro Bank are probably resigning yourself to the fact there is no light at the end of the tunnel, and the 100,000’s of you still unable to actually apply for a Bounce Back Loan, well you may have resigned yourself to the fact you are not going to get one.

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The banks and lenders that are part of that scheme have decided they do not want any new customers, for that means more work for their employees of course, but if you are prepared to take your chances with Starling Bank, you never know you may strike gold.

Talking of Starling Bank, the chap who recently had his accounts closed and every penny he had in them snatched away has not had any further communication from that bank.

For reference, and many of you have been asking, he isn’t in the best of places right now, but he has found a bank that is hopefully willing to give him a bounce back loan, but Starling need to remove the BBL from the shared industry database, that they snatched back due to them believing he somehow manged to hack their online banking system and apply for a top up of a greater value than he was entitled to allegedly.

Whether he did or not, who knows, industry experts I have spoken to seem to believe it is more of a case of it being one of their well-documented technical errors rather than him being a master hacker.

Either way they have told him his loan has been “defaulted” and as mentioned they have snatched funds from his account to cover the BBL and are not communicating with him and even more worryingly not communicating with his MP who has jumped in to sort things out.

Not a lot else to report, other than many people are still waiting for their top ups and as mentioned many people have now given up all hope of getting a BBL.

Horrible situation to be in, to be offered a business saving Government guaranteed loan, but no bank letting you get an account then go on to apply for one.

That situation is made much worse by the Government and HM Treasury not really giving a shit. Terrible state of affairs, they could, and quite easily put into place one final lender of last resort facility to mop up those who haven’t been able to secure a BBL, remember that.