Every single day of the week I am messaged and emailed with cries for help from small business owners having all manner of different problems with the Bounce Back Loan scheme. The number of complaints, much more so now that top-ups became available (with some lenders) has started to increase too.
Saturday and Sunday are two days of the week I always advise my Twitter followers and anyone else stressing over any aspect of Bounce Back Loans to take a couple of days off from it all, and try and have some quality time, for the week ahead will be just as mind-numbing as the previous week for many people.
Here are just some of the many messages I have received this week that will give you some idea of the ongoing problems with Bounce Back Loans. I do get hundreds and hundreds of complaints week in week out, but here are just some that I have received.
Account Closed Bounce Back Loan Snatched Back
Hi there – it is so annoying seeing people that have had similar experiences to me! And to be honest I thought I had done something incorrect or entered information correctly on the application, however I applied with NatWest using a feeder/servicing account for a BBL (I already had personal account which was being used for payments/invoices).
The day my funds were put into the account, we paid out salaries and other payments we had accrued.
The very same day we had an email saying the account has been closed, there was some sort of error etc and the BBL was being taken back.
Bear in mind we had used £10k on payments we owed. They closed it and I have had debt collection letters. I cannot believe it and I do not think I am alone.
HSBC Keeping People Waiting
No sign of any echo sign yet. nearly a month now.
Barclays Cancelling New Business Account Branch Appointments
Hi , had no luck being able to open a business account since June – Barclays have just called me saying my appointment to open an account next week is cancelled as they are no longer accepting new customers without personal accounts.
They came back saying I had to come into branch, but the wait would be 2 months now it has been cancelled.
Bounce Back Loan Top-Ups Why So Complicated?
They should just automatically top it up for people or have an option for people to click if they want it topped up or not if they do not, would be so much simpler for everyone
Barclays Continue to Make Applicants Jump Through Hoops
So heard nothing from Barclays for 8 working days since pre-approved emails and now just had a call that they need bank statements from my NatWest business Account which is a totally different business to ensure it’s not linked.
It couldn’t be more linked if it tried and then advised they will make a decision on how they feel but they are obviously trying in every way to get out of it and he actually blamed it on The British Business Bank asking all banks to carry out checks which should of been done first time round.
It is disgusting mate. Now they have just replied saying they need 3 months statements from April to June. I already know what they are up to and clearly do not want to process it.
Then had the cheek to say do not worry, if it is declined, it will not affect your first bounce back loan.
TSB Paid BBL Then Locked Account
We celebrated too soon.
TSB dropped the cash in the account but then blocked the account. We’ve called many times to be told there’s no fraud block or flag or anything, they don’t know why the account is blocked and we will just have to wait (with no timescale) for a call back from a team that’s working from home to rectify the issue. So, no access to funds until this happens.
Relief When a BBL Finally Gets Paid
It has arrived
Literally feel safe for the first time in months. Thanks again for everything, man. Seriously.
Now I am off to call some creditors and pay them all back!
And it is my birthday! Drinks will be had.
Wait and Waiting for a Starling Bounce Back Loan Top-Up
Hi there, have you heard from any LTD Starling’ers getting top ups?
Been over a week now, with nothing at all
We are a LTD turning over a decent amount this year but having to let a lot of people and employees down because they won’t even give us a time-frame
NatWest Messing About and Causing Stress
Nearly been 2 weeks since I applied for the bounce back loan scheme with NatWest. I am still waiting further checks.
Apparently, they have a backlog of a month and there’s no timescale on the wait. I was contacted this morning to say my application was cancelled, after doing a little bit of calling around apparently it was an error!
It is getting worse and worse
Clydesdale Bank Locked Account
Received a bounce back loan back in September with Clydesdale bank after jumping through several hoops and used the account for paying business bills.
Today went to make a payment and Clydesdale have locked the account and have told us they are investigating the integrity of the loan and no time to a resolve.
Can they do this, months down the line?
Complaints and Worries Pour in Day and Night
The above are just a tiny selection of the complaints I receive day and night. If you are waiting for a top-up request to be processed then be aware it will be a waiting game with most of not all banks, and there will be no way of speeding it up.
As for those of you who haven’t even been able to get a BBL yet, until the lenders that are part of that scheme open their new business account systems or any new lenders come onboard, sadly you are not going to be able to get a Bounce Back Loan unless you already have an account with an accredited lender.