Tale of woe – HSBC Bounce back loan Journal: o4 May 2020 5pm – applied for HSBC bounce back loan – existing business account customer for 3 years. The BBB says that banks cannot undertake affordability checks as part of bounce back loan applications, as seen in the terms above, yet some anti-money laundering and fraud checks carried out do involve enquiries that are labelled as 'affordability checks' by credit-scoring services. The Bounce Back Loans were launched to an enthusiastic audience on Monday the 4th of May. There are a few conditions that the British Business Bank have set out, such as that your business operates in an eligible sector and that it’s not insolvent. Find cheap pick-up only items near you - they often attract fewer bids. "We will be sending a dossier of our findings to the Treasury, the Financial Conduct Authority and the British Business Bank to hopefully improve the process going forward.". Substantial numbers of bounce back loan applicants suffer delays, rejections and credit checks, a MoneySavingExpert.com survey of more than 5,000 small business applicants has found. I applied for a bounce back loan 1 month ago and had a email saying its been successfull but heard absolutely nothing since,ive tried ringing customer service and same old as they don't have a clue whats going on and they don't seem to talk to each other in departments as apparently they gave emailed the loan department and have not received a reply or are being ignored. These SMEs can, in theory, borrow between £2,000 and £50,000 depending on the size of their company. We often link to other websites, but we can't be responsible for their content. The regulator's other help schemes are also likely to be extended too, including car finance and payday loans, yet should you do it? HSBC UK has today launched the Bounce Back Loans Scheme to support small and medium-sized businesses who have been affected by coronavirus (COVID-19). Starling only accepted 62%, while TSB (72%) and HSBC (80%) also had significantly lower figures, though many of the HSBC rejections were for new customers. It says it is still actively accepting and approving applications from new customers, and that just because you've been rejected by Starling that doesn't mean it will reject you. You can apply for a Bounce Back Loan if you successfully opened a new Business Current Account, HSBC Kinetic Current Account or Feeder Account and your application for the account was made before 9am on the 30 September 2020. A third of Bounce Bank loan applications are yet to be approved by HSBC, Britain's biggest bank By Harry Brennan 21 May 2020 • 6:00am 'We need this loan or we will go under' HSBC said: 'We've approved over 95,000 Bounce Back loans. Turbo boost your credit chances and get your free Experian credit report. In comparison, Starling accepted 93% of applications from limited companies, while TSB, Metro Bank and Clydesdale accepted 81%, 92% and 96% respectively. As of May 10, the bank says it has approved just under 70,000 bounce back loans with a total value of £2.1bn. 130,000 SME’s applied to … We use cookies to ensure that we give you the best experience on our website. More Shenanigans from the British Business Bank? Shows which top cards and loans you're most likely to get. Bounce-back loans were sold as 'quick and easy-to-access' finance to get businesses back on track following the pandemic. Tale of woe – HSBC Bounce back loan Journal: o4 May 2020 5pm – applied for HSBC bounce back loan – existing business account customer for 3 years. HSBC alone has approved almost 140,000 of the loans, worth around £4.55bn. Bounce Back Loan MSE Survey results: HSBC & Tide worst service + new customers & sole traders struggle + delays common. HSBC has lent around £14bn to business customers, Murphy said. While Lloyds Bank and RBS top the acceptance league, with 95% or more of the total applications given loans, not all banks were as keen to say yes. 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Top-Up Application: Bounce Back Loans Scheme (BBLS) with HSBC There have been some changes to the Bounce Back Loan scheme that may enable customers to access additional funds. Unfortunately, we can't give you a full picture of the likelihood of rejection from challenger bank Tide, as a staggering 97% of applications are still stuck in its system awaiting a decision. One company owner has condemned what he describes as the bank’s “unbelievably dreadful non-service” in administering Bounce Back Loans (or BBLs) which are designed to improve the cash flow of firms struggling with the impact of the Coronavirus. Martin Lewis is a registered trade mark belonging to Martin S Lewis. No, there is no guarantee your application will be accepted. The deadline for businesses to apply for bounce back loans is Nov 30 but lenders are required under the scheme to confirm any loan offer by Dec 31. Yet HSBC business customers say they have been left hanging for weeks for approved applications to be processed and money to appear in their accounts. Small firms and sole traders can apply for up … While Lloyds has 81% net positive feedback, its major competitor HSBC scored a shocking -45%. Surprisingly, many high street banks smacked the bottom of the challengers when it came to bounce back loan customer satisfaction. * Forecasts suggest up to 80% of 'bounce back' loans may ... plan for collecting unpaid emergency COVID-19 loans, with more than a dozen including HSBC considering ... of exchanges and delays. Revealed: 100,000+ overpaid student loans last year because they were on the WRONG payment plan – how to reclaim, HSBC, First Direct, M&S Bank or John Lewis Finance customer? Sorry for adding to the huge list of people asking for help, but BBL approved and signed documents returned and final agreement confirmed back to me. However, what's telling is acceptances tended to be far quicker than rejections. What products are offered on the BBL Scheme? What BBL fees/interest will I be required to pay? This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. While 71% of those who've got a decision heard within seven days whether they'd been accepted or rejected, 23% were (or still are) waiting for over a month – that's nearly one in four. Find out how much income you keep and how much the taxman takes. The loans – aimed at small businesses and worth between £2,000 and £50,000 with no interest charged or repayments needed in the first 12 months – were billed as being easy to apply for and quick to receive the funds. Annual Lending Limits and Limit Increases for BBL Lenders. (1) Net score is calculated by subtracting the percentage of applicants who said their experience was 'poor' from those who said it was 'great'. The coronavirus outbreak is causing major travel disruption around the globe. If you are applying for a Bounce Back Loan and you have a personal current account used for your Sole Trader business with HSBC, and your business was established on or before 5 April 2019 , you will be asked to supply your account number and sort code.We will require you to provide and attach a scanned copy of your 2018/19 self-assessment tax return with this application form. While the bounce-back loan scheme was launched in … @Nitin02135474 @HSBC_IN @HSBC @pmo @nsitharaman HSBC continues to ignore issue straight 6 days..what a shameful customer service !! The 'OK' votes were excluded. The worst culprit was Starling, which rejected 57% of sole traders, while one-third of sole traders were turned down by TSB, Clydesdale and Metro Bank. Don't miss out, More than 100,000 people overpaid student loans in the last year alone as they were recorded as being on the wrong loan plan – and many can reclaim £100s or even £1,000s. Martin Lewis: Payment holidays coming to an end – but should you take one? As the world continues to face challenges in dealing with the Coronavirus (COVID-19) pandemic, we are taking steps to provide some safety measures to our clients and staff. While one in four sole traders who have received an answer were rejected, only 7% of those with limited companies were turned down. With a low-interest rate of 2.5% and the loan 100% guaranteed by the government, it seems like an appealing prospect. Sole traders, in particular, have suffered being over three times as likely to be rejected as limited companies. A Barclays spokesperson said: "In the first week alone of this scheme being live, we approved almost 70,000 Bounce Back Loans worth more than £2.1bn, and 95% of … If you continue to use this site we will assume that you are happy with it. Bounce back loans were originally discussed as being delivered in days, as a speedy solution to business problems in the pandemic. HSBC have ripped up Rishi Sunak’s promise to SMEs and are adding frustration by refusing to issue updates of any kind to clients. Fingers crossed. It launched its offering late, but a staggering 97% of applicants are still waiting for a decision – a dire and disappointing situation. 800 replies 148.4K views If you’re thinking about getting a bounce back loan with HSBC, stick around because I will be talking about it in this video. Bounce Back Basics. I wish to create a group to shine a light on the abysmal performance of HSBC in helping businesses due to their incompetence and lack of accountability. Murphy said HSBC was “inundated” with requests for … I now have a case handler too. We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong. Lenders can also do anti-fraud checks, known as anti-money laundering and know your customer checks, on existing customers applying for bounce back loans. He said he would email but didn’t. Legal problems may delay governments bounceback small business loan scheme News 29 April 2020 Business Matters The government’s new loans for small businesses may fail to launch on Monday as planned because of legal problems and the need to create new digital systems, according to senior bankers. Despite the government and lenders offering the Bounce Back Loan Scheme (BBLS), banks such as Starling have come under criticism for their failure to meet demand and approve loans. MoneySavingExpert.com is part of the Moneysupermarket Group, but is entirely editorially independent. The vast majority of this cash hasn't been claimed back - but the good news is, if you've overpaid, it's easy to reclaim, MoneySavingExpert.com is today slamming "irresponsible and dangerous" changes made by the Student Loans Company to its website, which fly in the face of evidence and recommendations presented to both it and the Government. Had about a half hour conversation going […], I am waiting for feeder HSBC, NatWest threw away my application along with a lot of other people’s. Our TravelMoneyMax tool compares 30+ bureaux to max your holiday cash. In a blow to the Treasury, HSBC cannot process Bounce Back loans quickly enough to get money to businesses before the V-E Bank Holiday weekend, it was revealed this morning. Underneath this – badly explained by many banks, and poorly communicated in the process – is the fact that some banks are carrying out soft credit checks. Whether you're looking to buy a home or a car, make home improvements or consolidate your existing debts. Energy bills will rise by a typical £96/year for 11 million households in April, regulator Ofgem revealed this morning – but you can beat the hikes by switching now. Hi. I Have a business loan (regular) with Natwest on other Ltd Company, I want to know if someone was already Succesful in getting the bounce back loan with HSBC feeder account, or I should open an account with sterling bank or any better way, For those rejected, nearly one in four (23%) had to wait for more than a month before they found out they had been turned down, and only 38% found out within seven days. The Starling rejection rate was something we looked at when we sent a dossier on Starling to regulators after receiving complaints about its processes. Its major competitor HSBC scored a shocking -45 %, cookies Policy cookies. 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