Taxi Driver Online

Why over the coming weeks??????

They should have been onboard from day 1.

No excuse for them not being.

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IDFIMH

Take it no word back from HSBC, then?

Me neither, so that's three full working days, but looking around the web there's obviously a lot of HSBC applicants in the same boat.

But as far as I can tell HSBC the only bank entertaining applications from external customers without asking them to open a business account, so presumably more applicants than the other banks, thus taking longer to process them all.

So I suspect they're prioritising applications in this order:

- existing HSBC customers with *business* account

- existing HSBC customers with personal account used for business purposes

- new applicants who have been banking elsewhere

But who knows? We're in the lap of the gods, as per...

We are in the lap of the gods but we bloody well shouldn’t be.

Not heard back from HSBC, but not surprised as I really don’t like them anyway.

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IDFIMH

Read it and weep

Didn't know it was a holiday in England today, so I assume the banks won't be working? So it'll presumably be well into next week now before we get the money (assuming we're successful ).


Bounce Back: HSBC redefines 24 hours

https://ifamagazine.com/article/bounce- ... -24-hours/

Emergency measures to assist small businesses during COVID-19 crisis seem to be a mess - just when clarity needed most... Paul Wilson reports...


HSBC in disarray on Bounce Back Loans:

https://ifamagazine.com/article/hsbc-in ... ack-loans/

More from Paul Wilson on the ongoing debacle...

Had an email back from HSBC basically saying yes and sign on the dotted line.

For reference HSBC is not my main account, and I don't have a business account with them.

They accepted the pdf version of my last tax return that I downloaded from the Government Gateway, via free Soda pdf downloads.

So folks that have business accounts are getting the cash easy, it appears that non business account holders (at least from HSBC) are getting the cash, all it needs is for someone to confirm acceptance from a bank that they have no accounts with.

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IDFIMH

Not a peep from HSBC so far, although from what I've been reading online they're really just starting to get their act together, so I'll not start getting really annoyed until the end of the week.

But I've had a personal account with First Direct (which they're treating as the same as an HSBC one) for about thirty years now, and it's been my only bank account since then. So although I've not got a business account with them I'm a bit annoyed at reading elsewhere about customers with other banks being approved loans.

To be fair, though, they're the only bank (I think) offering loans both to personal account holders AND customers of other banks, so although they seem to be the worst in terms of communication and timescales, it's a bit unfair to compare them to banks only offering the loans to existing customers with business accounts (in which case the 'due diligence' etc is already done, so it's all a formality, and they don't have nearly the volume of applicants to deal with).

And looking at some of the stuff online it's all getting a bit too much for people, claiming that it's making them feel ill, they're teetering on the brink etc. And except for those with business accounts whose banks are offering the loans, it's all making HMRC's self-employment grant scheme seem quite straightforward.

Anyway, think I've said enough about the self-employment grants and bounce back loans, and my personal circumstances, so not planning to say much more about either

Called HSBC on 5th May. Told to expect a callback in 3-5 days. Called again last Friday, told it would be escalated with urgency. Called on Thursday this week, told they are not giving any estimated timescale.

May have to put the house on the market soon!

Might be worth emailing your MP.

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IDFIMH

They called me this afternoon with a question about my application. That's the first I've heard since applying on the 4th.

HSBC seem to have a huge backlog. Suspect (as I said at the time) that because they're accepting applications from personal account holders (who don't use a business account) and also from customers of other banks (think they're the only bank doing so) then they're taking longer than other banks to get on top of it all.

So I wouldn't lose hope yet. I've not pursued it because cash is really for later in the summer, in particular my three-year licences and insurance. And I'm sure there are people needing the cash more urgently, so I've just left them to it and gone with the flow.

But the whole thing's a complete shambles for many people.

Have a read of this twitter account if you haven't seen it:

https://twitter.com/Bounce_BackLoan/with_replies

(If you don't have a twitter account that may not work, but this below might, but you won't be able to see all the messages.)

https://twitter.com/Bounce_BackLoan

Some people have also been having success directly emailing the HSBC CEO.

Apparently his address is noelpquinn@hsbc.com

So the letter from HMRC giving me access to my Government Gateway stuff arrived OK. Only problem that still can't download my tax returns, because they're only accessible if you upload them yourself, and not via an accountant

So I'm now waiting for my accountant to email me a copy so I can send it to HSBC, because the stuff I sent them initially wasn't good enough

But as long as that goes OK it sounds like I'll get the loan

But I'm not holding my breath, because have read too much about last minute hitches and obstacles, and even money being forwarded to people's accounts then withdrawn later

They don’t make things easy Stuart, you just have to keep trying and face each obstacle, it’s like talking to the council, I feel confident you will get there eventually be positive.

I didn't think about that, but why doesn't your accountant automatically send you a copy of your return?

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IDFIMH

Tell me about it

Just a bureaucratic version of the roads really - everytime you come out there seems to be one more obstacle in your way making driving more difficult


I've always wondered that, actually, but it's never been an issue before.

They send me duplicates of my accounts, tax computation and supporting schedules, but not the tax return itself. So I sign the tax return, send it back to them, and they lodge it with HMRC electronically. But there's hardly anything on the tax return itself, and the figures are all in the accounts and supporting schedules.

So I sent copies of my accounts and supporting schedules, and the covering letter from my accountant, to HSBC, but that's not good enough evidence, apparently - they want the return itself.

Problem is, I suspect, that apparently many of the staff dealing with the applications have been seconded in from other departments, and are taking a very box-ticking approach. If they were more experienced in it all I suspect they might have excercised more discretion and accepted my evidence.

Apparently the banks are only supposed to do basic KYC (know your customer) and AML (anti-money laundering) checks, so to a large degree simply verifying your identity, address etc. Obviously I'm biased, but to that extent I think the stuff I've sent them is adequate, particulary since I've banked with them for around 30 years.

Anyway, submitted my application on the first day (4 May) of the scheme.

First I heard was a phone call on Saturday afternoon (oddly enough, but apparently they're working overtime to clear the backlog). Unfortuately, was in the garden trying to fix the lawnmower (rough-grass-with-lots-of-weeds-mower, more accurately ) so missed it. Voicemail said to call back Monday to Friday, 9-5.

So called first thing on Monday, several times, went to voicemail, surprise, surprise. Presumably having the public holiday off.

Called first thing Tuesday, was then told I needed to forward copy of actual tax return. (But at least I got straight through to the chap dealing with my case, who answered in seconds )

So emailed the chap at my accountants who does my return, asking if he could forward copy, hoping for response within hour or two.

Of course, not heard a peep yet. And having visions of them working from home, and having to travel 50 miles to the office just to sort me out, then billing me for their time

So even if my accountant comes up with the goods in a couple of days, suspect it'll be another day or two before HSBC assess the evidence, and email me the forms to sign. Then, from what I'm reading, might take another few days until the money 'drop' takes place, which is apparently when the bank transfers a huge amount of the cash into lots of different accounts at once.

So could be well into June before the money arrives. Or I could have it by the end of the week. Or end up not getting it at all. Who knows?

And it's not that I'm desparate for the money, because I've still got most of my SEISS grant - the loan is mainly for bills later in the summer.

But it's the uncertainty of it all that wears you down

Anyway, I'm sure there are people worse off than me, and to an extent I may turn out to be lucky banking with HSBC, because I've not got a business account, and those with other banks without business accounts are finding it even more difficult to get a loan, never mind those whose banks aren't accepting applications at all.

Starling seems to be among the worst - they've been doing credit checks, apparently, which wasn't supposed to be the way it was done - as I said, simple KYC and AML checks only.

In terms of administration, Santander seems to be the worst - utter shambles.

Of course, there are issues with the SEISS, and lots of people falling through the cracks in terms of eligibility. But to me it's been utterly straightforward compared to the bounce back loans.

But even though the Flymo parts I've ordered are out of stock and will probably take a couple of weeks minimum to arrive, suspect they'll be here before the bounce back loan

Anyway, that's tonight's tale of woe

My bounce back loan finally 'dropped' a couple of days ago, a few days after I sent them the stuff from my accountant.

So looks like it would have taken about four weeks, even without a hitch. And I'm a long-time customer of the bank.

So if anyone thinks it's taking a long time, it might be just a question of waiting, particuarly if you're applying via HSBC. And from what I'm reading, Santander possibly even worse.

As think I said earlier, I just waited patiently rather than pursuing the thing. But think those who actively contacted HSBC were being catapulted up the queue.

But from what I've been reading, so many people started doing that that they've just had to start ignoring them. And, of course, if they spend a lot of time dealing with emails, phone calls and complaints generally, then that will just mean everyone waiting longer on average overall.

So complaining might have had some effect a couple of weeks ago, but suspect less point in that now, but no one really knows for sure.

Anyway, I'm trying to keep my laptop lid closed as much as possible for a few days. Before I lose the will to live over the quote function on here

Got an email from Flymo saying they'd despatched something on 31 May. So assumed that would arrive before the bounce back loan. But then the loan finally 'dropped', and still no sign of the Flymo parts

And they've sent the two parts out separately (cost about £5 each) because one wasn't in stock. But the one part is useless without the other anyway