Bounce Back Loans for property businesses – Part 2

Bounce Back Loans for property businesses – Part 2

16:51 PM, 12th May 2020, About A year ago 32

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Our last video on the Bounce Back Loan Scheme and how property businesses are eligible, has given rise to a lot of discussion on Property118 and elsewhere on social media.

In this video Andrew Roberts and I return to give an important update including:

– Which banks have paid out to property businesses

– Clarifying the meaning of ‘trading income’

– Self certification of your businesses turnover

– Whether or not you have to pay the loan back

If you missed Part 1 watch it here at: https://youtu.be/vgw00tf_3nc



Comments

by Paul Shears

10:38 AM, 1st September 2020, About A year ago

Reply to the comment left by thomas at 05/08/2020 - 16:13Another hour on the phone to HSBC this morning regarding the long approved, bounceback loan that I applied for on 13/05/20 which was over 20 weeks ago.
They put pressure on me to go away and leave them alone. I pointed out that there is very clearly something seriously wrong here. I have never received any Email from an EchoSign address (HSBC in disguise) that gives me access to my approved loan.
Very reluctantly they put me through to the business banking helpdesk (Direct No: 034576 06060) and I waited for 46 minutes before getting an answer. The "helpdesk" confirmed that the matter had already been escalated and no further escalation was possible because, and I quote, "FURTHER ESCALATION WOULD JUST CLAG UP THE SYSTEM".
Please note that the HSBC business banking helpdesk will always waste your time by asking for the customer sort code and account number.
When you give them the sort code and account number of your bank account into which the funds need to be paid before you can access them, they then tell you that they require the sort code and bank account that HSBC insist on creating and which you do not have.
They then get you to trawl through the countless Emails relating to the problem before, reluctantly, asking for your address. At this point they find the application immediately and tell you to go away and be patient as there is nothing further that can be done.
I have still received no human response regarding my complaint on this matter to the financial ombudsman "service".

by Paul Shears

13:50 PM, 2nd October 2020, About A year ago

Reply to the comment left by Paul Shears at 01/09/2020 - 10:38
Current status:
1. HSBC finally provided the bounceback loan.
2. They then rejected me for the loan that they had already provided.
3. The Ombudsman finally contacted me to say that they have no time to deal with my complaint at the moment.........


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