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Delays in receiving bounce back loans from HSBC?

Are other members aware of lengthy delays in receipt of bounce back loans?

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Company A applied for bounce back loan from HSBC late May, loan agreement received and returned late June, still no funds received.

Company B applied for bounce back loan 2 days later, also from HSBC, loan agreed but loan agrement still not received.

Company A has made 2 calls to HSBC, holding for over 30 minutes each time before answered: call 1 advised funds would be expedited but couldn't say when payment might be made; call 2, one month later, said funds should have been received 24 hours after returning loan agreement, went to investigate and never returned - line went dead 

What experience do others have of bounce back dealings with HSBC and other banks?

 

 

Replies (19)

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By AWeb72
24th Aug 2020 13:29

I have a client who has been waiting for over two months from Barclays. Santander meanwhile paid out on the day of application for others!

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Replying to AWeb72:
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By Paul Crowley
24th Aug 2020 13:45

Barclays was the problem bank at start.
Trying to do know your client despite only offering to existing clients.
Mine was Barclays, 24 hours

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By Paul Crowley
24th Aug 2020 13:43

Nothing like these delays
One client refused, everyone else including mine all within 48 hours. BUT all existing clients of the bank applied to and all old fashioned mainstream banks.

Were they existing clients? HSBC offered to non clients.

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By essex accountant
24th Aug 2020 13:44

I applied to HSBC for a BBL in April and have not heard from them other than an automated reply. No reply to my telephone calls. I have since taken a CBILS loan from Funding Circle that took about 3 days to process and put £80,000 in my bank.

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By Tigger97
24th Aug 2020 13:51

Both companies are HSBC clients.

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Replying to Tigger97:
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By Paul Crowley
24th Aug 2020 13:54

Some of the online banks ran out of money to lend

No idea why HSBC have a problem

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Replying to Tigger97:
RLI
By lionofludesch
24th Aug 2020 14:11

Tigger97 wrote:

Both companies are HSBC clients.

Customers. Banks have customers.

They're not like us. They're more like shops. Or HMRC.

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By SXGuy
24th Aug 2020 13:52

Shocking sevice. I know santander are paying out within 2 days of sending application back.

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By whyowhy
24th Aug 2020 14:08

Yes, clients have said HSBC has long delays. None have actually received anything from HSBC.
One client cancelled his HSBC application and applied to Metro who gave him the cash in 24 hours.

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My photo
By Matrix
24th Aug 2020 15:08

A client got a quick turnaround with HSBC. I don’t know the details as don’t get involved with applications but it must have only been a few weeks.

Although they called me to see if they should take the loan and thought a few thousand would help and ended up with £20k as they were offered it. Don’t know why they asked me.

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By meadowsaw227
25th Aug 2020 09:36

Barclays were awful, took over 8 weeks, many e:mails, many hours on the phone, visits to two separate branches continually going over the same things.
Massive waste of my time and money .

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Replying to meadowsaw227:
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By Paul Crowley
25th Aug 2020 09:41

Very small client trying with Barclays
Bank person asking client to go into her Gov Gateway to get copy of tax return. Would appear Barclays do not understand that most self employed use an accountant

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By Rgab1947
26th Aug 2020 10:06

Am with HSBC. Not the fastest response people but eventually they send something. However 2 + months is slow even by their standards. 3 weeks+ is normal.

One client with HBOS - 1 week. Another with Lloyds a few days.

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By jvenegas16
26th Aug 2020 10:33

The experience with HSB I know of was application made in May, agreement received by e-mail, signed and returned and funds in the account later on that day. That was 8th May.

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Pile of Stones
By Beach Accountancy
26th Aug 2020 11:33

Client asked HSBC for a loan. Nothing was heard for ages then chased. Eventually HSBC said that they have no idea where the application is in their system, and no idea when the loan would be paid. HSBC advised to start the process from scratch again. Client gave up, went to Co-op instead.

Given that HSBC are in the normal business of lending money, how they managed to be this incompetent is beyond me. Presumably the Chinese government is worried about HSBC's funding ratio...

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By petestar1969
26th Aug 2020 11:45

Not had any experience of HSBC but a client who banks with Barclays and has a shocking credit history got a BBL from Barclays with no fuss at all. No idea how he did it.

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Morph
By kevinringer
26th Aug 2020 13:45

I've got clients with HSBC: one who had it the same day, most had to wait a few weeks, a handful have waited a few months and are still waiting. I've been told by a HSBC manager the problem is HSBC opened applications to non-HSBC customers and were flooded with applications then when nothing happened some applicants applied again, and again, and again. He said all these multiple applications have clogged up the system.

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Replying to kevinringer:
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By petestar1969
27th Aug 2020 14:05

That I can totally believe....

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By jmuir
15th Oct 2020 06:09

Absolutely dreadful treatment by Metro Bank. Business account opened. BB loan apolication approved. Advised funds would Bevin account by end of working day. They weren't. Message next day working on payout and DD set up on business account for repayments. Then no contact for a week. When callibg to follow up told oan had been declined. No explanation whatsoever.

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