HSBC’s own bounce-back loan guidelines say it aims to respond to applications within a couple of days.
“They have left me to go under,” said Darren Smith of Chorley-based DMS Minibus Hire, who applied for a bounce-back loan on May 16, having been an HSBC customer for over 30 years, and is still waiting for his money, despite HSBC assuring him the money would hit his account within two days.
“So many businesses are going bust due to this farce,” said childminder Louise Blazys, who is also waiting for any communication for HSBC, despite applying three weeks ago.
Alan Larking, who has set up a Facebook page for unhappy HSBC bounce-back loan applicants to share grievances, asked: “Are they going to compensate businesses that have gone into liquidation due to their incompetence?”
>See also: Microbusiness £50,000 Bounce Back Loans – how they work
“I cannot understand how it’s taking so long when the likes of Lloyds Bank are processing and paying within 48 hours,” said locksmith Richard Hopkins, who applied for an HSBC BBL on May 23 and was approved that same day. Since then he has heard nothing.
‘Businesses will fail due to the total shambles that is HSBC’
“To be very blunt, if the loan doesn’t get paid into my account soon, I won’t have a business to go back to,” said Hopkins.
Kerry Howard, who runs handicrafts business Woodworks and has been an HSBC customer for eight years, said her mental health has been affected because of the bank’s silence over her approved bounce-back loan.
Howard said: “HSBC are making people ill with the way they are behaving. My life has become ruled and consumed by HSBC. I feel broken actually, and as if I have no control or decision-making ability about my own business anymore.”
Peter Trotman, director of business broker Vision Business Advisers and an HSBC business customer for four years, blames HSBC opening up bounce-back loans to non-HSBC customers for overwhelming the system.
Applications are being lost and business owners have to reapply multiple times, only to speak to call-centres with no overview of their applications.
Trotman himself applied on May 4 and, having heard nothing despite over 15 phone calls and numerous emails, was told to reapply on May 13. Since then he has still heard nothing.
Trotman said: “I am not the only one. There are hundreds or thousands whose businesses will fail due to the total shambles that is HSBC.”