Just a vent about everything?


#1

i have spent weeks (almost months now) desperately trying to save my business. as of 3 weeks ago i couldn’t pay my insurance and now can’t continue to operate due to this. i have just paid my business rent this morning out of my own money and look to do so again in 4 weeks time. the only thing spurring me on is that you guys are gonna come through… i’ve waited 6 weeks for an online tracker but… nothing. i’ve enquired as to my position in the queue only to be told 2 different answers. theres an increasing amount of successful bbl reviews on trust pilot but the MSE review tells me NOONE has received one yet… so who is responsible for not only writing them but also acknowledging them… surely someone reading the reviews must’ve thought ‘pfft whos this guy, we haven’t even offered anyone a bbl and he’s saying our service and process were second to none?’
we were told that you had recruited all Tideans and they were on hand but… doing what? replies still take 3 days and noones issuing bbls? what exactly was the extra wave of support benefitting? why is Oliver not on the frontline of this issuing weekly updates to put peoples worries at ease?
the biggest greivence i have is the LACK of communication… there is absolutely ZERO excuse for any business to leave their client base high n dry in terms of clear steps and communication when in a crisis. i want you guys to succeed so badly but… how? how will you rebrand your reputation after this? i know most if not ALL your customers will receive a bbl from yourselves then just sign over to a new bank afterwards.
the only way i can see you guys saving any kind of face with this is just to come out and say… yep, we messed up! we went about it this way but we didn’t anticipate x, y and z would happen… that would probably get you the respect needed to keep everyone onboard at the end of this… but somehow someone in your PR dept think offering copy n paste nonsense responses is offering the best customer service on your end!
i’ve pretty much signed myself off from getting a bbl, i’m probably gonna pay my rent for another couple of month then admit defeat and shut everything down for the final time.
oh and whilst i’m at it… who decided the new invoice format was a winner? literally who was that person?? if it’s not broke… don’t fix it


#2

Hi @MrChimps,

I really do feel your frustrations. We are in the same boat, and we spent time lobbying for Tide to become accredited.

Genuinely, I do not think there has been a more badly run attempt at business than what Tide has offered. The MSE -90% satisfaction score is astonishing.

It is now clear that Tide very much do not “stand with us” and have whether by design or not, totally fouled up the BBL process. We have sent an e-mail a day to the ceo (silence to this…compare it to any other organisation, and they at least pay lip service).

Try every other lender.


#3

Hey there @MrChimps and @richardv9

Thank you for sharing your thoughts, I know that you and a lot of other members have been struggling and there is absolutely more that we can do from our side to speed up our response times even further so we don’t keep you waiting.

Even though we’ve lent a significant amount for Tide’s size as a company, we are still doing everything we can to secure the funding we’ll need to keep lending to many more members than we’ve managed to reach so far.

If you need any kind of assistance, please don’t hesitate to reach out, I’d be happy to help.

Regards,
Obi


#4

i appreciate the reply Obi but you haven’t answered a single question/ concern and just spouted the same nonsense down my throat that i have just complained about
i’m genuinely not even bothered mate it’s just childish now… thanks though


#5

I completely understand.

Once we have more definitive updates to give, we absolutely will.

Regards,
Obi


#6

Dear @Obi_at_Tide,

Thank you for your reply. I have spoken to you on the phone and found you polite and courteous.

I believe the frustration here comes from Tide claiming they have lent a “significant amount”. You claim proudly Tide has 2% of the SME market, 2% of the BBL volume lending would be around £600m.

Thus Tide has lent 12x less than its market share. A “significant” amount would be you lending over and above your market share. Not a factor of 12 below this amount.

Quite how Tide can view lending this amount (about the revenue of a boarding school) as “significant” is beyond me and all your members.

You have a duty of care to those businesses who join you. Many thousands of them will go bust, simply because they chose to bank with Tide. That is the simple fact.

The bitter taste is left in our mouths, when you keep a waiting list open but have not lent any money in a month and you take on new clients despite not being able to service current clients correctly.

The above gives the inpression (rightly or wrongly) that as a wannabee unicorn, you care only about account sign up numbers and not service.

Finally, your management seems deaf to any of these concerns. Dr Prill does not respond to any form of communication.


#7

Hi @Obi_at_Tide,

Unfortunately there has been no response to the above.

Do you have anything to add or to say?

Many thanks


#8

Thank you for bringing this back up @richardv9 and apologies for not getting back to you sooner!

Just to clarify, we haven’t stopped lending, but with the ever-growing waiting list, the funds we’re looking to secure are meant to speed the process up considerably. A lot of members need support urgently and this is what we’re doing to try and meet that need.

Even if they’re not able to respond directly, everybody here is quite keenly aware of our members’ concerns. For now, we don’t have a more definitive update to provide, but we haven’t given up on supporting you through the BBLS.

Regards,
Obi


#9

Dear @Obi_at_Tide,

Thank you for your reply.

We are acutely aware that many members need funds urgently. We are one of them, who is having to pass up business oppotunities and delay payments to suppliers, because we cannot access funding through Tide.

Given that Dr Prill stated that many businesses would be out of cash within days, if Tide was not approved. Would you be able to expand in more detail on:

  1. The total volume of lending in the last 3 weeks?

  2. The number of businesses supported in the last 3 weeks?

As you rightly say, your waitlist is growing by the day (I imagine by the hour!). Given that so far only £50m appears to have been lent, and that the talks are only for “hundreds of millions” more, why is this waitlist still open?

Finally, I was due a call back on Friday, as I am entirely unsure what on earth we are paying for with our premium account. Could you please ensure I get this call today, but not between 6pm and 7.30pm.

Thanks


#10

Thank you again @richardv9

I do anticipate that we’ll be able to address your 1st point and more in our next update. We haven’t had much to announce on a regular basis, but we will have something soon.

I’ll reach out to the team so that we can contact you as soon as possible.

Regards,
Obi


#11

Hi @Obi_at_Tide,

4 days now and not a phone call from Tide.

In what world is this acceptable?

If you do not have the capacity to help or contact exisitng customers, why on earth are you taking on new ones. It is a recipe for disaster.

I look forward to a call promptly.


#12

Hi @richardv9

With the volumes of requests we’ve had, I do acknowledge that we’ve not been able to be as agile with our responses as we’d like.

I will ask the team to contact you as soon as possible.

Regards,
Obi


#13

@Obi_at_Tide

Hi and I’ve got a few issues going on which I raised a complaint about. However no one has responded now for over 8 days and I was assured a response in 3 days

Also due to the support/message part of the app not working and comments failing to load (an ongoing issue I am told) I am unable when I do get a response to actually even read the response.

I therefore mention on every message that I send via the app that I won’t be able to read the response so please can tide communicate via email instead, which rarely happens so I then spend days trying to let someone know I can’t read the original response. Which means the original question doesn’t even get answered.

Also on top of having to wait days for a response and then to have to ask for that response to be emailed due to app not working and then to see it is a generic copy and paste answer is just really, really unprofessional.

I absolutely love the idea of new businesses being able to disrupt the high street institutions and that is the reason we joined youR company but right now the only disruption being made is how tide are treating their customers.

It’s so sad to see the many customers of tide talk about how they are losing their homes and businesses because they can’t access a loan from your company. But what is worse is that they were promised weeks ago that tide would be issuing these loans withIn the coming days and weeks.

Obviously this never happened and now all the other banks have closed their doors to new applications and people are left in the awful position of having to depend on a company that won’t even give them the decency of an update. Because even if nothing has happened and you have not managed to raise the funds or develop the waitlist app your company promised was coming. That is still an update your customers deserve to know.

And where is your CEO throughout this, why Is he so silent and unobtainable to his customers. And why is he making you guys answer the questions that he should be answering.

And why are tide advertising for more customers?

As I am writing this I genuinely can’t think of another company that has managed its communications so badly and that really isn’t your fault obi or any of your colleagues, that is for your CEO to manage because I would never make my staff have to carry or deal with what you guys are carrying right now.

It must be awful to have to come to work and hear the many sad stories of the customers you are dealing with. Because I read them on social media and this forum and they really are heart wrenching.

Luckily we still have a business account with another fintech bank which works so well so I don’t have to rely on tide as our main account. But Obi if I didn’t have this other account I can not see how we could run a business account with tide as the technology and support is simply not there or available.

Everything just feels so insecure with tide and right now I would not move our money or business over to an institution that doesn’t even have a working “contact us“ system never mind access to the much promised access to BBLS.

To which we were actually assured access too by 27th June …

That really is another story though.


#14

Don’t worry you’ll not get many calls now as you’ll have no customers left. Accounts will be closing quicker than they joined the BBL fairy tale list. It just shows how much confidence the city has in tide when they won’t even consider a government backed money guarantee. Must be a complete laughing stock. Well done for compounding lie after lie. Account to be closed. Should have never been granted 50m to give out to friends and family accounts.


#15

Thank you for writing @Elder1, @Newbielee

I know that this has been a very troubling announcement for a lot of our members. We haven’t given up on seeing our support for the BBLS renewed and will continue to work on securing funding.

We hope that the difficulties that we and other fintechs have faced in extending bounce back loans to their members will prompt the Government to take a more bold and direct action in support and will pursue those avenues as best we can.

In regard to the quality of our support, it is true that the volume of interest has made it difficult to address concerns and respond as quickly as we’d like to, and we’ll be doing everything we can to address this as well.

Regards,
Obi


#16

The problem is and it’s been the same from the start no honest communication has been given. I know that’s not your fault But someone in authority needs to realize that the constant lies and mis information will have closed thousands of businesses and probably put people on the streets. The honest way would have been on day one saying we have 50m to lend and people could have decided. The worry part is people on list sub 1000 haven’t had loans. So where has this money gone.


#17

@Obi_at_Tide

I genuinely feel for you guys as you are now going to be dealing with the reality of the latest announcement that all lending is paused.

However I feel more for the people who really did believe they would be getting a loan due to all the posts that stated tide would be lending soon.

Because at no point was it mentioned or alluded too that tide might not be able to raise the funds and would be stopping/pausing lending. However tide must have known this was about to happen or extremely likely to happen otherwise the waitlist app would have been launched.

Definitely the worst handled business situation I have seen in years and if it didn’t have such a huge impact on so many people lives it wouldn’t have mattered so much.

But for people not to be told that the chances were slim that tide would get funding or that tide were facing challenges with funding is without a doubt a very unethical way to operate a business.


#18

Hi @Obi_at_Tide,

Give up on the pretence please. The whole thing is an account grabbing tactic. You have hit the account numbers you wanted. You kept the waitlist open.

Talks for “hundreds of millions” soon. Failed trackers. Starling do not have this difficulty.

Genuinely, we are sick to death of the lies and deceit by Tide. We will be publishing an open letter to outline this. Your CEO refuses to even correspond with us.

Oh an we are still waiting for the call to sort issues


#19

Thank you for following up on this, Richard.

I can completely understand your skepticism. Our intentions were always to provide support to as many of our members as we possibly could, as well as other eligible businesses. This is why we kept the waiting list open and were accepting new applications.

I can see that you’re already in communication with our team in the app - please let them know when you would like us to call you. With the increased volume of contact we’ve been receiving, this would be the fastest way for the team to reach you.

Regards,
Obi


#20

Hi @Obi_at_Tide,

Anytime after 4 today would be great. Much appreciated