Looking forward


#1

Foolish as it may be I choose to continue to look at the possibility/opportunity in front of us and as with Almost anything in life, perspective is key.

Tide have clearly fooked this up, plain as day to see, at no fault of their own in many ways (imo), realistically trying to get funding at 2.5% from a private market with both tide & the lender gaining a profit was surely nigh on impossible. The comms and leading people on is inexcusable… but, Equally - absolutely no doubt tide went into this with the best intentions.

Drawing a line under it, we are where we are!

Oliver’s Letter today imo CLEARLY hints that they need help (he certainly isn’t in a position to ask directly) … but perhaps it would be good trying to pursuade the hands of the treasury !!!

He confirmed they are in talks with the treasury.

The British business bank then went on to note the message Tide had written, they have shown acknowledgement, their twatter update they are well aware at the vast amount of people being left out, 84k is no small number of businesses to go down & they acknowledged that changes may happen.

The problem many of us are in is similar, no way of borrowing from a main st bank and starling & tide are in the same boat.

The best possible outcome for anyone still waiting is the treasury lend directly to tide & starling as Oliver hinted at in his letter and that will in turn ensure wether you are 82k on the fooking list or 5k you will get a loan if you are entitled too.

From Oliver’s letter:

“ We’re campaigning for the Government to provide the funding for your Bounce Back Loans

The way the Bounce Back Loan Scheme is set up makes it very easy for banks with large pools of funding available, but not for fintechs like Tide.

Therefore, we’re in conversation with our contacts at HM Treasury about the Government providing the necessary funding for the Scheme directly to lenders, rather than lenders sourcing capital from investors or other financial institutions.

As reported in the press, the Government has been considering this for some time, and there are examples where the Government is directly providing funding for the Coronavirus Business Support (for example, for the Future Fund).

With the “whatever it takes” approach the Chancellor has taken to supporting the economy, we believe this is a good opportunity for the Government to make changes that will significantly benefit our members and the UK economy overall. ”

Still think there is a decent chance imo, can’t hurt in continuing to pile on pressure.

Gl everyone few more sleepless nights left


#2

But why would Gov propped up Tide?
Gov could “order” Natwest group (still 60% state owned) to take Tideans onboard and it would be end of story.
Why help Tide’s board to sort out their own mess by using public money? It would be wrong IMHO to hand out money to Tide for them to lend. Cut the middleman altogether or force Natwest (with RBS and Ulster to cover all countries).


#3

Cant tell me tide didnt research was what necessary to be able to offer the bounce back loan?? They knew they wouldn’t get funding, what they was hoping for was a bail out as like many of us there also struggling and risk going under aswell, there using us to fight for them to be recognised as a proper high street bank, which wont happen, they went into deep to quick and will sink


#4

The whole point of the fin techs & new banks was to add some competition in a very stale market place, which they were “supportive” of…

I don’t see the government saying - all tides customers have to join up to NatWest (or alike) which ofc would probably ruin tide.

Also it’s not just tide in this position, same reason monzo didn’t get involved in the first place, getting funds at that % was nigh on impossible…

So in essence we have been punished for supporting a challenger bank.

The fact Oliver has “paused” lending and made it publicly clear they can’t get funding & the bbb have publicly acknowledged this factor… Has to be viewed as positive imo.

84,000 people signed up to tide who are mostly entitled to the loan, the economy is fooked & they have the worst recession the country will have ever been through just found the corner. FWIW increased socialism and a ubi is probably one of the only ways everything won’t fall apart.

“ With the “whatever it takes” approach the Chancellor has taken to supporting the economy, we believe this is a good opportunity for the Government to make changes that will significantly benefit our members and the UK economy overall. ”

Blood&bone - no, they’re using us to try and help twist the governments arm so they can lend… sure getting a full banking licence would be far harder task, the government could fairly easily give them the money they need & there’s 84000 people waiting.


#5

I think Tide knew they would not get the funding required from the start.
This waiting list for the BBL was just to buy more time to acquire new customers.
Why you ask me? Probably to gain access to the Banking Competition Remedies (BCR) fund since they’ve increased their customer base drastically.


#6


#7

Mate I disagree. I think they have and have had genuine intentions.

For a start the waitlist you didn’t need to become a customer, if what you are saying was true then they would have made it mandatory to become a customer to get a loan but they didn’t, they were offering the same bridging account as Hsbc aswel as new customers.


#8

Re: The whole point of the fin techs & new banks was to add some competition in a very stale market place, which they were “supportive” of…

The whole point of those businesses is /was to make money for them which is the only justification to run any business. Period.


#9

Re: The fact Oliver has “paused” lending and made it publicly clear they can’t get funding & the bbb have publicly acknowledged this factor… Has to be viewed as positive imo.

Don’t do the job for him again. He asked for lobbying before to get accreditation. We also helped him by opening our accounts and running our businesses with his company. Now he asks for help again. And do you think is he the one who suffer? He is rich and will remain rich. Don’t help him being richer by doing a legwork for him. Just my 2p as am VERY disappointed.


#10

In relation to first comments I’m not sure how that references my comments which I was pointing out, the government arnt going to say to all of tides customers, “you have to go to NatWest” which is what you originally said.


#11

No I didn’t. I said that Tide as a middleman without its own money is not needed


#12

I don’t give a flying hoot if I have to do leg work if it means I get a loan.

I’m not and I’m no way emotional regarding this … I’m in an unbelievably dire situation but I will do everything in my power to ensure I have as much chance of not being pushed out on to the streets as I possibly can.

If others feel that their energy is best placed directing hate towards tide that is entirely up to them. Imo it’s pathetic.

Imo things could still happen as is clear to see with bbb comments and Oliver’s.


#13

But that would involve pulling tides customers away from tide which as I said wouldn’t happen

Far more likely to give tide the funding.


#14

No man. What I meant was something similar to what Lloyds is doing for Halifax customers (as Halifax do not offer business accounts at all). If you have Tide sort code then Natwest could then open you feeder account via special link and lend you money. It could be any other bank as well willing to help with lending but IMHO it would be easier with Natwest group as they are 60% state owned.
Then you can still bank with Tide.


#15

Ah ok my misunderstanding I get you now & yes I agree

84,000 businesses is almost 10% of all the bbl’s lent out so far it’s no small number & tide have a bit of leverage on negotiating imo.

We just have to remain hopeful & positive & lucky.


#16

@Cam Unfortunately I don’t think Tide is going to get funding from the government. The only thing we can hope for is for the government to force existing lenders to lend to non-customers.


#17

Sadly mate think you’re probably right, (hope tide pull through) but yes no doubt the likely scenario with so much bad press… shame as I think we’d be a little bit louder working together. Maybe they’ll surprise!?

:exploding_head::pleading_face::man_shrugging:

ExcludedUK are making head way for the 3m which is a positive. Hats off to those guys.