What's Tide's Plan C?


#1

Really simple question now… Now that we know that the Treasury and the lender that Tide was trying to negotiate with will not help… what is tides plan C? Would it not be beneficial for tired themselves and all the members to try and negotiate a breakeven loan contract with a major bank just so you can help the people that you are so passionate about? Why not negotiate with a fellow financial association and or Bank to have Tide members accepted to their own BBLS?

It just makes sense surely even if it means that you don’t make any money out of it but actually you’re able to save face and save Tide from the vast influx of account closure notices you are at risk of receiving?


#2

My question is whether people will actually close their Tide accounts? We may all be angry with Tide, but where else to go? Banks are not opening new accounts. Maybe Tide is “any port in a storm” even without BBL. That said, no doubt many Tide customers will go bust and have to close their accounts because of that


#3

I guess our only hope is the fact the bbb put in place that they would secure the loan directly to Tides lender… tides lender either steps back in the ring or it looks more appealing to other potential investors / lenders.

It does make sense to want to have it changed. If the bbb secured it to tide and tide went bust before, the lender may have lost the guaranteed aspect of the loan, now it’s guaranteed income (directly) with very minimal admin.

Other than that I would say they’ve pretty much exhausted all options. & we’ve become the remaining collateral damage.

Clutching at straws.


#4

No doubt if Tide don’t get the bbl sorted they won’t be around much longer…

won’t be able to raise funds in this market, their customers will have gone elsewhere, large % will have gone under & the appetite for new sme bank accounts / market will shrink considerably.

It’s in the interests of all but we are running out of gas… meanwhile some cash shell businesses / Ltd’s have blagged it good and proper, new cars & grants.

Gotta laugh.


#5

Im a director of a limited company thats not had any help at all me and my business partner get 575 a month furlough, we Are waiting for a tax refund from HMRC that keeps getting delayed for the simple reason their using the money to fund the grants for everyone else.
I originally banked with my cashplus who are waiting for their banking licence, until they get their banking licence they cant offer the loan but when they do they have 400 million to lend out to small companies. I do get emailed updated on their progress and it is slow but after tide let me down its the only light at the end of my tunnel. They seem like their the same sort of company as tide but are just lacking the banking licence. It might be worth getting an account with them just to get your foot in the door before they get bombarded with new clients like tide did.
Theres no promises but like i say its the only hope ive got right now.


#6

Funny enough I just opened an account with cashplus as they are the next best thing after tide. Let see what happens! :crossed_fingers:


#7

Just joined you guys.

@Customer745 Sorry to hear it mate. I’ve been on the dole, blessed because I can get it, but due to other business turbulence over last 4 years I have no assets, fack all as they say, I’ll be pushed on to the street or close to if this doesn’t land or if things get worse, it’s rough, young(ish) tho so I guess it’s all just part of the process. It’s fucked.

Unbelievable the situation hard working / players / entrepreneurs / families have people have been pushed into, truly… from many, you will receive compassion until they get their loan, that they can relate to, then side with the “well we couldn’t help them all”

Sums it up.

It’s all ok as long as it’s not me. Selfish *****’*. the problems of the world right there.

Chin up. :+1:


#8

If it were easy it would only get boring.

Can’t see cashplus getting a banking licence, 99.9% chance it’ll never happen, banking maffia don’t want to share their first rolo with anyone, but worth a try none the less.

:crossed_fingers:


#9

Hopefully this means people are starting to take notice and will fight our corner.


#10

Thank F for that… I have been speaking to my MP about this and she had promised she was making wave about it in Parliament but I didn’t believe here. Everything is :crossed_fingers:! The reality is 1.1million SME’s are being locked out and i am certainly Labour will bring this back up at the next GE if the Gov don’t act on this. Its not like its just a small amount of disgruntled people, 1.1million is hard to ignore and also a warning from a cross party parliamentary group!? On their heads if they don’t fix it.


#11

Also very interesting that financial times is reporting lending has dried up faster then in 2008. The BoE don’t seem to please after slashing the interest rates. It’s like being slapped in the face for them so I think we still have lots of fireworks to come against the big banks.


#12

It’s not up to the other banks to determine who gets a license though.
That’s up to the PRA & FCA and cash plus will most definitely get a banking license. They’ve been around for a while and they’ve been making profit as well. Even Zopa got a banking license recently.
@ Customer745 Do you know when they applied for their license? I think new banks usually get their license within 6 months after a complete application and within 12 months for an incomplete one.


#13

Ok fair comment. It’s times like this I sure hope I’m wrong, the more lenders the better.


#14


#15

Cash plus i believe have been applying for some time, since 2018 i think i have read somewhere. They have the money to lend so it cant be any worse than being with tide. If you have an account now before they open the flood gates you might stand a chance of actually securing some funds


#16

There’s no way cashplus is gonna be involved in the BBLS.
Even if they get their banking license, they won’t have the time to set up and get accredited before the scheme ends in 3 months.


#17

If Cashplus have money to lend but can’t get approval for BBL’s…why are Tide not beating a path to Cashplus Management??


#18

Which also makes one wonder…

You don’t need a banking licence for the bbl’s, tide haven’t got a banking licence and neither have the company they piggyback for prepaid cards etc.


closed #19