News Ticker
January 19, 2022

Today’s News

Police BBL Investigations

Cases of BBL Wrongdoing

The Disqualification Files

HSBC Fires Off Another Guarantee Claim After a Company Director Wound Up Business After Bagging a £37,500 BBL When Turnover Indicates She Was Only Entitled To £8,800 and Used Most Of It For Personal Benefit

A 9 year disqualification has been handed out to a business owner who it was discovered massively over-egged their turnover and used most of a BBL for personal benefit and not the benefit of the business, here are the details of what marks the 101st case that I have listed on my BBL Default Tracker. […]

The Disqualification Files

Businessman Over-Egged Turnover on His Car Business Allowing Him to Get a £50,000 Bounce Back Loan and Made Payments to Himself and Co-Director – Outcome 7 Year Disqualification

The Insolvency Service are still very busy currently, casting their eyes over any businesses that have been wound up with Bounce Back Loans still owing, and here is yet another Director that has been slapped with a 7 year disqualification for over-egging turnover and using a fair chunk of that loan for “personal benefit”. […]

The Disqualification Files

Government Set to Tackle Directors Who Have Inappropriately Wound-Up Companies That Have Benefited From Bounce Back Loans

Lots for you to read today, as the Government are now scrambling around like headless chickens in an attempt to do everything they can to stop or at least deter Directors winding up companies if they bagged a Bounce Back Loan, so grab a coffee and read on, and see what Kwasi Kwarteng and others are planning and are up to. Does it include MPs, Members of the House of Lords and Ex-PM’s? Take a Look.. […]

The Disqualification Files

Insolvency Service Opens a Huge Can of Worms with Ruling on and Their Understanding of “Estimated Turnover” After Handing Company Co-Directors a 10 and 11 Year Disqualification Respectively for BBL Wrongdoing

Today’s case involves two Co-Directors hit with a 10 and 11 year disqualification, their joint business was incorporated in 2018, but an estimated turnover for 2019 was used to apply for a BBL, which the Insolvency Service appear to indicate was fine, based on their interpretation of the rules. However, the Insolvency Service put into question the whole aspect of the “estimated turnover” and when it should have been used, but they also indicate a “should have known it was lower” element. […]

It is a task I did not want to do, however as more and more businesses are sadly being forced to go to the wall with a Bounce Back Loan owing, I am keeping a count of the Sole Traders and Company Directors that I come across that have been forced to wind up their business and also the ones that have been slapped with a Bankruptcy Restrictions Order (BRO) or Disqualification by the Insolvency Service due to BBL “wrongdoing” and the value of the BBLs that have gone sour. The list is ever growing and the reasons for the BRO or Disqualification do vary. You can find an overview of each case HERE.

Challenge Your BBL Updates

There has been a great deal of interest now that finally a law firm has stepped forward to offer not only a legal argument for challenging a Bounce Back Loan but also a service allowing anyone with one or more of those loans to challenge their BBL(s). As news, feedback and updates come in I will be adding more articles to the above section. You can view them all by clicking or tapping HERE.

Ombudsman BBL Complaints

The Financial Ombudsman Service is for want of a better word a joke, they won’t like me saying that, but I speak as I find, and it is the truth. Many, many people have submitted a Bounce Back Loan related complaint to them, and initially it will be dealt with by a “case handler” if you do not like the decision/ruling on your complaint you can then ask for a review, and by doing so it will then finally go to a real “Ombudsman”. Anyway, if you want to see all published FOS BBL related complaints and outcomes click HERE.

BBL Related FOI Requests

Trying to get information out of the British Business Bank or even BEIS about the Bounce Back Loan Scheme can be difficult. One way you can try and do so is by submitting a Freedom of Information Request. That is something I regularly do. However, one tip is to ask them for every FOI request they have received and the replies they have sent out, you can connect the dots much better then. Checkout a selection of those FOI’s HERE.

True Cost of BBL’s

Premium Content

A Total of 65 People Have So Far Been Arrested for Alleged Government Backed Loan Fraud / Local Authority Grant Fraud with the Government Having Paid Out the Guarantee to Lenders on 155 BBLs and 113 CBILs “Suspected” Borrower Fraud Cases

Trying to make sense of who out and out defrauded the Bounce Back Loan and CBILs schemes, along with ripping off the Local Authority Business Grant schemes is going to take quite some time, however plenty of people have already been arrested for such crimes. So far a total of 65 people have been arrested for […]

Compensation Files

Bounce Back Loan Rabbit Hole

If you fancy immersing yourself in Bounce Back Loan madness, scandals, and a whole lot more, then feel free to check out my Premium Content. With hundreds of pages of new stories, updates and things that may surprise or even shock you, then venture down that rabbit hole HERE.

Bounce Back Loan News Updates

I update this website daily with all manner of Bounce Back Loan related articles and news stories, if they do not fit into any of the other categories or overlap two of them you will find them all HERE.

500+ Stories of BBL Stress and Anguish

Success Stories

Rapid Payout Lloyds via Halifax

Not something I thought I’d be saying but I nearly had a heart attack when I checked my Lloyds bank account this afternoon… I’ve been paid! I just want to say thank you, after being […]

My “Twitter Vault” dates back to when the Bounce Back Loan Scheme was up and running. You will find complaints, stories of success and all manner of feedback relating to hundreds of SME’s personal experiences of trying to get a BBL. I have of course edited out any personal information. Just be aware some of the stories are distressing, but I feel they need to be put out there as many of you will relate to them and will know just how much of a stressful time it was for many people trying to get one of those loans at the time, and the state of mind many of you were in when applying. The Twitter Vault is HERE.

Bank Bosses Have Their Say

Being hauled in front of the Public Accounts Committee or the Commons Treasury Committee is something no bank boss will enjoy. They are often put on the spot and have all manner of questions fired at them by MPs. Come and take a look at some of the questions several bank bosses have been asked about the running of their BBL facility and how they stumbled, fumbled, and even mumbled their way through their answers HERE.

Snouts in the Trough

Snouts in the Trough

Kwasi Kwarteng Secretary of State for BEIS Bags a Huge Donation from Helios Investment Partners LLP and Low and Behold the British Business Bank Pick One of that Firms Partners as Chair for their Working Group

Kwasi Kwarteng is Secretary of State for BEIS that organisation instructed the British Business Bank to launch the BBL, CBILS, CLBILS and Recovery Loan Schemes. Well, he must have been giddy with excitement when Helios Investment Partners LLP bunged him £4,500 for his election fighting fund. Then would you believe it, the BBB pick Henry Obi from Helios Investment Partners to become Chair of one of their Working Groups. […]

Sleaze has made a reappearance in HM Government, not that it ever went away of course. My Snouts in the Trough Section of the website takes a look at MPs and Members of the House of Lords who have links or financial interests in Government Backed Loan Lenders, come and take a look HERE.

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