Today’s News
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CBILs / BBL Lender Allowed to Continue to Operate and Process Loans with Fatally Flawed Online Banking Platform – Did the British Business Bank Know and/or Cover It Up?
With all the alleged cover-ups and alleged sleaze swirling around the Covid Loan Schemes, and with the British Business Bank soon to be under investigation over any “dealings” in the Greensill affair leaving a bad taste in the mouth, today I will be laying out another scandal that has been playing out for months, and no one seems to care. […]
Rishi’s Rancid Racket
Rishis Rancid Racket
British Business Bank Allow Santander to Only Offer Recovery Loans to Their High Risk Corporate Clients So UK Taxpayers Take Most of the Risk
It would make sense to allow banks to cherry pick their own customers if they were lending out their own money and taking on all risks when doing so. But let us not forget that Recovery Loans do have an 80% Government Guarantee, so taxpayers are backing them.
Once again, all on Rishi Sunak’s watch too, the British Business Bank are allowing yet another bank to do as they please with their Recovery Loan facility, and this time it is the turn of Santander to take the Mickey. […]
Rishis Rancid Racket
HSBC Have Rejected so Many Recovery Loan Applicants Already They Should Apply for a Listing in the Guinness Book of Records
If you were given £1 for the number of Recovery Loans that HSBC have already rejected/declined, you would not need a Recovery Loan. This is yet more shame on Rishi and that ridiculous scheme that is not suited to small or average sized SMEs. […]
Rishis Rancid Racket
The Tricks Barclays are Pulling, You Guessed it, With the Approval of the British Business Bank to NOT Let You Apply for a Recovery Loan
I have yet to hear of anyone approved for and paid out a Recovery Loan, which speaks volumes at just how successful that scheme will be at helping SMEs recover. But once you discover the underhand tactics that Barclays are using to put off or decline those applying all will become clear, with the approval I must add of the British Business Bank. […]
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CBILs / BBL Lender Allowed to Continue to Operate and Process Loans with Fatally Flawed Online Banking Platform – Did the British Business Bank Know and/or Cover It Up?
With all the alleged cover-ups and alleged sleaze swirling around the Covid Loan Schemes, and with the British Business Bank soon to be under investigation over any “dealings” in the Greensill affair leaving a bad taste in the mouth, today I will be laying out another scandal that has been playing out for months, and no one seems to care. […]
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Details of the “Dodgy Database” I Hope the National Audit Office will Revisit as Part of Their Announced Investigation into British Business Bank over the Greensill Affair
This news update may be helpful to those of you who may have been declined a Bounce Back Loan due to the failure of the British Business Bank, to, in my opinion, play fair and be open and honest to people, as there is still time to get that decline overturned if you were caught up in the scandal I will reveal below. […]
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BEIS, British Business Bank and Their Accredited Lenders and Gobby Lib Dem MP Now “Fully Aware” of the Problems Naming BBL Recipients Will Cause
Some good news to report, my publication of the FOI Request reply from the British Business Bank giving their devastating and dire warnings into the dangers of publishing the names/details of all businesses who got a Bounce Bank Loan or CBILS/CLBILS has caused something of a kerfuffle, and it is being urgently addressed. […]
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New UK Transparency Database – Consultation Impact Assessment
Below you will find the Consultation Impact Assessment for the Subsidy Control: Designing a new approach for the UK, that some of you are interested in learning more about. […]
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The Rt Hon Kwasi Kwarteng MP Explains “Subsidy Control” – Designing a New Approach for the UK
Some light reading for those of you who want some background on Subsidy Control. This is an overview from the Rt Hon Kwasi Kwarteng MP Secretary of State for BEIS outlining the consultation period which came to an end on March 31st 2021. […]
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BEIS Panic Stricken as Paul Scully Gleefully Boasts About Planned UK Transparency Database Website That May List Full Details of Everyone with a BBL
Bumbling Paul Scully, the somewhat unkempt buffoon from the Department for Business, Energy & Industrial Strategy still cannot tell you if your business details and possibly your personal details will be splattered all over an EU website.
But he appears very eager that they should be published on a new UK Transparency Database website, despite a dire warning from the British Business Bank that to do so will destroy many business, undermine confidence in banks and may put off those wanting to access the BBB schemes in future, and may even negatively affect the share price of companies. […]
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British Business Bank Confirm Lib Dem MP’s Pressure and the BEIS Wicked Scheme to Publicly Name Those Who Got a Bounce Back Loan Could Destroy Those Businesses
Some shock admissions were revealed in the Commons yesterday in an “Urgent Question” debate about David Cameron, Greensill, Rishi and the Government, one being both BEIS (Department for Business, Energy & Industrial Strategy), and a Lib Dem MP, against the warnings given by British Business Bank, appear to want to name all those who got a Bounce Back Loan. Here are the documents. […]
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An Insight Into the Santander Recovery Loan Application Form – As They are Being So Secretive
As Santander are proving to be somewhat secretive, and having seen the horrific letters they are sending out to people they gave BBL’s to, snooping around their accounts and demanding to know as good as, what’s this, what’s that, where’s that/this etc, below for my subscribers, (once again many thanks to all of you, your support helps me do what I do), here are their Recovery Loan application forms for you to peruse. […]
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Recovery Loans – One Week In and What Have We Learned?
We have certainly learnt over the past 7 days that anything to do with Government backed loans is a dirty, filthy, and murky world which goes right to the heart of said Government. In this article I will give you an idea of what they, the British Business Bank, and the lenders themselves have been up to regarding Recovery Loans over the last week, I should warn you its not pretty. […]
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MP Tells Me to Inform Others To “Be Careful” with Recovery Loans
As you will know, I put out a call for MP’s yesterday to get in touch with me so I could tell them of the problems being experienced by those applying for a Recovery Loan, well two of them did come forward, one of whom asked me to inform the masses “to be careful” with those loans. […]
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The British Business Bank YOU Pay For Are Compiling Guidance for Brokers Who Feast on Commissions and Fees
It gets worse dear website visitor it really does, below you can view in full the Recovery Loan Scheme (RLS) Intermediary (Broker) Guidance the British Business Bank YOU pay for have helped compile. It shows “Brokers” how to earn a healthy commission/fee for “helping” you get a Recovery Loan, the British Business Bank appear to be very chummy with those Brokers, and are eager for them to earn that commission/fee. Why are the British Business Bank YOU pay for not helping SME’s instead? […]
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Hourly Updates on Day One of the Recovery Loan Scheme
As promised to my subscribers, this is where I will be putting my hourly updates on the launch of the Recovery Loan Scheme. Trying to keep track of the scheme on Social Media will be a nightmare, as too will trying to contact a bank for updates, it was on day one of the BBL scheme, hence these updates. […]
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Banks Bosses Confident There Will Be “No Great Demand” for Recovery Loans – I Beg to Differ
I spent the weekend phoning some of my contacts at several banks to try and get any snippets of information that would help people plan for the upcoming launch of the Recovery Loan scheme. One common trend in those calls […]
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British Business Bank Reveal the One Liner They Fear SME’s Will Use to Get Off Repaying a Bounce Back Loan
“The Board also discussed the conduct-related risk that borrowers (BBL) sign away rights under the Consumer Credit Act and may then later claim they were vulnerable and so cannot be held accountable for doing so.” […]
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Complaining about the Financial Ombudsman – Is It Worth It?
I am currently monitoring a rather large number of Bounce Back Loan complaints that are in with the Financial Ombudsman, however one thing you are going to have to accept if you do complain is that they are backlogged, so do not expect a speedy resolution. […]
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A Few Added Hurdles for Previous and New Claimants of SEISS
As expected, HMRC are up to their usual tricks when it comes to SEISS, some of you out there will be claiming it for the first time this month, and some of you will have claimed it before, however even if you have claimed it previously you may face a few added hurdles. […]
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What Does Accelerated Accreditation of Lenders Mean for Recovery Loan Borrowers?
Well, the deadline to get Bounce Back Loan applications in came and went yesterday, and that does of course mean the coast is now clear for the finer details of the replacement Recovery Loan Scheme to be published, and they will be shortly. […]
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Example of a Barclays Bounce Back Loan Complaint Sent to and “Resolved” by the Ombudsman – “Error 41” Complaint
Currently there is a huge backlog of complaints regarding Bounce Back Loans in with the Financial Ombudsman Service. It is true and fair to say, that it is going to take them ages to work their way through them all, and in typical fashion, the boss of the Financial Ombudsman Service legged it out the door so to speak recently and resigned […]
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NatWest Playing Dumb with BBL PAYG Options for Customers They Closed the Accounts Of
Having listened to Paul Thwaite, CEO of Commercial Banking, NatWest Group try and explain his banks actions during the Bounce Back Loan scheme, it is apparent he has not really got a clue what is going on behind the scenes. […]
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Anne from Starling Bank Says All Banks Need to Offer “Something Special” to Sole Traders who have to default on their BBL’s.
Some banks accept some of their customers will default, and Ann Boden from Starling Bank has gone on record as making that point known, and she has said Sole Traders especially should be offered something special when they have no other option to default. Let’s look at what she has said. […]
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Is This the Worst Bank Bounce Bank Loan Related Compensation Offer Ever? (Metro Bank)
I will be covering some of the compensation related stories regarding Bounce Back Loans moving forward, for I do know many of you are interested in finding out if you can claim compensation for delays and being messed about by the banks and lenders that were part of that scheme. […]
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How Much Do Banks Award as Compensation for BBL Problems Without Going to the Ombudsman?
You will find some banks may offer you compensation if you complain directly to them about any Bounce Back Loan related problems you have experienced, but you can take your complaint to the Ombudsman, just be aware they are backlogged with complaints so are taking quite some time to reply with a ruling. […]
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NatWest Letter of Demand “Event of Default” – Take a Look and See What You Think
I received a message yesterday evening from a follower who had secured a Bounce Back Loan from NatWest back in the first few weeks of the scheme, in which they told me that they had just received a “Letter of Demand” from the bank informing them that an “Event of Default” had occurred, and they want the money back. […]
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Is 36 Bounce Back Loans for One Person a Record? Well One Person Has That Many!
Whilst I know many of you have failed to get one Bounce Back Loan, some people have had lots of them, and today I will be taking a quick look at the background to one such person, who managed to bag 36 BBL’s. […]
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Worried About Consequences of Transferring Your BBL Funds to Another Bank? Don’t Be!
The one question I did get asked a lot during the lifetime of the Bounce Back Loan scheme, was “shall I transfer it out” when the funds finally dropped into an applicant’s bank account. Now you may ask yourself why someone who had just secured a Bounce Back Loan would want to move it to another account, well one reason was many banks had acquired a track record for approving BBL’s, paying them out to customers then out of the blue snatching them back. […]
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Getting Your Head Around the Pay as You Grow Bounce Back Loan Options – Detailed Guide
For those of you struggling to make sense of the Pay as Your Grow Options, I have put together this hopefully easy to follow guide that will enlighten you on what options are available, when you will be offered them, and how you can take them, and the differences in the total amount you will have to pay on each option too. […]
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Account Closure and Bounce Back Loan Snatch Back Letters Exposed!
I know many of you have heard stories about bank accounts being closed, and even worse people receiving letters from their bank demanding immediate repayment of their Bounce Back Loans. With that in mind below I will be giving you an insight into just how blunt those letters can be […]
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Two Bounce Back Loans for the Same Business! The Juicy Bits Revealed!
The rules of the Bounce Back Loan scheme did of course keep on getting changed as the scheme progressed and lockdowns continued.
However, when the scheme initially launched there was no system in place for a lender to check if one business owner had applied for and had been approved for and then had been paid out a Bounce Back Loan for their business. […]
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