March 2022 – Mr Bounce Back – Bounce Back Loan Complaints and Scandals

Insolvency Service Issues Pathetic “Fact Sheet” on Bounce Back Loans

March 31, 2022

Below is a “fact sheet” on Bounce Back Loans as just issued by the Insolvency Service. In something of a pathetic and ill-thought fashion they dispersed into that fact sheet all manner of scare/horror stories […]

Ombudsman Deems £500 is Fair Compensation for HSBC Dangling an Untouchable 50k Account Balance in Front of a Bounce Back Loan Customer for 6 Months Than Pulling it Back Due to a Confusion Over His Business Turnover Figure

March 31, 2022

In today’s case Jenny Lomax an Ombudsman at the Financial Ombudsman Service gives her ruling on one of many of HSBC Bounce Back Loan related complaints she and her colleagues have received. […]

7 Year Ban for Business Owner Who Over-Egged Turnover to Get a Bounce Back Loan and Spent Most of It Gambling and a 9 Year Ban for Another Who Bagged Two BBLs That He Was Not Entitled To Part of Which Were Used for Personal Benefit

March 30, 2022

The following two cases sees my BBL defaults tracker shoot past the 400 mark, that tracker lists those who have been found to have done some form of wrongdoing related to a Bounce Back Loan and have been slapped with a disqualification/ban/bankruptcy restrictions order. […]

As Resignations By People Associated with the Bounce Back Loan Scheme Increases, I Take a Look Back at The Top 10 Fraud Risks For The Bounce Back Loan Scheme As Reported by the National Audit Office

March 30, 2022

With Lord Agnew throwing his hands up in the air and choosing to resign his post as the Minister of State at the Cabinet Office and HM Treasury, one imagines allowing him to spend more […]

HSBC Lose Another Bounce Back Loan as Company Director is Hit With a 7 Year Disqualification for Over-Egging Turnover and Using Half of it for Personal Benefit

March 30, 2022

This case involves £25k Bounce Back Loan paid out by HSBC, which as you will see, resulted in a 7 Year Disqualification. […]

6 Year Disqualification for Company Director Who Took Out a £50k BBL and Made Payments Benefitting Himself or a Connected Company When He Should Have Known or Knew the Company Was Insolvent

March 30, 2022

There is no let up regarding the number of Company Directors being hit with disqualifications when they have been found to have done some form of wrongdoing with a BBL and here is another case which resulted in a 6-year disqualification. […]

Ombudsman Deems £150 Fair Compensation for a Metro Bank Customer that Had To Visit one of Their Branches to Open an Account to Access the BBL Scheme But Was Ultimately Declined and “Ushered Out of the Bank”

March 29, 2022

You may recall that Metro Bank were late to offer Bounce Back Loans, and they cited their state-of-the-art online application system that delayed things slightly as they wanted it to be “spot on” before making it live. That system repeatedly fell over and errors were reported. […]

A 9 Year Disqualification for Over-Egging Turnover to Get a £50k Metro Bank Bounce Back Loan and Using £49k of it for Personal Benefit

March 29, 2022

Another day and another Metro Bank Bounce Back Loan has turned sour, and as you will see in today’s case, a 9 year disqualification was deemed suitable punishment for a Company Direct that over-egged their business turnover to get a BBL and then spent most of it on personal benefit. […]

Belinda Knight an Ombudsman at the Financial Ombudsman Service Confirms It Is Not the Banks Job to Check What a Business Owner Spent Their Bounce Back Loan On

March 28, 2022

When compiling my facts, figures, and additional information regarding Bounce Back Loans I often stumble across plenty of little nuggets that some organisations associated with that scheme release. Take for example the case that is outlined in a recent Ombudsman ruling regarding an […]

Company Director Slapped with a 6 Year Disqualification for Using a Bounce Back Loan for Personal Benefit When They Should Have Known or Knew the Business Was Insolvent

March 28, 2022

A £50,000 Bounce Back Loan surrounds this case, which saw a Company Director hit with a 6-year disqualification for wrongdoing with that loan, including using it for personal benefit at a time they should have known or possibly knew the business was insolvent. […]