Today I present to you the words of, and correspondence from Sarah Munby the Permanent Secretary for the Department for Business, Energy and Industrial Strategy ( BEIS ) who explains why a Bounce Back Loan Lender should NOT “chase” you for more than 12 months at most if you do not repay your BBL. […]
Getting a Bounce Back Loan by over-egging their turnover, then spending most of it on themselves and not the business, and ultimately taking the insolvency route has resulted in the two Company Directors named below being given 11-year disqualifications, which they are now starting. […]
After investigating every aspect of the application and spending of a Bounce Back Loan the Liquidator in the case below deemed the Company Director did misuse that BBL, and whilst it is now being repaid at £800 per month the Director also got a 10-year ban. […]
It’s a good job they don’t lock up those who have been found to have done some form of wrongdoing relating to a Bounce Back Loan, or prisons would soon be full to overflowing. As it stands, the most someone has to worry about is a disqualification/ban, if they take the insolvency route, such as the Company Director named below who is just starting a 5 year ban for the BBL wrongdoing listed. […]
Unbelievably the Company Director named below managed to bag two Bounce Back Loans, one from Barclays and one from NatWest and also blag a CBILs from Funding Circle, all for his one single business. He didn’t use those funds for the benefit of the business and is now starting an 11-year ban. […]
Here are the details of another Santander Bounce Back Loan that has gone sour, resulting in the Company Director who over-egged his turnover getting an 8-year ban. […]
The rules of the BBL scheme did state you could apply for as many Bounce Back Loans as you had separate, trading businesses that were not part of a holding company at the top of the business structure. Here is a recent Ombudsman decision in which Barclays declined a Sole Trader a third BBL for his third business and was ordered to pay him compensation but only for them taking so long to decline his loan and the upset caused. […]
As Rishi Sunak has now scuttled off back to obscurity having been trounced by Liz Truss in the recent Conservative Party vote for their new Leader and Prime Minister, the fallout of his Bounce Back Loan scheme is still being played out, and here are two more people now beginning long bans due to all manner of wrongdoing associated with that Government backed loan scheme. […]
Today I present to you a recent HSBC Bounce Back Loan related complaint that the Ombudsman has finally upheld, interesting to see that bank have now finally admitted that their Feeder Accounts, were indeed “imaginary” when the scheme first launched, as I and many of you had suspected at the time. […]
Not only did over-egging her business turnover allow the Company Director named below to get a £40k Bounce Back Loan, but she then went on to get a BBL top-up worth £9k too. However, having taken the insolvency route with the BBL not being paid back, and her over-egging wrongdoing being exposed and reported by the Liquidator, she is now starting a 9-year disqualification. […]
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