I have asked the Government what those with a Bounce Back Loan should do if they can’t afford their BBL repayments due to the riots/civil unrest/racial attacks.
Having received an unusual amount of calls to my helpline about that topic, sadly a lot of those callers were from people telling me they belong to minority groups and they were gripped by and currently living in fear, many telling me they had to close their businesses due to civil unrest in their towns and cities.
A British Business Bank spokesperson said:
“If a Bounce Back Loan customer is facing financial difficulty for any reason, the Pay As You Grow scheme offers flexibility to borrowers in managing their repayments more effectively.
Businesses should contact their lender in the first instance to discuss the options available, which include increasing term length and reducing monthly payments.”
Mr Bounce Back (Me) Says:
“Some BBL Lenders have indicated to me, they will be prepared to step in with some additional forbearance on a case-by-case basis, including, but not limited to, Breathing Space.”
So do not be afraid of asking them
Riot Compensation
To anyone who has been affected and isn’t insured by the riots make sure you put in your claim for compensation, I am surprised the Gov haven’t informed those now sadly picking up the pieces.
Quite shameful. Spread the word
More Information > https://www.gov.uk/government/publications/riot-compensation
