Additional Help, Support and Information For Those With a Bounce Back Loan Who May Be In Arrears or About to Default and Don’t Know What To Do – A Quick Update

As you will probably already know, I have been working tirelessly to get the British Business Bank, HM Treasury and BEIS and MPs and Ministers to offer additional help and support to those business owners who have a Bounce Back Loan and are struggling to repay their loan.

 BBL Legal Advice  BBL Legal Advice close a limited company close a limited company

Sadly, I have been told by HM Treasury any further communication I make with them will be ignored, BEIS and its Ministers flatly ignore my communications with them, and the British Business Bank have offered “no comment” replies when I contact them.

Even the Government Lawyers that were tasked with putting together the Statutory Instrument to allow for ultimately the Queen to sign into law and backdate a law to remove protections for those with a Bounce Back loan, refused to engage, when I questioned them about a glaring mistake that they made on that Statutory Instrument.

You will find the stories surrounding the above throughout this website, but just to shame those who have shown no interest in helping BBL’ers, and they do need shaming, I can see why Lord Agnew resigned and has gone nuclear in recent weeks, for he no doubt met the same kind of brick walls that I did, anyway, here is a basic overview of some of their responses:

British Business Bank

** Both the CEO Catherine Lewis La Torre – CEO of the British Business Bank and Patrick Magee – Chief Commercial Officer at the British Business Bank have announced their resignations in recent days. No surprise there.

HM Treasury

**Lord Agnew Minister of State at the Cabinet Office and Her Majesty’s Treasury has of course also resigned recently. No surprise there.

House of Lords Commissioner for Standards

I did recently put in a complaint about several Members of the House of Lords who voted against extra protections for those with a Bounce Back Loan, namely Lords who had what I felt was a conflict of interest as they for example had large shareholdings in BBL lenders or worked for the Financial Ombudsman Service or Debt Collectors, alas they tossed my complaint aside:

Government Lawyers

Even the Government lawyers did not want to offer any additional help or assistance, when I pointed out they had made errors on the BBL related Statutory Instrument

Cabinet Office

Even Complaining to the Boris got no real response:

As you see, I was told HM Treasury would respond, and they did by saying they won’t respond any more (see HM Treasury response above)!

One Last Roll of the Dice

I am currently working with the boss of one major BBL lender (and possibly now some others) to supply some additional help/support/information for those who are in a dark place worrying about their Bounce Back Loan repayments, going into arrears and/or defaulting on their BBL, and very shortly will, all being well, with their help, be putting together a video showing what you need to do, the process that will be followed and answering every possible question you may have about arrears, defaults, extra help and much more, which will be answered in a way everyone can understand.

Let us never lose track of the fact that over 70% of those with a Bounce Back Loan have never had a business loan before and sadly through lack of clear information the BBL scheme is and always has been something of an alien place for many.

As I have shown above getting access to such information is neigh on impossible when going through Government channels, but hopefully now with one major bank boss happy to help, you will all know where the land lies.

No “elephants in the room” will be left unanswered.

I am more than aware, as too is the bank boss time is of the essence here, and no one should be suffering in silence or be sat there in a very dark place without access to all the help available but more importantly laid out in a way people can understand, so please keep the faith and I will shortly give you a further update.

Your questions will be answered, and you have nothing to fear.

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