Whilst some £5,573,110,000 of the £46,628,120,000 lent out via the Bounce Back Loan Scheme has been fully repaid by borrowers, the arrears and defaults figures are off the charts.
You will find a Lender by Lender breakdown of those figures in this section of the website > https://mrbounceback.com/category/league-of-shame/
Not every business with a BBL has been able to Bounce Back, and with the cost of living crisis, winter fast approaching and with the Pay As You Grow options now having all been used up by most borrowers, decisions need to be made.
Day after day I take calls on my BBL Helpline from Company Directors who are now being forced to pay their Company BBL repayments each month with their personal funds, as they are fearful of missing those payments and that is adding no end of stress and strain to their finances and in many cases their mental health too.
The Government are more than aware of that problem, I have told them and representations have been made to Rishi and Ministers by Business Organisations expressing their concern about that situation, and suggesting everything from amending the rules of the BBL scheme to make it similar to the Student Loan scheme whereby businesses only start repaying when they can afford to, and even turning BBLs into grants, those suggestions have all been met with deaf ears or rejected out of hand.
Alas, no additional help and support has been forthcoming.
You may have contacted your BBL Lender and asked them for additional forbearance, only to be told there is nothing more the Lender can do to help you, in fact most Lenders are telling business owners the only “help” available is by defaulting on the Bounce Back Loan.
I get call after call from Ltd Company Directors who are now considering taking the Liquidation route but are fearful and worried about doing so, and are confused about the entire process, much more so when there is a Bounce Back Loan involved.
Day after day you will read of an ever growing list of Directors who are facing long disqualifications for BBL related wrongdoing, Litigation Funders chasing Directors for funds owed and even banks going to the High Court to get Companies wound up, and all manner of other news related articles that can panic and stress you out, much more so if you are thinking of taking the Liquidation route with a BBL owing.
To make matters even worse, month after month a long list of Insolvency practitioners get sanctioned for misconduct and as such even the people who are supposed to ensure a Company Liquidation goes smoothly and is sorted out are slapped for being up to no good.
It really is like the Wild West out there, and the last thing you need when taking the Liquidation route with any business with a Bounce Back Loan owing is you being ripped off.
If the time has finally come for you to take the Liquidation route and you want a chat in complete confidence about the process then give me a bell.
As always, you are not alone and plenty of people are in a similar situation to yourself, but you really do need to get things sorted out.
CALL ME > 07437 618228
List of Insolvency Practitioners Sanctioned This Year Alone
If you want some idea of just what some Insolvency practitioners have been up to and a summary of their misconduct, then follow the links below and read on the Government website their shocking exploits. Please do not choke on your coffee when doing so!