The Bounce Back Loan Helpline, a lifeline for UK businesses grappling with Bounce Back Loan (BBL) repayments, has now handled over 19,000 calls, providing critical guidance to thousands of company directors and sole traders.
The helpline, spearheaded by dedicated Mike, “Mr Bounce Back,” continues to offer unparalleled support to those navigating the complexities of the BBL scheme, ensuring no one faces their financial worries alone.
The helpline has assisted callers with a range of tailored solutions, including:
- Affordable Repayment Plans: Helping businesses set up manageable BBL repayment plans, with monthly payments as low as £1 and others exceeding £100, customized to individual financial circumstances.
- Defaulter Discounts: Securing significant BBL defaulter discounts, with some borrowers paying just pennies in the pound, easing the burden of overwhelming debt.
- Overturning Director Bans: Successfully challenging proposed BBL-related director bans, protecting business owners from severe penalties and preserving their ability to run Companies.
- Debt Write-Offs for Vulnerability: Assisting vulnerable individuals in getting BBLs written off entirely, particularly when financial or personal hardship makes repayment impossible.
- Guiding Through Default Process: Offering step-by-step support over the 12-month BBL default process, ensuring borrowers understand their options and rights as they arrive at each stage of that 12-month process.
- Navigating Company Strike-Off Rules: Clarifying the rules for closing a company with an outstanding BBL via the strike-off route.
Mike, who has personally taken those 19,000+ calls, emphasized the helpline’s commitment: “Whether you’re worried about unaffordable repayments, facing default, or considering insolvency, I’m here 12 hours a day, 7 days a week, to talk you through every option in complete confidence.
No one should feel alone with their BBL concerns.”
The defaulter-friendly scheme rules highlights the unique flexibility of the BBL scheme, with lenders often open to negotiations, especially for those in financial distress.
For instance, some callers have secured discounts as high as 98p in the pound, while others have been guided to affordable repayment plans that prevent further financial strain.
The helpline also ensures borrowers are aware of protections, such as lenders ceasing recovery efforts after 12 months in many cases, and the importance of declaring vulnerabilities to access fair treatment.
With billions still outstanding in BBLs and the government guaranteeing these loans, the helpline’s role in supporting businesses remains crucial.
From preventing wrongful director disqualifications to helping companies navigate insolvency or liquidation, the helpline continues to make a tangible difference.
For those struggling with BBL repayments or seeking advice, the Bounce Back Loan Helpline is accessible daily CLICK HERE FOR THE HELPLINE DETAILS
“You’re not alone,” Mike reassures, “and there are always options, no matter your situation.”
