Frequently Asked Questions – Mr Bounce Back – Bounce Back Loan Complaints

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[ October 16, 2021 ] Using Funds from a Bounce Back Loan for Crypto Trading Lands Sole Trader with a Six Year Bankruptcy Restrictions Order Premium Content
[ October 15, 2021 ] Two Recent Financial Ombudsman Service Determinations Regarding a Royal Bank of Scotland and a Bank of Scotland BBL Related Complaint – They Find Errors Were Made by The Banks But Do Not Uphold Complaints BBL Complaints and Outcomes
[ October 14, 2021 ] Questions Put to The Government Since August 2021 and the Official Responses Regarding Bounce Back Loans – Including a Proposal for Another 12 Month Delay on Repayments Todays News
[ October 13, 2021 ] Three Company Directors Hit With 6 Year Disqualifications When Winding Up Their Companies for Using Funds From 2 Santander BBLs Worth £23k and £29k and a Lloyds Bank BBL Worth £25k For Personal Benefit Premium Content
[ October 12, 2021 ] Company Director Gets a 9 Year Disqualification Upon Winding Up Business for Obtaining a Starling Bank BBL Worth £25k and a £25k Top Up When It is Revealed His Turnover for 2019 Was Zero and He Used BBL Funds for Personal Benefit Premium Content
[ October 11, 2021 ] Traffic Commissioner Calls a Public Inquiry and Subsequently Revokes Hauliers Operating Licence After Deciding Among Other Things the Business Owner Was Not Eligible for a BBL Some of Which Was Spent on Shoes, Food and Taxing His Car Premium Content
[ October 10, 2021 ] World Mental Health Day – If You Were Forced, Coerced or Needed to Take Out a Bounce Back Loan Spend Some Time Today Making Sure That Loan Is Not Causing Your Mental Health to Suffer For It May Just Be Todays News
[ October 9, 2021 ] Got One or More Bounce Back Loan(s) for Your Business(es)? Then Make a Data Subject Access Request with Cifas to See if Any Lender in That Scheme Has Given You a Fraud Marker Todays News
[ October 8, 2021 ] Over-Egged Turnover, Claiming Business Was Not in Difficulty When Applying for a Barclays BBL When it Was and Using the BBL for Personal Benefit Lands Company Director with a 9 Year Disqualification Premium Content
[ October 6, 2021 ] Breaking News – Financial Ombudsman Service Sound the Alarm Bell and are in a Mad Panic to Employ More Staff to Handle the Expected Avalanche of Additional Bounce Back Loan Scheme Complaints Premium Content
[ October 6, 2021 ] Another Example of the Financial Ombudsman Unable to Intervene When a Bank Blocks an Account and Snatches Back a Bounce Back Loan But Fails to Explain Why Premium Content
[ October 5, 2021 ] Insolvency Service Hands Out Another 6 Year Disqualification to Company Director For Using Most of a £42k Barclays Bounce Back Loan For Personal Benefit Premium Content
[ October 4, 2021 ] Ombudsman Feels £300 is Fair For Delays Endured by HSBC Customer Applying for a CBILS Who Ended Up with a Bounce Back Loan BBL Complaints and Outcomes
[ October 3, 2021 ] Simple Loophole Ensures Banks Can Block Your Bank Account and Snatch Back any Funds Including Bounce Back Loan Funds in That Account at Any Time and the Financial Ombudsman Will Shrug Their Shoulders Premium Content
[ October 2, 2021 ] 5 Year BRO for Indian Takeaway Owner Who Transferred a £50k BBL to a Family Member for No Apparent Reason – 8 Year BRO For Man Who Secured a £50K BBL for a Partnership That Had Ceased Treading Before the BBL Scheme Launched – Co-Directors Hit with a 7 Year Disqualification Premium Content

October 16, 2021

What term can I borrow a BBL over?

Loans under the Bounce Back Loan Scheme are available over a fixed six-year term More Bounce Back Loan Questions and Answers What term can I borrow a BBL over? What BBL fees/interest will I be […]

What BBL fees/interest will I be required to pay?

The government has set the interest rate for this facility at 2.5% per annum. Lenders are not permitted to charge any fees. More Bounce Back Loan Questions and Answers What term can I borrow a […]

When do I have to start BBL repayments?

The borrower is 100% liable for repaying the loan and any interest. The government will cover interest payable to the lender for the first 12 months. The borrower will then need to make full repayments […]

What products are offered on the BBL Scheme?

Accredited lenders are only permitted to provide term loans under the Scheme. The Scheme is targeted at supporting those businesses who need access to finance quickly and, therefore, requires lenders to offer a standard product. […]

How long will it take me to get the BBL funds?

The Scheme has been designed to enable businesses to access finance quickly. Businesses are required to complete an online application form, which is expected to be assessed by their lender within a matter of days. […]

How much can I apply for with a BBL?

Businesses can apply for between £2,000 up to 25% of their turnover, the turnover being from the calendar year 1st January 2019 to December 31st, 2019. The maximum loan available under the Scheme is £50,000. […]

How long is the BBL scheme open?

The Scheme is intended to be a temporary response to the unprecedented challenges to businesses as a result of coronavirus (COVID-19). The Scheme will initially open until 4 November 2020, with the government retaining the […]

How do I apply for a Bounce Back Loan?

The Scheme will be available through the British Business Bank’s accredited lenders. Businesses will be required to fill in a short online application form and self-declare that they are eligible for the Scheme. In the […]

Am I eligible for a Bounce Back Loan?

The Scheme is open to most businesses, regardless of turnover, who meet the eligibility criteria and who were established on or before 1 March 2020. Borrowers are required to declare, amongst other things, that: The […]

What is a Bounce Back Loan?

The Bounce Back Loan Scheme is a new scheme introduced to help smaller businesses impacted by coronavirus (COVID-19). It aims to assist those businesses to borrow between £2,000 up to 25% of a business’ turnover […]