For those of you who are new here and may be about to default on your BBL due possibly to the PAYG options all being used up (you are not alone in that regard the number of callers to my helpline telling me that are huge), or your business hasn’t Bounce Back yet, if you do default on your BBL Lenders can and often do help themselves to the contents of your bank account and will often boot you as a customer too.
They will then knock off the amount they have snatched from your account after default, from the amount owed, and then issue you with a demand for full repayment.
You should know the rest of the process after that by now, but if not give me a bell and I will talk you through it, but to be fair to Rishi that process is very defaulter friendly, Alternatively have a good look around the website, you will find what you are looking for, but it will ultimately end up with the Lender claiming on the Government Guarantee if you cannot repay it.
Anyway, I digress, below is a typical case in which you will see one BBL Lender did plunder an account then shut it down and you will see how the Ombudsman says the bank can empty your account to repay the BBL and even close your account too, after your BBL goes into default.
However, most people defaulting haven’t got anything for them to snatch.
Oh, and keep in mind the Ombudsman is running scared, and is now adding a section pointing out they are not a regulatory body and not a court, that is due to the Queen, before she died, backdating a law to ensure the issuing of BBL’s cannot be put before a court in regard to an unfair relationship, which a BBL with no credit checks and no forward looking affordability checks were certainly an unfair relationship, but I digress again, here is the complaint and outcome:
