Kicking the BBL Default Can Down the Road – The Take Up of PAYG Options on Bounce Back Loans and the Number of BBLs in Arrears and How Many BBL’s are in Default

There is a lot of “massaging of figures” going on regarding Bounce Back Loans, so whilst the British Business Bank may proclaim they have a state-of-the-art portal or dashboard, call if what you will, it appears it takes it four months for it to work out just how many BBLs are in arrears or in default.

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The latest set of figures to be released confirming the Bounce Back Loan scheme is imploding, well, already has imploded, cover the period up to March the 31st   2022, and like I say it has taken until the 28th of July 2022 for them to be churned out of the British Business Bank BBL portal/dashboard and be published.

Imploding BBL Scheme

The British Business Bank have put out the following disclaimer (for obvious reasons) (arse covering ones…..?):

“This data is not suitable to be relied on by any party wishing to acquire rights against the British Business Bank group of companies (“BBB”) or any of the COVID-19 guarantee scheme lenders for any purpose or in any context. Any party choosing to rely on the data detailed in this release (or any part of it) does so at its own risk. To the fullest extent permitted by law, the British Business Bank does not assume any responsibility or liability to any other party in respect of this data. “

Bounce Back Loans State of Play March 31st

For an itemised breakdown per bank please click on the link below to take you to that section of the website. >

Stage of Game Number of BBL’s % of BBL’s
On Schedule 1,201,081 78.1%
Arrears 113,488 7.4%
Defaulted 61,475 4.0%
Guarantee Claims Submitted 49,325 3.2%
Guarantee Claims Settled 10,116 0.7%
BBL’s Fully repaid 102,589 6.7%


Bounce Back Loan PAYG Take Up

The following figures are even more revealing, for they enlighten you on the take up of the PAYG options.  I am of the mind that a lot of these BBL recipients are going to start to seriously struggle to repay their Bounce Back Loans once the PAYG options that they have taken begin to expire.

Obviously by taking one of more PAYG options, in any order or any mix, you will end up paying more interest.

A lot of people with a BBL  have admitted to taking any of those PAYG Options to “kick the can down the road” knowing they are going to ultimately default, and the PAYG options give them time to see what others experience by defaulting, and they appear of the mind that by taking them, it gives the powers that be the impression they did try to work out their repayment associated problems before defaulting.

No one likes to say that out loud though.

PAYG Option: Take Up: Percentage of BBL’s Value in £millions
Loan extension to 10 years 151,581 9.9% 5,271
Loan extension to 10 years plus 6-month repayment holiday 88,686 5.8% 3,190
6-month repayment holiday 78,577 5.1% 2,497
6-month interest only repayments 31,799 2.1% 944
Loan extension / 6-month repayment holiday / 6-month interest only repayment 28,716 1.9% 1,053
Loan extension to 10 years plus 6-month interest only repayments 28,093 1.8% 976
6-month repayment holiday + 6-month interest only Repayment 20,739 1.3% 680
Total 428,191 27.8% 14,610