Labour MP Andrew Western Worms Out of Kevin Hollinrake, the Minister of State at the Department for Business and Trade What Steps His Department is Taking to Recover Repayments of Bounce Back Loans

Labour MP Andrew Western asked Kemi Badenoch, Secretary of State for Business and Trade what steps her Department is taking to recover repayments of Bounce Back Loans under £50,000,

She in turn, got her sidekick, Kevin Hollinrake, the Minister of State at the Department for Business and Trade to answer that question, which you will find below.

Keep in mind that it is the Lender who decides whether to enforce a Bounce Back Loan or not, and nothing to do with the Department of Business and Trade, unless someone takes the Insolvency or Bankruptcy route or is forced into Liquidation.

Question

Andrew Western, Labour, Stretford and Urmston

To ask the Secretary of State for Business and Trade, what steps her Department is taking to recover repayments of Bounce Back Loans under £50,000.

Answer

Kevin Hollinrake, Conservative, Thirsk and Malton

Lenders are responsible for the recovery of these loans in line with the standards and legal obligations set out under the schemes.

The Department and the British Business Bank continue to work closely with UK Finance and accredited scheme lenders to support a consistent approach to the management of outstanding loans.

More on that > The Complete Procedure to Be Followed If You Are Now in a Position Whereby You Cannot Afford to Repay Your Bounce Back Loan – Its Quick and Simple, and as Long as You “Play the Game” Alongside Your Lender Who Is Also “Playing the Game” You Will Be Fine – Read and Digest

Lenders’ performance is subject to a robust audit programme overseen by the British Business Bank. If lenders do not meet their obligations, the government has the right not to pay out on any guarantee claims on the loans in scope.

More on that > Take a Look at the Letter You Get If Your Bounce Back Loan Debt Has Been Assigned From the Government Back to a Lender Due to the Lender Having Either Asked for the Guarantee to be Removed or the Government Yanks It From the Lender for Dodgy Goings-On

The Department is also working with lenders to pilot greater use of third-party debt collection specialists, and compulsory liquidation for recovery and enforcement in fraud cases.

More on that > The Entire List of Companies Wound Up in the High Court by Barclays and Just How Much Lord Agnew’s Bounce Back Loan Bounty Hunters Personally Recovered From the Directors

Labour MP Andrew Western Worms Out of Kevin Hollinrake, the Minister of State at the Department for Business and Trade What Steps His Department is Taking to Recover Repayments of Bounce Back Loans – Which is Basically Nothing

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