Most people, and especially business owners, have stress levels right now that are through the roof.
You don’t need me to tell you with gas and electricity prices on a never-ending upward curve, and with the financial forecasts for the foreseeable future looking extremely gloomy to say the least, things are not looking good.
Listening to Rishi Sunak, Liz Truss and low and behold now even Grant Shapps saying how they were dubious about lockdowns and all they entailed, fills most sane level headed people with disgust, especially as they failed to make their worries and concerns known publicly at the time.
But that was then, and this is now, and having spoken to hundreds of people via my chat/helpline and thousands online, it is becoming increasingly obvious that one thing holding many business owners back from battling forward, through the expected tough times ahead is the thought of repaying, what is now an unaffordable Bounce Back Loan.
I have had plenty of feedback from those that have spoken to me and have chosen to pluck up the courage and tell their lender they cannot afford to repay their BBL, and the one common factor in that feedback is the sense of relief once that call has been made, either to the bank or their nominated debt collector.
Knowing they are going to put in the guarantee claim and being walked through the procedure, which some of the smaller lenders are doing, is appreciated by many people.
Keep in mind that to get their money back via the guarantee, they must follow the set procedure to do so, and once that claim is in, and all boxes have been ticked, their guarantee claim is paid out to them by the British Business Bank.
They can put in their claims every quarter and the value of claims already put in and due to be put in is in the £billions.
Keeping yourself free from mental anguish is important, and having spoken to enough people now, not being able to repay your BBL is mentally draining, you owe it to yourself to take whatever steps are required to look after yourself, your family, and your business.
If you are sat there right now in a dark place, or you go to bed each night or wake up worrying about your BBL repayments, much more so as all of the PAYG options may soon be, or already have been, used up and have expired, you need to let your lender know, as that puts the onus on them to guide you and guide you fairly and honestly through the steps for them to get the guarantee claim paid out.
That usually entails, as I have said many times, you missing three repayments and them sending out a demand for full repayment and putting you in default.
Letting your lender know you cannot repay and proving it by giving them an overview of your income/outcome is all that is needed, plus any additional information you feel they need to know.
They will not unleash the hounds of hell on you if you genuinely cannot repay, remember that.
Once again, for those of you who have not seen it, below are the agreed recoveries and collections procedure for Bounce Back Loans, read it line by line and digest the information.
Whatever the value of your BBL, it is a tiny amount of money in the greater scheme of things, even though it may not feel like that, but ultimately it was a credit risk the Government knew they were taking when they forced most businesses to close due to lockdowns and the knock-on effects of that decision.
Your mental wellbeing needs to be the first thing you concentrate your efforts on, and if you cannot repay your BBL you need to tell the lender and get them to explain to you in their own words what the process is for them to claim on the guarantee.
Bank bosses have been given a kick up the arse regarding treating people fairly as per the letter the Financial Ombudsman Service sent out in July, so treat you fairly they will.
I want all of you to get your mojo back this September and if that means getting your lender to claim on the BBL guarantee, then so be it, and remember if you need a chat you can call me.
Details/Number > https://mrbounceback.com/helpline/
We are all going to face tough times ahead, but you can only battle your way through them with a clear mind and having BBL worries rattling around your head is only going to hinder you, so make the next move to allay those worries and banish them.
Please, also watch my Fireside Chats with the British Business Bank and NatWest, and digest what is being said in those chats too.
One again, thanks to those who have made a donation and/or subscribed to the website, your help is allowing me to continue what I do, and it is truly appreciated by myself but just as importantly, those who I am speaking to daily who are in a dark place and need the guidance to get out of it.