If you are not up to date on my “Tide Bounce Back Loan Scam” exposé, please catch up with the series of videos I put together on that outrageous scandal here > https://mrbounceback.com/tide-and-their-bounce-back-loan-debt-collectors-scamming-bbl-borrowers-government-refusing-to-step-in-and-stop-their-scam/
The British Business Bank have contacted me with an official comment on this matter as follows
A British Business Bank spokesperson said:
“Bounce Back Loans are set at an interest rate of 2.5% per annum and Bounce Back Loan lenders can continue to charge this rate after the loan becomes repayable.
However, lenders are not permitted to levy fees of any description, including upon default.
We routinely verify that lenders are acting within scheme rules and take appropriate remedial action if any breaches are found, including with respect to any borrower detriment.
While we are unable to comment on individual lenders, we appreciate having individual cases brought to our attention to help with such verifications.”
End of Statement
If you have a Bounce Back Loan with Tide and you have been hit with any type of extra fees or charges, when possibly trying to set up a repayment plan or even when you are in default and you want me to pass your case over to the British Business Bank give me a bell and it will get sorted out.
You have nothing what so ever to fear about doing so even when you have been unable to repay your BBL, and it will help with the investigation into that breach of the rules by Tide and their debt collectors, which is a serious breach of those rules by the way, which has caused a huge level of stress and fear to SMEs.
This is what they have told me regarding anyone else willing to come forward to get Tide and their debt collectors to stop trying to extort/blackmail/bully money from those unable to repay their BBL >
“Whilst we have processes in place to check compliance with scheme rules by Bounce Back Loan lenders and ensure that remedial action is taken where appropriate, we are also grateful for individual cases to be brought to our attention.
With respect to the concerns you have raised around lenders charging fees in breach of scheme rules, it would be appreciated if you are able to seek consent from the relevant borrowers that have contacted you to refer their case to us and further, request in writing that they consent for us to share their details with their relevant lender.
This will help us investigate with relevant Lenders to ascertain whether these are new cases that we are unaware of or, if they are cases that have been categorised as ‘resolved’, to query if and why the resolution has not been satisfactory.”