As I now have access to the Executives over at the Financial Conduct Authority, I did of course take advantage of that and asked them the following question:
“Thank you for your reply I will read and digest. I do have one more pressing question that is causing great distress to those with a Bounce Back Loan, and you are best placed to answer it as I have asked UK Finance, the British Business Bank, and the Minister for Small Business (all in person) and have been met with strange looks.
The question is, why are Bounce Back Loans not showing on credit files over 2 years since they were applied for and drawn down, even those in arrears and default are not showing?
The fact they are not, and no one will give me an honest answer is somewhat puzzling, can you urgently let me know as I once again have people in great distress about this.”
“Thank you for your patience while we considered your query.
As HM Treasury and the British Business Bank are responsible for this policy area, they are best placed to address your query regarding how credit reference agencies (CRAs) use information about BBLs.
I am sorry we are unable to provide any additional assistance on this particular point”
UK Finance and the British Business Bank
For those of you who are keeping track of this farcical situation, here is a link to watch, when I asked UK Finance (representing 28 of the BBL Lenders) and the British Business Bank, watch to see what was said and done when I asked:
I have now asked HM Treasury, no doubt they will stick their fingers in their ears and scream “I am not listening”.
I will let you know if they get back to me……
Oh and I did ask Metro Bank, and, please do not choke on your coffee, this was their reply:
“We do not respond to hypothetical scenarios.”
The world has gone mad dear website visitor, the world has gone mad…..