The Bounce Back Loan Scheme (BBLS) offered emergency funding for companies and sole traders at the peak of the coronavirus pandemic, and the Bounceback loan was instrumental in keeping many Ltd companies and the sole trader’ businesses afloat. A huge number of sole traders still experiencing financial distress, however, what happens if you.
Cannot afford your Bounce Back Loan repayments?
Are you personally liable for the outstanding amount?
Affecting sole traders who cannot repay their Bounce Back Loan?
Your bounce-back lender is likely to demand full repayment of the loan. As you’re a sole trader without the protection of incorporation (Limited company liability act as a separate entity in companies house) your business debts are your debts, and you are likely to be pursued through the courts on a personal level which means debt collection companies are likely to be involved in collection of BBLs repayment. This could mean your lender may petition for your bankruptcy if you cannot afford to repay despite issuing you debt demand letters. The rules of the Bounce Back Loan Scheme do provide protection for your home and tangible assets you hold i.e. cars, jewelry, etc.
How Do Bounce Back Loan (BBL) Repayments Work?
Cannot Afford Your Bounce Back Loan? Get Solution Today
Consider A Formal And Informal Debt Solution
Informal Debt Solution -Debt Management Plans
A debt management plan in England and Wales can be effective if you are struggling to pay a sole trader to bounce back a loan. It aims to reduce your monthly repayment to your actual affordability to ensure your finances are within your control and it also protects that your priority bill payments are paid first.
Get Advice & Help Today
Please call on 0203 318 0990 for free and independent consultation for sole trader bounce back loan (BBL) and difficulty in repaying it. Our office may arrange a free personal appointment (subject to availability) in our West Drayton (Uxbridge) office.
Frequently Asked Question (FAQ)
Company directors are generally not personally liable for the repayment of Bounce Back Loans. The loan is issued to the company, and the company bears the responsibility for repayment. However, directors may be personally liable if they have provided a personal guarantee for the loan or have acted fraudulently. In cases of insolvency, directors’ liabilities may be examined, and they could be held personally responsible for the company’s debts if they have acted improperly. It is important for directors to understand their obligations and seek professional advice if needed.
If you have concerns or questions, it is recommended to seek professional advice from Our debt advisor or legal expert. Call at 07779648018
No, you can not dissolve a company with a bounce back loan.
To clear your Bounce Back Loan, you need to follow these steps:
Contact your lender: Get in touch with your lender to determine the outstanding balance and obtain accurate information regarding repayment.
Discuss repayment options: Engage in a conversation with your lender to explore available repayment options. They will provide guidance on how to clear the loan based on your financial situation.
Agree on a repayment plan: Work with your lender to establish a repayment plan that suits your needs. This may involve making regular monthly payments or negotiating for an extended repayment period.
Make regular payments: Follow the agreed-upon repayment plan and ensure you make regular payments on time. This will help you gradually clear the loan.
Remember, it is important to communicate directly with your lender as they can provide specific instructions and guidance tailored to your situation.
Are you struggling with repaying bounce back loan? Contact us for get solution. 0203 318 0990
Repayment terms for a Bounce Back Loan include a loan duration of six years, a 12-month repayment holiday, and a fixed interest rate of 2.5% per annum.
If you are having difficulty repaying your bounce back loan(bbl)? Call us today for a solution.
Yes, Will will help you to pay bbl.
Yes, Customers who have taken out a Bounce Back Loan now have the opportunity to request an extension of their loan term. This extension allows them to stretch the repayment period from six years to ten years, all while maintaining the original fixed interest rate of 2.5%. As a result, borrowers can benefit from reduced monthly repayments for a six-month period by opting to pay only the interest. Remarkably, this option can be exercised up to three times throughout the duration of the loan.
Moreover, another helpful provision is the option to take a repayment holiday, which grants borrowers a respite from repayments for up to six months. This temporary break provides some breathing space for businesses that may be facing financial difficulties or experiencing a slow recovery.
These measures aim to provide greater flexibility and support to borrowers of Bounce Back Loans, allowing them to better manage their financial obligations during challenging times.. Call us for more information.
Visit our website and get some tip to pay off bbl.
If you default on your Bounce Back Loan, your lender may take action against you, such as taking you to court. If you are found to be in default, you may be ordered to pay the full amount of your loan, plus interest and any other fees.
Don’t be afraid, our debt advisor will help you. They give advice to many customers daily. If you are in the same situation call at 07779648018 now immediately.