help to Bounce Back Loan Repayment

Are you a Sole Trader Suffering from Bounce Back Loan Repayments?

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 bounce back loans 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.

bounce back loan repayment advice

 

How Do Bounce Back Loan Repayments Work?

 
In acknowledgment of the continuous difficulty businesses are facing due to Covid-19,Mr.  Rishi Sunak– Chancellor amended bounce-back loans to allow an additional four years in which to repay. Other options under the Pay As You Grow initiative enabled borrowers to take a six-month payment holiday, and/or make interest-only payments for six months.
The UK government’s guarantee doesn’t apply to borrowing businesses and sole traders, however. This applies to the lender only, who must chase payment of the outstanding amounts before they can trigger the guarantee.

Consider A Formal And Informal Debt Solution

 A formal debt solution (Bankruptcy, IVA, and DRO) must be considered very carefully as it may impact your property, job, social status and can restrict your freedom of living with a manageable monthly budget. Please seek an expert debt advisor’s advice before choosing any formal debt solution plan. Our office offers a free and confidential assessment of the suitability of a formal debt solution plan as it depends on various financial and assets matters around you.
 
 
BOUNCE BACK LOAN REPAYMENTS Help

 

Informal Debt Solution -Debt Management Plans

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 and difficulty in repaying it. Our office may arrange a free personal appointment (subject to availability) in our West Drayton (Uxbridge) office.

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