Bounceback loans - Free year ending soon

[northernladuk]

So what is everyone doing with their bounceback loans now the free year is coming to an end? Paying it back or is the 2.5% interest worth keeping it?

[Paralytic]

So what is everyone doing with their bounceback loans now the free year is coming to an end? Paying it back or is the 2.5% interest worth keeping it?

Unless you need it (or think you will) or are earning more than 2.5% return (doubtful), i can't see why anyone would keep it.

[ladymuck]

I paid a lump sum off mine but am keeping the remainder with the intention of repaying early.

[BR14]

contractors on guvmint benefits??
WTF???
have they also repealed the laws of physics when i wasn't looking?

[css_jay99]

I took it just before the deadline. No Idea what to do with it though will pay it back before the interest starts.

I thought about
(1) Buying a lots of 3d printers to set up a print farm but that means having the time and a decent size space to have it running 24x7
(2) Buying a couple of pc's for bitcoin mining but considering the price of graphic cards there is no way there will be profits after disposal of the pc's

....

Maybe look out for undervalued IPO's....

[cwah]

2.5% is still quite low by all standard. So I'll try to get it extended then gradually pay it back.

[simes]

I will repay in full in the final month.

Thankfully both contracts I currently have are Outside so, while in January I thought I was going to be stuffed, come May it now seems eminently possible.

Best of luck to all in repaying.

[mookiemoo]

Will repay monthly as it has been used. If at such time I'm out for work for a significant period of time, I'll fold the company and the loan with it.

[mallisarealperson]

Will repay monthly as it has been used. If at such time I'm out for work for a significant period of time, I'll fold the company and the loan with it.

Would be interesting to know how many will do this, eventually. Difficult to ascertain as some ltd contractors are still in business at the moment.

And if the gov/banks will let ltd companies "fold" with loans outstanding??

[Paralytic]

And if the gov/banks will let ltd companies "fold" with loans outstanding??

I suspect some think that because the BBLs are government backed, they'll be easier to walk away from compared to traditional non-secured bank loans. I can assure people this is not the case - banks will have to show they have followed their debt-recovery processes, and failed to recover the loans, before they can reclaim any loss from the government.