Closing company down with bounce back loan (possible a mis selling scandal)

[jamesbrown]

we have some smart, yet naïve people on here, if they believe HMRC actually does anything to anyone who has dissolved a company! HMRC use fear to make people comply, but reality they have very little resource.

If you have a bounce back loan and no money in the account, just file a DS01 and challenge the lender, debt collector and HMRC to claim on the 100% gaurantee. My case has proven if you keep on challenging them, they will eventually claim on this guarantee. not sure why so many people on this forum are against business owners forcing lenders to claim on this - this is a official process.

You used DS01 for an insolvent company?

[zeus tiktak]

lets be clear here, as i'm not sure why so many people are being so negative. if you have zero money in your account, and believe the BBL was mis-sold, i.e was a grant and not a loan due to the 100% guarantee, then filing a ds01 is based on the fact that there are no outstanding loans as the bbl is treated as a grant.

HMRC always have the opportunity to object to DS01, object to closing company down, object to the loan being written off and can object to paying the lender the 100% guarantee they promised. if hmrc do not exercise these for any reason then that is their process.

thousands of people have already submitted ds01 form for bbl companies already, they will soon be contacted by weston debt management company. If you believe you were mis-sold the loan, hold your ground, and eventually the lender will agree with you and cliam on the 100% guarantee. I am not the first and will not be the last person to get it written off, and look forward to hearing other successful stories. remember hmrc always had the right to restore a company back to the regitrar but failed to do so for the millions that got dissolved.

[jamesbrown]

lets be clear here, as i'm not sure why so many people are being so negative. if you have zero money in your account, and believe the BBL was mis-sold, i.e was a grant and not a loan due to the 100% guarantee, then filing a ds01 is based on the fact that there are no outstanding loans as the bbl is treated as a grant.

HMRC always have the opportunity to object to DS01, object to closing company down, object to the loan being written off and can object to paying the lender the 100% guarantee they promised. if hmrc do not exercise these for any reason then that is their process.

thousands of people have already submitted ds01 form for bbl companies already, they will soon be contacted by weston debt management company. If you believe you were mis-sold the loan, hold your ground, and eventually the lender will agree with you and cliam on the 100% guarantee. I am not the first and will not be the last person to get it written off, and look forward to hearing other successful stories. remember hmrc always had the right to restore a company back to the regitrar but failed to do so for the millions that got dissolved.

Chuckle. The Insolvency Service has just been granted retrospective powers to investigate and prosecute directors of dissolved companies without having to reinstate those companies. If there is any evidence of misfeasance, and the evidence in this thread is that you’re pretty clueless, then said directors can be held personally accountable.

As with gov’t more generally, it’s one of those slow burns. They take ages to get their act together, but the pressure for retrospective action against clueless chancers will be tremendous. You’d better hope that you weren’t a clueless chancer (I have my doubts). Striking off a company has always been an option for unscrupulous directors to bury their company fast, and some get away with it (no timely objection). Not any more, and the primary motivation was BBLs.

[courtg9000]

lets be clear here, as i'm not sure why so many people are being so negative. if you have zero money in your account, and believe the BBL was mis-sold

What just like I believe that Doncaster Rovers will win the premier league next season and Farnborough Town will win the champions league?

Allow me to to use football to illustrate for you.

You see both Farnborough Town and Doncaster Rovers are crap football teams. They will never amount to anything except to provide Saturday afternoon amusement and gaiety for the afflicted members of the populations of the towns they are based in. They will never win top-flight football.

The same can be said of your belief that the bounce-back loan is a sodding grant. IT S A FRICKING LOAN!

You see my point about providing Saturday afternoon gaiety? You are a member of this town. (I would say afflicted, but we can have that debate) Lots of us are having a big giggle over your assertions.

[zeus tiktak]

Seen it all before i'm afraid. the first time people complained of being cheated by PPI, people came onto forums to say "did you not read the fine print", "you werent mis-sold" etc etc and look what happened!

people chose to take these bounce back loans over normal loans simply because BBL was 100% guaranteed. Otherwise people would have taken standard loans which they didn't. the gov marketed these on tv, internet, all over the papers as 100% guaranteed. the helpdesk staff at the lenders spoke of "100% guarantee". people were bombarded by emails from lenders to claim these loans. Most people took these on this 100% guarantee jargon. I hope HMRC write these off for people rather than go down the "mis selling" route. only time will tell how many BBL have been written off.

regarding new laws, people need to realise HMRC already had powers to restore and investigate, so really didn't need these. HMRC uses fear to ensure compliance once people realise this, they can challenge them.

when it companies to company closures, ds01 , this is one of the few bits were the small guy has been beating HMRC over the last 30 years. not everyone who dissolves a company is an unscrupolous director, some people just dont have money in their business account as they used it for expenses and salary!

[TestMangler]

I see you've put an identical thread on the UK Business Forums and are getting similar responses there. That's two forums now where everyone thinks you are wrong. You see a pattern emerging ?

[courtg9000]

I see you've put an identical thread on the UK Business Forums and are getting similar responses there. That's two forums now where everyone thinks you are wrong. You see a pattern emerging ?

Oh has he?

So one of two things then. Out and out fraud or a complete lack of business and management ability. Could you get both in the one package?

So really you could say that the lender are guilty of something. BUT its not misselling in the correct sense of the word. It is of course in advancing funds to either a fraud or a muppet without the means to pay back in the first place and a complete lack of business acumen or skill that the business cannot be navigated to such a financial position!

[krytonsheep]

I can't believe what I'm reading.

[northernladuk]

lets be clear here, as i'm not sure why so many people are being so negative.

Thing is EVERYONE is being negative. You not picked up on that yet? When you are right and everyone around you is wrong you really do need start re-evaluating your situation.

Maybe they are being negative becuase.

if you have zero money in your account, and believe the BBL was mis-sold, i.e was a grant and not a loan

Nobody thinks this but you. People have even pointed it in the name but you won't listen. That's why people are being negative.

[northernladuk]

Seen it all before i'm afraid. the first time people complained of being cheated by PPI, people came onto forums to say "did you not read the fine print", "you werent mis-sold" etc etc and look what happened!

You can't keep comparing this to PPI. That was a clear case of misselling. They took your situation for the loan then sold PPI when the situation you declared meant PPI was invalid. That is misseling. People i.e. you, not understanding what a Load is has nothing to do with PPI.

people chose to take these bounce back loans over normal loans simply because BBL was 100% guaranteed.

No they didn't so the rest of the paragraph is rubbish. The lender got the 100% gaurantee to give lenders a push to get them out to businesses, most of which wouldn't have been able to get a loan at the time. The incentive was to get the lenders lending. Nothing to do contractors taking them over normal loans.