Ooooo, "HMRC supporter". I feel suitably chastised. Can we move this train wreck to general?
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Closing company down with bounce back loan (possible a mis selling scandal)
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Originally posted by zeus tiktak View Postas with PPI i expected lots of people to come online and claim nothing was mis sold - but that doesn't change the fact a lot of people out there feel this way (judging by all the private messages im getting)
100% gaurantee was used to coerce people to borrow. we now have a large accounting body asking the government to write off all bounce back loan (https://www.p2pfinancenews.co.uk/202...ce-back-loans/)
possible breach on unfair lending - i.e lender continued to lend money to business who were unable to pay. no check were done. grounds for compensation.
encouraged further borrowing- again if people feel lenders encouraged them to borrow further, this is grounds for compensation.
im glad these threads are now online so others can see. to those who want to call me "stupid" etc, i am not sure what you gain. however i will be updating the thread once HMRC releases information on how much debt they have written off etc, and then we can see if these loans were mis sold or not.
It sounds to me like you benefitted well from this, you got 20k, spent it and don't have any liabilities. Why are you carrying on?
'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by jamesbrown View PostOoooo, "HMRC supporter". I feel suitably chastised. Can we move this train wreck to general?
Definitely general for this one.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Is anyone taking a holiday on the UK Business forums or is that as scarey as Mumsnet?'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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millions of businesses are in a very similar position. they don't have any money in the bank, and owe BBL's.
Do you expect these people to pay the BBL from their personal savings when the debt collector comes?
all i'm doing is telling my story. the 100% guarantee was actually misleading. for many businesses it would have been better to go bust and not get the loans. directors could then have claimed benefits.
what issue to you have with this information being in the public domain? knowledge is powers and if someone wants to read this and it helps them then that is a good thing.
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Originally posted by zeus tiktak View Postmillions of businesses are in a very similar position. they don't have any money in the bank, and owe BBL's.
Do you expect these people to pay the BBL from their personal savings when the debt collector comes?
all i'm doing is telling my story. the 100% guarantee was actually misleading. for many businesses it would have been better to go bust and not get the loans. directors could then have claimed benefits.
what issue to you have with this information being in the public domain? knowledge is powers and if someone wants to read this and it helps them then that is a good thing.
If you "let a company go bust", especially to avoid debts, then HMRC are well within their rights to come after you individually as the responsible director to recover the money. The 100% guarantee puts the money back in the Treasury's reserves, it doesn't necessarily mean that you don't owe anything.
I wouldn't relax just yet if I were you.Blog? What blog...?Comment
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Originally posted by northernladuk View PostIs anyone taking a holiday on the UK Business forums or is that as scarey as Mumsnet?
He is a prat and I have already said as much here.Former IPSE member
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This has been a right laugh of a thread to catch up on. We haven't had one like this in ages.
Such a shame NF hasn't fixed thread moving yet (or has he?)
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yes a "prat", an "idiot" that is trying to help thousands of business owners with no money and huge BBL liability.
no one let their business go bust, covid did that! 100% guarantee was a blatant lie to some, some people were panicked into taking these. the amount of emails i'm getting with people saying this is amazing, and justifies the existence of this thread.Comment
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OP, why don't you furnish us with the exact details of your situation. What lead you to take the loan, what you did with it, why did you need to shut the company and default on the loan?
Things are only mis-sold if they were given in a situation they shouldn't have been. Maybe if you tell us why you took it and why you ended up closing the LTD we might understand a little better.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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