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

[northernladuk]

His post on UK Business forums is here. It appears they've a bit more leniency in the moderation of that thread than we do

https://www.ukbusinessforums.co.uk/t.../#post-3096254

[zeus tiktak]

as 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.

[courtg9000]

His post on UK Business forums is here. It appears they've a bit more leniency in the moderation of that thread than we do

https://www.ukbusinessforums.co.uk/t.../#post-3096254

On that forum it reads worse.

It almost reads as if the company was technically close to insolvency and that the BBL cash was spunked.

Again no business flair or entrepreneurial or management ability to save the company. I bet you have pheonixed and are now trading again.

The guarantee means they probably ignored normal criteria under direction from HMG and yes, your business probably would never get a commercial loan anyway. I doubt unfair applies under the rules set out between HMG and lenders.
As for encouraging further borrowing - unlikely. I used to a lot of work with property businesses (investment and development) and a lot of those that used a BBL to assist operational cashflow while sales were stopped are having trouble getting financing for new developments even though they are good for the cash now they have sold property.

What annoys me so much is that you kick up such a stink about this when your stance is rubbish and so many other business owners have used that BBL cash wisely and are being very creative in generating income during this pandemic to secure their businesses where you are taking the complete mickey.

I think you should take your case all the way to the high court. Let me know when you have the date. I will pop along! I would love to see the judge laughing at you!

And for the last time, it is a frigging grant. It was never advertised as a grant. It was business assistance in the form of a loan.

On the other forum you are called a crook and an idiot. I agree. I would use another phrase but that phrase would upset the moderators of this board and I don't like to do that.

[zeus tiktak]

As i've said before my debt has already been beein written off, the lender has claimed off the government guarantee.

if you took out the loan, without pressure and didn't care about the 100% guarantee then thats fine, you have nothing to contest.

This thread is for people who believe they were mis sold this loan, and now have no money in the bank so the only option is to close it down and force the lender to claim off the government. Once they know they can win, as others now have, they wont cave in too easily by the debt collectors.

[zeus tiktak]

I never used to believe that forums could be infiltrated by people working for or supporting HMRC. Thousands of businesses have run of of money, who took out the BBL. Not one ounce of empathy from any HMRC supporters here. However slowly people are realising they can have a way out.

[eek]

As i've said before my debt has already been beein written off, the lender has claimed off the government guarantee.

if you took out the loan, without pressure and didn't care about the 100% guarantee then thats fine, you have nothing to contest.

This thread is for people who believe they were mis sold this loan, and now have no money in the bank so the only option is to close it down and force the lender to claim off the government. Once they know they can win, as others now have, they wont cave in too easily by the debt collectors.

Really? Can you provide evidence of that fact as personally I see no reason to believe anything you have posted

[jamesbrown]

I never used to believe that forums could be infiltrated by people working for or supporting HMRC. Thousands of businesses have run of of money, who took out the BBL. Not one ounce of empathy from any HMRC supporters here. However slowly people are realising they can have a way out.

You deserve zero empathy. You failed to plan adequately, you failed to understand the basic premise of a loan and now you're transparently trying to hide behind the fig leaf of "I was robbed" and "because QE". Again, you're incompetent at best and, at worst, a cynical fraudster. Either way, I doubt the Insolvency Service will care when they get around to investigating you. They were given those powers for a reason and I hope they catch up with you.

[zeus tiktak]

This isn't about me or you, but the thousands out there that need help and are reading these forums.

Like you i am waiting to see how much HMRC writes off, we should get an update every quarter. if this figure is high, will you be claiming everyone out there is an "idiot" or "crook"?

[jamesbrown]

This isn't about me or you, but the thousands out there that need help and are reading these forums.

Like you i am waiting to see how much HMRC writes off, we should get an update every quarter. if this figure is high, will you be claiming everyone out there is an "idiot" or "crook"?

The reason that literally everyone in your duplicate threads is claiming that you're either an idiot or a crook is because of your low-rent argument about it being a "grant" (well, that and your likely abuse of the DS01 process). If it was merely that you were unable to plan or run a business properly and had tried to make payments and failed, then you might get some sympathy, but your nonsense about grants and QE is transparent. Lube up!

[zeus tiktak]

lets wait and see how much of the bounce back loans HMRC writes off. Millions of businesses that were coerced into taking these, may not pay them back. until then, keep the abuse coming HMRC supporter.