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If you took a BBL are you repaying it?

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    If you took a BBL are you repaying it?

    The company I run with Mrs d000hg (not contracting) took a BBL and payments are due to start next month - cut off for repayment without charge is mid-October.

    We're going back and forth on what to do. It's a 2.5% interest rate (I am not sure if this is guaranteed or can change?) with 5 years of payments. This means a lifetime loan cost of about 6.5% which is clearly extremely cheap, but I'm not sure if we have, or would expect to ever have, need for it.

    This isn't a "what should I do" thread, I'm just curious what you lot are doing - I know quite a few contractors took out BBLs - and your thought processes.
    Originally posted by MaryPoppins
    I'd still not breastfeed a nazi
    Originally posted by vetran
    Urine is quite nourishing

    #2
    Originally posted by d000hg View Post
    The company I run with Mrs d000hg (not contracting) took a BBL and payments are due to start next month - cut off for repayment without charge is mid-October.

    We're going back and forth on what to do. It's a 2.5% interest rate (I am not sure if this is guaranteed or can change?) with 5 years of payments. This means a lifetime loan cost of about 6.5% which is clearly extremely cheap, but I'm not sure if we have, or would expect to ever have, need for it.

    This isn't a "what should I do" thread, I'm just curious what you lot are doing - I know quite a few contractors took out BBLs - and your thought processes.
    Monthly repayment - the actual capital is being used for various other projects.
    merely at clientco for the entertainment

    Comment


      #3
      Originally posted by eek View Post

      Monthly repayment - the actual capital is being used for various other projects.
      As in you're actively using it for something you wouldn't have the capital for otherwise? None of my business what you're doing (though if you want to share...) but anyone who uses BBL to start something new, good on you.
      Originally posted by MaryPoppins
      I'd still not breastfeed a nazi
      Originally posted by vetran
      Urine is quite nourishing

      Comment


        #4
        I paid it back - didn't want to be on anybody's RADAR if they start looking at companies who took it or something. And I didn't feel comfortable spending it on anything

        Comment


          #5
          I paid a lump sum equivalent to a year of repayments just before the repayment period started and am now repaying monthly. HSBC recalculated the monthly payment to still make it last 5 years so I'm planning to make annual top up payments to get it cleared quicker.

          Comment


            #6
            Originally posted by vwdan View Post
            I paid it back - didn't want to be on anybody's RADAR if they start looking at companies who took it or something. And I didn't feel comfortable spending it on anything
            Are you insinuating that you've done something not entirely above board? You'll be on the radar from taking it either way I'd say
            Originally posted by MaryPoppins
            I'd still not breastfeed a nazi
            Originally posted by vetran
            Urine is quite nourishing

            Comment


              #7
              Why did so many people on here apply for it? Is it just a case of "we can, so we will" or what?

              Comment


                #8
                Originally posted by ensignia View Post
                Why did so many people on here apply for it? Is it just a case of "we can, so we will" or what?
                By "so many" you mean 3 (4 if you count me but that's a proper B&M business)? Go search the forums for past discussions, there were several. But yes, "I might as well" was a common angle as was "I might need it, better take it just in case".
                Originally posted by MaryPoppins
                I'd still not breastfeed a nazi
                Originally posted by vetran
                Urine is quite nourishing

                Comment


                  #9
                  Originally posted by ensignia View Post
                  Why did so many people on here apply for it? Is it just a case of "we can, so we will" or what?
                  My business met the requirements, and there was literally no downside to doing so. So why not?

                  Comment


                    #10
                    Originally posted by ensignia View Post
                    Why did so many people on here apply for it? Is it just a case of "we can, so we will" or what?
                    Many greedy landlords used BBL's as deposits to expand property portfolios.

                    Comment

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