Bounce Back Loan Update - officially cancelled

[jamesbrown]

It was close for my Ltd but I'm so glad I didn't go down this route and managed to save my company. I can now hold my head high, knowing I can honour the BBL and will settle well within the loans term.

Good on you.

[NowPermOutsideUK]

What business is your company in that it is able to lose 50K on bad deals with no creditors ?

[SussexSeagull]

Going on what the OP said it is hardly a typical Contractor Limited Company. I took out a BBL for nowhere near 50k and it went on paying my salary and I am in the process of paying it back now.

[zeus tiktak]

Hi- have recieved too many direct messages so i will reply on this thread for everyone instead:

Q. did you communicate with the banks and debt collectors in writing or phone?
A. I did both. There is nothing that says you will get a better response if you write only

Q. What evidence did the banks ask for?
A. they got me to fill out an income and expense form, even though they have my statements. I basically wrote a bullet point style essay with all the details.

Q. Did they threathen you wilth legal action?
A no. they did state legal option was one option, but it never came to that

Q. did you offer to pay any BBL loan back?
A. i was honest and stated i could pay some back from personal funds, but i would need that in writing from them that i should pay the BBL from personal funds. i never got this so never made any payment as the bank account had no funds.

any other questions that DM me.

[courtg9000]

Hi- have recieved too many direct messages so i will reply on this thread for everyone instead:

Q. did you communicate with the banks and debt collectors in writing or phone?
A. I did both. There is nothing that says you will get a better response if you write only

Q. What evidence did the banks ask for?
A. they got me to fill out an income and expense form, even though they have my statements. I basically wrote a bullet point style essay with all the details.

Q. Did they threathen you wilth legal action?
A no. they did state legal option was one option, but it never came to that

Q. did you offer to pay any BBL loan back?
A. i was honest and stated i could pay some back from personal funds, but i would need that in writing from them that i should pay the BBL from personal funds. i never got this so never made any payment as the bank account had no funds.

any other questions that DM me.

Did the BBL Fraud or investigation teams take a view or get involved?

[zeus tiktak]

It was santander business banking team that i had to deal with, once wescot (debt collector) passed back the case to them. Apart from those 2 entities, no one else got involved.

[northernladuk]

It was santander business banking team that i had to deal with, once wescot (debt collector) passed back the case to them. Apart from those 2 entities, no one else got involved.

I think you'll find if any fraud or investigation teams are looking at it you won't know until they want you to know. You won't know who is involved until it's too late. So the answer to Courts question would be you didn't see any evidence of it but you don't know

[NowPermOutsideUK]

The question which remains a mystery is where did the 50K go - If not spent on salary where was it spent? That is what is unanswered and I think deliberately by the OP

[zeus tiktak]

the 50k went on costs (IT suppliers, web consultants and business architects who were subcontracted to do work) . No one could foresee covid lockdown would continue for another 12 months, so company ran out of money.

[northernladuk]

the 50k went on costs (IT suppliers, web consultants and business architects who were subcontracted to do work) . No one could foresee covid lockdown would continue for another 12 months, so company ran out of money.

SO you clearly aren't running the same business model nearly everyone here is.