Hi - my journey with the bounce back loan has been long but finally my bank has claimed off the governemt guarantee and ltd company is now fully dissolved. For those interested this is what happened and the sequence of events i used to finally get the loan written off.
1. BBL of 50k was taken out in 2021 due to covid. My LTD company had previous turnover of 220k so this was a legitimate amount.
2. due to covid the company ran out of funds. none of the loan was used for personal use but only business expenses. had a lot of suppliers who couldnt pay so that was that.
3. the company had zero funds, so couldnt afford an insolvency practioner, so we filed a DS01 form at companies house to get the company dissolved. At the same time we wrote to our bank and HMRC with full details of what happened to the business, how there were no funds etc and hence why we were dissolving company
4. our bank objected so companies house put our company to "strilke off pending" status. our bank then sent our details to a debt collector
5. we did not ignore the debt collector but provided them with all the details. eventually the debt collector, sent our case back to the lender, i.e they decided not to pursue it any further.
6. we wrote to our lenders again, providing all the evidence. at that point we called them every 2 weeks and asked if they needed any more info. We only used the loan for business expenses and not salary. we did not use the loan for any personal use. if you did, then that would break the terms of the loan.
7. after a very long wait, 2 weeks ago, we got a letter stating our lender would claim off the government guarantee. we checked companies house, and our company was dissolved.
the lesson we learnt, is make sure you send all copies of the letter to HMRC, your bank and anyone else. keep on sending these letters, phone them up and ask if they need anything else.
the banks and debt collectors were surprisingly very understanding and friendly. they wanted to resolved the case as much as we did.
the debt collector was Wescot if anyone is interested. Very professional guys.
My advice to anyone worried about their BBL, is dont have your head in the sand. the banks are willing to write these off, but you need to be pro-active, fight your case and send them all the info in a well written format.
1. BBL of 50k was taken out in 2021 due to covid. My LTD company had previous turnover of 220k so this was a legitimate amount.
2. due to covid the company ran out of funds. none of the loan was used for personal use but only business expenses. had a lot of suppliers who couldnt pay so that was that.
3. the company had zero funds, so couldnt afford an insolvency practioner, so we filed a DS01 form at companies house to get the company dissolved. At the same time we wrote to our bank and HMRC with full details of what happened to the business, how there were no funds etc and hence why we were dissolving company
4. our bank objected so companies house put our company to "strilke off pending" status. our bank then sent our details to a debt collector
5. we did not ignore the debt collector but provided them with all the details. eventually the debt collector, sent our case back to the lender, i.e they decided not to pursue it any further.
6. we wrote to our lenders again, providing all the evidence. at that point we called them every 2 weeks and asked if they needed any more info. We only used the loan for business expenses and not salary. we did not use the loan for any personal use. if you did, then that would break the terms of the loan.
7. after a very long wait, 2 weeks ago, we got a letter stating our lender would claim off the government guarantee. we checked companies house, and our company was dissolved.
the lesson we learnt, is make sure you send all copies of the letter to HMRC, your bank and anyone else. keep on sending these letters, phone them up and ask if they need anything else.
the banks and debt collectors were surprisingly very understanding and friendly. they wanted to resolved the case as much as we did.
the debt collector was Wescot if anyone is interested. Very professional guys.
My advice to anyone worried about their BBL, is dont have your head in the sand. the banks are willing to write these off, but you need to be pro-active, fight your case and send them all the info in a well written format.
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