£50K Interest Free Loan for 12 Months

[ScottW]

'So basically you're pissed off that you can't borrow a ton of cash that you don't actually need because you want to make money off it'

... errrr.....yes.

Who said this loan is interest free? I think you're misreading the information, not HMG spinning the details.

There is no interest to pay in the first year. That's all. Show me where it has been explicitly said this loan is interest free.

So basically you're pissed off that you can't borrow a ton of cash that you don't actually need because you want to make money off it, which is entirely NOT the point of offering the lending.

[jamed]

I guess another consideration is how much longer will you keep your LtdCo running for. I'm somewhat tempted to disolve it up after the next year-end(July 2020) as outside IR35 jobs are seeming to be on the decline and it's not really worth it, for me personally, paying accounting fees of 1,400 a year or so for a dormant company. Although realistically I'd probably just do my own accounts if that was the case.

[PerfectStorm]

Cater Allen seem not to be offering such a loan - yet.

Nothing on their site to suggest, and phone lines offering only emergency related calls.

Have sent an email in asking about the future, will report back.

If they do, the money will be conveyed to you in the form of postal orders over the course of a month

Gone for less than 50k (unfortunately did not have £200k turnover in 2019), let's see

[CosmicWave]

Barclays are utterly miserable at this.

This is what I get... when i click on their Bounce back link once logged in.

"Please try again
We’re currently experiencing high demand for this page.

If you continue to see this page, you might not be able to complete your application. Please try again in a few days.

If you need urgent support, please call your usual Business Banking contact."

And in the urgent call support page, they say please DO NOT CALL us... due to the current covid-19 situation.

Very interesting!


Anybody else been lucky with Barclays... did you even get to see the application page?

Anyway, I will again try in a week or so, since I do need it. I am affected by the covid-19 situation, and pass the other two requirements as well.

[northernladuk]

Applied to Santander at 2pm. 6pm got the docs to sign via docusign and sorted.

Money will be on its way in no time.

[CosmicWave]

Applied to Santander at 2pm. 6pm got the docs to sign via docusign and sorted.

Money will be on its way in no time.

Cool stuff.

Well, for me I suppose it’s lessons learned for having been with the useless Barclays for over a long time.
Time to consider moving away from Barclays once this Covid mess is over.
I will remember this that Barclays did not help me in the time of need.

[Jamy]

Santander seem to have this down perfectly.

Application yesterday morning, docs signed in the afternoon and cash in the bank that evening!

[ladymuck]

Applied to Santander at 2pm. 6pm got the docs to sign via docusign and sorted.

Money will be on its way in no time.

Still waiting on HSBC.

[CosmicWave]

Santander seem to have this down perfectly.

Application yesterday morning, docs signed in the afternoon and cash in the bank that evening!

Well done, Santander. Claps!

Absolutely shame on you, Barclays! Hang your head down with shame.
I wonder if the government even knows Barclays is being dodgy, in these troubling times.
Perhaps should raise it with MPs.

[andydd68]

I guess another consideration is how much longer will you keep your LtdCo running for. I'm somewhat tempted to disolve it up after the next year-end(July 2020) as outside IR35 jobs are seeming to be on the decline and it's not really worth it, for me personally, paying accounting fees of 1,400 a year or so for a dormant company. Although realistically I'd probably just do my own accounts if that was the case.

That crossed my mind too..maybe a Ltd Co. is pointless if IR35 reforms come to pass, I already do my own accounts and moved from Freeagent to Xero saving me about £25 a month, but like most others I was expecting my co. to be dormant.