Bounce back loans

[william127]

Lloyds ?

[John Shutler]

I filled in the form with bank of scotland yesterday afternoon, could have applied for the maximum 50k but decided to put in for 25k

 

money in my bank this afternoon 

[Steve Bullman]

2 minutes ago, John Shutler said:

I filled in the form with bank of scotland yesterday afternoon, could have applied for the maximum 50k but decided to put in for 25k

 

money in my bank this afternoon 

Should have taken the 50, chucked the whole lot in a high interest account for a year then paid it off in full before they started charging you interest on the loan

 

wait....no such thing as a high interest account at the moment!

[John Shutler]

Just now, Steve Bullman said:

Should have taken the 50, chucked the whole lot in a high interest account for a year then paid it off in full before they started charging you interest on the loan

 

wait....no such thing as a high interest account at the moment!

i did think about going for the full amount but chickened out ? don’t really need the money to be fair but nice to have it sat there if i do need it 

[eggsarascal]

Same way of thinking from two totally different blokes, I'll be damned!

[Steve Bullman]

What this about?

 

 

[william127]

12 minutes ago, John Shutler said:

i did think about going for the full amount but chickened out ? don’t really need the money to be fair but nice to have it sat there if i do need 

I didn't need it, but I'm going to buy myself a nice(to me) tractor without having to work like a madman/empty all my pots to pay for it?

[monkeybusiness]

13 minutes ago, Steve Bullman said:

What this about?

 

 

Sounds like they (the lender) will charge you interest from day 1 and you’ll get a separate payment from the gov to cover the first year’s interest. If you want to pay it all back at the end of the year you will owe 2.5% on top of what you’ve borrowed, and that government payment will cover the interest. (That’s my understanding of what you’ve posted, I’m certainly not suggesting my interpretation is correct though and will happily be corrected!). 

[renewablejohn]

Is there a problem if your operating as a commercial forest with timber sales that are tax exempt what figure do you use as turnover, Looking at the bank forms there requesting turnover as reported on a self assessment return which for tax exempt sales would be zero which would give you no loan. Am I missing something.

[skyhuck]

12 hours ago, monkeybusiness said:

Sounds like they (the lender) will charge you interest from day 1 and you’ll get a separate payment from the gov to cover the first year’s interest. If you want to pay it all back at the end of the year you will owe 2.5% on top of what you’ve borrowed, and that government payment will cover the interest. (That’s my understanding of what you’ve posted, I’m certainly not suggesting my interpretation is correct though and will happily be corrected!). 

No it states that is paid "directly to the lender"