Paying off Finance with bounce back loan?

[benedmonds]

Is anyone thinking about doing this?

I have checked my HP agreement and cannot see anything about early repayment fees? 

We have been given a payment holiday but our currently re paying about 3.5 percent on a chipper.  

Seems to make sense to use the BBL to pay that finance off or am I missing something?

[dumper]

7 minutes ago, benedmonds said:

Is anyone thinking about doing this?

I have checked my HP agreement and cannot see anything about early repayment fees? 

We have been given a payment holiday but our currently re paying about 3.5 percent on a chipper.  

Seems to make sense to use the BBL to pay that finance off or am I missing something?

The pay back is above base rate your chipper could be fixed rate

but the bbl has no early repayment penalty and no interest for 12 months 

[Richard 1234]

I’ve just took one out to do this I’ll wait a couple of months though as I’m not sure it’s supposed to be used this way and my loan comes from same bank.

[eggsarascal]

9 minutes ago, Richard 1234 said:

I’ve just took one out to do this I’ll wait a couple of months though as I’m not sure it’s supposed to be used this way and my loan comes from same bank.

Have you been paid out?, I got confirmation that mine was accepted last night at around 10 o'clock, just waiting for it to hit my bank account. The email said within 24 hours which obviously hasn't expired yet, I noticed on their website that they are now saying 48 hours, not that I'm in any rush, just curious.

[Richard 1234]

59 minutes ago, eggsarascal said:

Have you been paid out?, I got confirmation that mine was accepted last night at around 10 o'clock, just waiting for it to hit my bank account. The email said within 24 hours which obviously hasn't expired yet, I noticed on their website that they are now saying 48 hours, not that I'm in any rush, just curious.

Not yet got the confirmation but landed yet. I’ll post up how long it took once it arrives

[Justme]

Not seen any official mention that its 2.5% over base rate.

[eggsarascal]

9 minutes ago, Justme said:

Not seen any official mention that its 2.5% over base rate.

Google bounce back loan interest rate and see what comes back. Santanders' website is still saying that their interest rates are as normal, but on live chat earlier I was assured it is 2.5% over base, and the website hadn't been updated.

[Justme]

9 minutes ago, eggsarascal said:

Google bounce back loan interest rate and see what comes back. Santanders' website is still saying that their interest rates are as normal, but on live chat earlier I was assured it is 2.5% over base, and the website hadn't been updated.

 

 

I am 3 pages deep on that search, not a single mention of over base rate.

 

Nothing on gov site either

New Bounce Back Loans to launch today - GOV.UK

WWW.GOV.UK

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Britain’s small businesses will be able to apply for quick and easy-to access loans of up to £50,000 from today – with the...

 

 

Nothing on the Gov letter to lenders either

 

Bounce Back Loan Scheme: letter from the Chancellor to lenders - GOV.UK

WWW.GOV.UK

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A letter from the Chancellor to all accredited Coronavirus Business Interruption Loan Scheme lenders on the new...

 

Nothing about rates at all in the SI

The Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020

WWW.LEGISLATION.GOV.UK

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This Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/554) (the...

 

[eggsarascal]

On 06/05/2020 at 14:39, Richard 1234 said:

Not yet got the confirmation but landed yet. I’ll post up how long it took once it arrives

Weighed and paid, took a few days. Just got to pay it back if needed.

[Richard 1234]

6 minutes ago, eggsarascal said:

Weighed and paid, took a few days. Just got to pay it back if needed.

Mines not got here yet but I think I applied after you and they are struggling at Santander it seems from a quick google search.

I’m not in a rush but would be no good if you were...