Jump to content

Log in or register to remove this advert

Paying off Finance with bounce back loan?


benedmonds
 Share

Recommended Posts

I think all this deferred interest on loans, deferred rates, rent ,VAT and tax  is going to cause an avalanche of bankruptcies in the new year. Its allowing firms that would normally go pop right now to basically trade while insolvent for another six months, some of these will rack up monumental debt and legally just walk away from it, god help the pension pot.

 

Bob

  • Like 3
Link to comment
Share on other sites

Log in or register to remove this advert

8 minutes ago, aspenarb said:

I think all this deferred interest on loans, deferred rates, rent ,VAT and tax  is going to cause an avalanche of bankruptcies in the new year. Its allowing firms that would normally go pop right now to basically trade while insolvent for another six months, some of these will rack up monumental debt and legally just walk away from it, god help the pension pot.

 

Bob

Furlough scheme is doing similar, and also deferring mass redundancies imo.

  • Like 1
Link to comment
Share on other sites

41 minutes ago, aspenarb said:

I think all this deferred interest on loans, deferred rates, rent ,VAT and tax  is going to cause an avalanche of bankruptcies in the new year. Its allowing firms that would normally go pop right now to basically trade while insolvent for another six months, some of these will rack up monumental debt and legally just walk away from it, god help the pension pot.

 

Bob

Whilst I agree with most of what you have said, in the case of the BBL (ie the subject of this thread!) I think they have actually been quite sensible - max 25% of turnover or £50k, whichever is the lower. 

 

We have taken out one for our charter business which is unable to operate at all this season due to cancellations and the continuing restrictions etc.  The 12 month 'payment free' period will allow us to keep trading and pay for most of our fixed outgoings whilst deciding which of the boats to sell rather than being forced into a fire-sale at a time when the market is likely to be awash with similar vessels.

 

Some of the businesses will do as you say, but others will manage to trade through and come out the other side.

Edited by waterbuoy
Link to comment
Share on other sites

2 hours ago, benedmonds said:

£50k deposited in our account today.. Scary how easy the process was.. 

Thats what I thought! 

I saw the money in my Lloyd’s account 36 hours after applying, could have been in within 12 hours as I didn’t look sooner.

 

Ive spent it on a tractor, which I think is is pretty much the point of it- I’ve borrowed some money that i can afford to pay back but probably wouldn’t have been able to borrow otherwise, and passed that money on , keeping the wheels turning ??

Link to comment
Share on other sites

I think you’ve done the right thing, fair play.

 

I think one of the key things to remember (and I’m sure everyone does) is that the money isn’t free as such, and must be repaid. But my god, it’s the cheapest money you’ll ever get, and the easiest. Imagine applying for a loan like this 6 months ago? You’d have had to jump through every possible hoop whilst explaining the farthest of far farts!

  • Like 1
Link to comment
Share on other sites

  • 7 months later...
20 minutes ago, Steve Bullman said:
WWW.DAILYMAIL.CO.UK

Data seen by us shows lenders have used the Chancellor's flagship £19billion loan fund to saddle...

 

I had to look “usurious” up 😂

 

Never has been, never will be any such thing as a free lunch. 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share


  •  

  • Featured Adverts

About

Arbtalk.co.uk is a hub for the arboriculture industry in the UK.  
If you're just starting out and you need business, equipment, tech or training support you're in the right place.  If you've done it, made it, got a van load of oily t-shirts and have decided to give something back by sharing your knowledge or wisdom,  then you're welcome too.
If you would like to contribute to making this industry more effective and safe then welcome.
Just like a living tree, it'll always be a work in progress.
Please have a look around, sign up, share and contribute the best you have.

See you inside.

The Arbtalk Team

Follow us

Articles

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.