Paying off Finance with bounce back loan?

[eggsarascal]

20 minutes ago, Steve Bullman said:

https://www.dailymail.co.uk/money/markets/article-9154527/Banks-charge-35-emergency-loans-Crippling-rates-loom.html#comments

Is this not CBIL's, not BBL. Either way, we all will pay for it.

[Mark J]

33 minutes ago, kevinjohnsonmbe said:

I had to look “usurious” up 😂

 

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

Yup. Always read the small print.

[Khriss]

On 18/05/2020 at 22:14, IronMike said:

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!

stealing that ,  I  " the farthest of far farts in Fife and Forfarshire ' will be my motto . K

Edited January 17, 2021 by Khriss
y'ken

[IronMike]

Just pop the cheque in the post mate. Looks like I might need the money to pay back my BBL 😆🤦🏼‍♂️💩

[Johnsond]

20 hours ago, Mark J said:

Yup. Always read the small print.

True Mark but in reality many people have had zero choice but to borrow to try and save businesses. I think talking to individuals within the industry the Arb/tree/forestry game has got through this reasonably if not very well, many others have been utterly destroyed  by the adoption of lockdown and it’s subsequent effects  as the only way to tackle this. 

[openspaceman]

1 hour ago, Johnsond said:

I think talking to individuals within the industry the Arb/tree/forestry game has got through this reasonably if not very well

 

I agree, it is surprising considering the trade is a bit of a luxury service industry, but can think of many reasons for this not least of which is that people have a bit of money which may normally have been spent on travel etc.

1 hour ago, Johnsond said:

many others have been utterly destroyed  by the adoption of lockdown and it’s subsequent effects  as the only way to tackle this. 

This comes back to the way we as a wealthy society fail to provide for the parts of society heavily affected by changes. Just as we didn't plan an orderly retreat from mining, steelmaking, shipbuilding etc. and let those parts of the country, once the core earners,  become relatively poorer than the elite finance professions centred on London.

 

Instead we have created a situation where labour is is made inflexible by H&SE requirements for expensive certification.

 

No we will never have a great reset, it's not human nature, but I'd hope for a bit more compassion as well as resilience and of course looking at those activities that are causing problems to the environment.

[kevinjohnsonmbe]

11 minutes ago, openspaceman said:

I agree, it is surprising considering the trade is a bit of a luxury service industry, but can think of many reasons for this not least of which is that people have a bit of money which may normally have been spent on travel etc.

This!

 

Its been busier than ever!  Maybe especially noticeable in Cornwall with the dominance of holiday let’s and the (very) generous support to the tourism sector. 
 

Notably, discussing the latest round of grants with a holiday business, apparently, “...it’s a bit embarrassing...” how much money is being thrown at them  

 

it is traditionally the ‘closed season’ from Jan - Easter but the latest lockdown means another tranche of 10s of thousands of pounds. 
 

That money is going on getting works done - good for me. 
 

When combined with previous lockdown grants and the exceptionally busy staycation market between lockdowns many in holiday business have done better than normal for a fraction of the effort. 
 

Then there’s the grants to 2nd home owners that register as a letting business, eligible for rates relief and also got 10k per house. 
 

The figures for that a truly shocking in Cornwall. 
 

Maybe it’s my limited circle of contacts but I can’t think of anyone that has found them self worse off as a consequence of Covid - on the contrary, it’s sickening to hear them harp on about how well they’ve done out of it. 

[Johnsond]

1 hour ago, kevinjohnsonmbe said:

This!

 

Its been busier than ever!  Maybe especially noticeable in Cornwall with the dominance of holiday let’s and the (very) generous support to the tourism sector. 
 

Notably, discussing the latest round of grants with a holiday business, apparently, “...it’s a bit embarrassing...” how much money is being thrown at them  

 

it is traditionally the ‘closed season’ from Jan - Easter but the latest lockdown means another tranche of 10s of thousands of pounds. 
 

That money is going on getting works done - good for me. 
 

When combined with previous lockdown grants and the exceptionally busy staycation market between lockdowns many in holiday business have done better than normal for a fraction of the effort. 
 

Then there’s the grants to 2nd home owners that register as a letting business, eligible for rates relief and also got 10k per house. 
 

The figures for that a truly shocking in Cornwall. 
 

Maybe it’s my limited circle of contacts but I can’t think of anyone that has found them self worse off as a consequence of Covid - on the contrary, it’s sickening to hear them harp on about how well they’ve done out of it. 

If only 🤷‍♂️
I know one guy who’s house is gone and several others whom are on rock  bottom. Hmrc are showing zero interest in the past years events. But the facts you quote is what I’m hearing from this sector ie we’ve been flat out. Me personally I’ve had zero in the way of grants etc. Like a lot of self employed i fit outdide most of the eligibility parameters, not through dodgy dividend schemes etc I might add. 

[Rob D]

Have looked up the info on the BBL we got and it says 2.5% which seems pretty good to me.

 

Pretty hard to say or judge who should have had this £ or not. Should we [as in chainsawbars!] have got it? I dunno - we are busier than ever but the supply shortages/longer production times/difficulty shipping have meant we've had to make larger orders/pay more up front/wait longer for them to arrive... is that good enough a reason 🤷‍♂️

 

If that money has been plugged directly into businesses I can't see it as a bad thing even it some of it does get spent on non essentials or luxuries. For the most part if you own a small business you'll be like myself and it will have gone into improving that business. That in turn will have gone into other peoples businesses.

[Paddy1000111]

1 hour ago, Johnsond said:

Like a lot of self employed i fit outdide most of the eligibility parameters, not through dodgy dividend schemes etc I might add. 

I fit outside the original furlough scheme, not because of "dodgy dividend schemes" (which aren't dodgy) but because I did my PAYE on an annual basis as my work was on/off depending on seasons, aircraft schedules etc so I didn't have a true monthly income. Annual PAYE made more sense because of variable income but it also eased accountancy costs due to less paperwork. 

 

My mum on the other hand is retired but is also an acupuncturist as her retirement pay is quite low. Because of her pension etc she wasn't able to claim anything from the SEISS scheme and she was forced not to work by the government which I find completely out of order. 

 

I also have a friend who is a carpenter, work carried on "almost" as normal for him but he was also able to claim a silly amount of cash from the SEISS scheme as the only requirement is that "Your business has been negatively impacted by coronavirus" which every business in the UK has been in some way. 

 

I just get annoyed with the completely unfair requirements of the schemes. I paid my taxes, I filed everything on time through a qualified chartered accountant etc so there's no "dodgy dealings" but because I do annual PAYE I don't get support although I can prove I am a late 5 figure sum out of pocket?