BSP payment Loans

Still Farming · Nov 5, 2018

Anyone applied or applying upto 70% advance on your claim.
Apparently most of Scotland applied for it.
Deadline end Nov.?
Suppose ok if you know your claim is delayed ? But how do you know it may be delayed?
Horse before cart maybe?

Johngee · Nov 6, 2018

Had an email yesterday saying that my claim won't be ready for payment in early December and recommended I apply for the loan.

Still Farming · Nov 6, 2018

When do we get letters?
After loan cut off point I imagine???

ffukedfarmer · Nov 6, 2018

Is this just for Scotland and Wales?

valtraman · Nov 6, 2018

I’m in Scotland and applied for loan and got paid 2nd week October . Was same story last year

davidroberts30 · Nov 6, 2018

ffukedfarmer said:
Is this just for Scotland and Wales?

https://beta.gov.wales/basic-payment-scheme-loan-using-rpw-online-apply

Still Farming · Nov 6, 2018

davidroberts30 said:
https://beta.gov.wales/basic-payment-scheme-loan-using-rpw-online-apply

All seems ok but if you knew your getting paid in December then you don't need the loan advance maybe but if your getting paid late or next year sometime you may need to apply for it .
When or how will applicants know what to do ?

neilo · Nov 6, 2018

Still Farming said:
All seems ok but if you knew your getting paid in December then you don't need the loan advance maybe but if your getting paid late or next year sometime you may need to apply for it .
When or how will applicants know what to do ?

You apply ‘just in case’ imo. If you are paid in early December, then you won’t need/get the loan. If it’s delayed for any reason, i’d Guess most would be glad of a chunk of it arriving as an interest free loan.

It takes a couple of minutes to complete the online application, costs nothing and you have nothing to lose. Why would anyone not tick the boxes required? :scratchhead:

___\0/___ · Nov 6, 2018

We were always payed sharply (Scotland) and got offered the loan which we didn't do, payment arrived 7 months later than normal.

My advice is take the loan.

Still Farming · Nov 6, 2018

neilo said:
You apply ‘just in case’ imo. If you are paid in early December, then you won’t need/get the loan. If it’s delayed for any reason, i’d Guess most would be glad of a chunk of it arriving as an interest free loan.

It takes a couple of minutes to complete the online application, costs nothing and you have nothing to lose. Why would anyone not tick the boxes required?

I know what you mean.
It's 3.4 % interest think not free but yet another layer of form filling .
No brainer really but just to make people aware that receive sfp .

davidroberts30 · Nov 7, 2018

Its 0 interest if payed early

Still Farming · Nov 7, 2018

davidroberts30 said:
Its 0 interest if payed early

If they don't pay you for 6 months, the calculation sfp minus loan plus interest.
As said if paid early could be 0 .

neilo · Nov 7, 2018

Still Farming said:
I know what you mean.
It's 3.4 % interest think not free but yet another layer of form filling .
No brainer really but just to make people aware that receive sfp .

IIRC There's only interest if the %age they pay you early is more than the final amount due, which is going to be unlikely. You only pay interest, at less than any OD rate I've seen, on that overpaid amount, until you repay it.

Still Farming · Nov 7, 2018

or they pay you.

neilo said:
IIRC There's only interest if the %age they pay you early is more than the final amount due, which is going to be unlikely. You only pay interest, at less than any OD rate I've seen, on that overpaid amount, until you repay it.

neilo · Nov 7, 2018

Still Farming said:
Or they pay you.

The loan amount is deducted from the payment you receive, when they actually get round to sending it. IIRC there is no interest due unless you owe them money back, ie if the loan paid out is more than the final payment after they have found some deductions to make.

Still Farming · Nov 7, 2018

Lets hope they pay farmers out quick then

Still Farming · Nov 10, 2018

Is rpw loan application working correctly now?

Johngee · Nov 29, 2018

Had the payment statement today so looks like I won't be needing the loan after all!

Still Farming · Dec 5, 2018

Looks like Loan statements going out but NO indication if Total or The 70% advancd?
As No BPS SFP total amounts statments issued as still in progress , there is no way of knowing it there?
Also with other claims etc.there is a Progress bar.
Why is there NO progress bar with the BSP Loan application ?

BSP payment Loans

Member

Member

Member

Member

Member

Member

Member

Member

Member

Member

Member

Member

Member

Member

Member

Member

Member

Member

Member

0 %

Up to 25%

25-50%

50-75%

75-100%

100% I’ve had enough of farming!

Share this page