Bounce Back Loan Top Up Option

[sheep&cows&stuff]

Sorry if there is another thread on this new development - couldnt find it.

Got a text from my bank saying that the Government made a decision on Monday to allow a top up to existing bounce back loans - anyone any details?

My bank said details will be posted soon

 

[Formatted]

The original bounce back loan was that you could borrow up to 25% of your turnover, many businesses didn't borrow the full amount because they didn't think the lockdown would last for so long, the governments giving everyone the opportunity to borrow the full amount if they want to.

If you've already borrowed up to 25% of your turnover then you can't borrow anymore

 

[Adeptandy]

Haven't got the first one yet thanks to Barclays

 

[Bald Rick]

The original bounce back loan was that you could borrow up to 25% of your turnover, many businesses didn't borrow the full amount because they didn't think the lockdown would last for so long, the governments giving everyone the opportunity to borrow the full amount if they want to.

If you've already borrowed up to 25% of your turnover then you can't borrow anymore

Up to £50,000 iirc

 

[beltbreaker]

Bank manager was saying to make a letter up to justify the need for it eg, at the start of the pandemic the fat cattle price was poor, lamb price looked dodgy. The wet winter meant crops looked to be incapable of producing a crop. She was reckoning we could be challenged for using it and if we can't then there might be repercussions whatever that means. As far as I was aware was the government was backing the bank's so if you pay it back no one really suffers .

 

[Lazy Eric]

Bank manager was saying to make a letter up to justify the need for it eg, at the start of the pandemic the fat cattle price was poor, lamb price looked dodgy. The wet winter meant crops looked to be incapable of producing a crop. She was reckoning we could be challenged for using it and if we can't then there might be repercussions whatever that means. As far as I was aware was the government was backing the bank's so if you pay it back no one really suffers .

The government are paying the interest over the first 12 months and probably subbing the rates for the following5 years , so it is costing the treasury.

 

[JD6920s]

The government are paying the interest over the first 12 months and probably subbing the rates for the following5 years , so it is costing the treasury.

Haven’t they stretched the term out from 5 to ten years now?

 

[Northern territory]

What’s the point of it when future loans are going to be at very low interest rates anyway and paid back over a longer period without the questions to answer? Or is it because it was pretty easy to get in the first place.

 

[ridger]

It's a hard one to call, don't really want anymore debt but cashflow is at best poor

 

[Renaultman]

What’s the point of it when future loans are going to be at very low interest rates anyway and paid back over a longer period without the questions to answer? Or is it because it was pretty easy to get in the first place.

I think you would struggle to get an unsecured loan at 2.5% especially with a 12 month payment holiday, even with interest rates as they are now.

 

[ridger]

I think you would struggle to get an unsecured loan at 2.5% especially with a 12 month payment holiday, even with interest rates as they are now.

Maybe topping it up pushes the 12 month payment holiday along another year

 

[Northern territory]

I think you would struggle to get an unsecured loan at 2.5% especially with a 12 month payment holiday, even with interest rates as they are now.

Are overdrafts not aids for cash flow though. I don’t disagree with people taking it it’s just the motives.

 

[Dman2]

We are looking at applying
Thinking of paying off existing dearer loans

 

[Still Farming]

Papers full of BBL fraudsters today!

 

[upnortheast]

What’s the point of it when future loans are going to be at very low interest rates anyway and paid back over a longer period without the questions to answer? Or is it because it was pretty easy to get in the first place.

We were changing the Telehandler.
It worked out cheaper than any other source of money.
Easy to apply.
5 minutes with a on line form on the banks website Thursday afternoon
Money in the bank Saturday morning

We are looking at applying
Thinking of paying off existing dearer loans

Just check there are no penalties for paying off your existing loans

 

[Overby]

Bank manager was saying to make a letter up to justify the need for it eg, at the start of the pandemic the fat cattle price was poor, lamb price looked dodgy. The wet winter meant crops looked to be incapable of producing a crop. She was reckoning we could be challenged for using it and if we can't then there might be repercussions whatever that means. As far as I was aware was the government was backing the bank's so if you pay it back no one really suffers .

Everyone has been affected by covid / lockdown, unless you don't make the payments there'll be no issues. Marts have been affected, transport (even if you decided it wasn't worth it ) could have hit cashflow, people slow paying bills.....all justifiable.

 

[Dman2]

We were changing the Telehandler.
It worked out cheaper than any other source of money.
Easy to apply.
5 minutes with a on line form on the banks website Thursday afternoon
Money in the bank Saturday morning


Just check there are no penalties for paying off your existing loans

Yes , one loan no penalty
Waiting on a answer for the second loan

 

[whitefox]

its one sure fire way of keeping a small part of the economy moving,lend some money to a bunch of mugs(who we desparately need but would never care to admit it),fill their heads with ideas above their station!!!... or even just sit back and let them do it themselves),and then watch them work their asses off all for the justification of doing their bit for the nation,.......dont know if any of you have noticed,but recently all of the "farming is destroying the planet fu73w%ts) have crawleds out from under their stones again,i for one will be taking as much credit(financial) from this ungratefull lot as i can,.....ive paid my dues in advance

 

[sheep&cows&stuff]

Yes , one loan no penalty
Waiting on a answer for the second loan

How many % of your turn over did you ask for the 1st time?

 

[Dman2]

Still to apply
But bank manager has said go for the full amount
If you don`t use it just pay it back after a year