Bounce back loans

Mc115reed

Member
Paid all mine back, the hardest part was trying to find out how.
I have some cash now so no point paying interest on a loan and not being able to find interest on an investment.
Useful at the time because all my income had stopped but glad it is out of the way again.
As for being open to fraud, when I applied I just made up any old figures for them to base the amount of loan on and they never questioned it at all, just sent the money.
I wish I knew how easy it was too get I’d of lied about my income too get the full 50k and consolidated some higher interest borrowings
 

AT Aloss

Member
BASE UK Member
What is the implication of not paying back a bbl.
An aquatance has got them selves in a muddle. Can you close a sole trader business, clear debtors with only the bbl not paid, with no further funds available to pay bbl? No assets etc
Are creditors likely to press for insolvency/bankruptcy?
Obviously the bbl is government backed, but the lender will have investigate non repayment.
 
Didn’t get one. Farm was fairly well off during first covid lockdown. Things became much tighter that autumn due to lack of wheat etc, but got through it and emerged stronger.
I didn't get one either, I opperate out of my building society account so wasn't eligible for one, apparently due to not having a business account, annoying at the time, but quite pleased now as it doesn't need paying back.
 

steveR

Member
Mixed Farmer
On the HSBC online banking site you can just click on 'manage my BBL', which gives you several options. I assumed that was the case elsewhere too.

I've delayed paying mine back for 6 months, as I couldn't see the point of using a higher interest rate OD to do so. Now there are a few more sales in, I will start nibbling at it.
At 2.5% it's still very cheap borrowing, so I'm not desperate to pay it off just yet. Would be different if I was likely to remain in the black by more than the value of the BBL, but that's not likely year round.
Fair point...

Seem to have generated a few quid this time, so felt that as there is SFA anywhere any modest surplus can earn interest, pay a bit off.
 

ARW

Member
Location
Yorkshire
We got one just to increase our stock of materials, and it really did us well as timber prices jumped we could still afford to buy it by the wagon load.
Paying it back now and Yorkshire bank have it set up with my accounts on internet banking so I can pay bits off when we can
All in all for us it was nothing but a benefit
If you are short of capital you make poor business decisions to ease cash flow, more capital gives you more opportunities to generate more cash
 

steveR

Member
Mixed Farmer
I am pretty confident you can. Mine was with Barclays too and on your online banking you will see it come up as a different account within your business account, it has a sort code and account number with it that is different to your main account, simply transfer funds to that account and they will recalculate the repayments.
When you do pay into that account number it says unable to confirm the account but continue anyway (Barclays themselves told me this when I contacted them to repay mine). It takes several days to register during which you think you just got scammed but that is how it worked for me.
Ring Barclays and ask them, that again is another challenge finding the number but I think it may be on the app if you have that on your phone.
Thank you, I will try again after the weekend @Kidds Sounds as if they made some changes to the online account, I was barfed out when I tried to make transfer.

Spoke to one of the call centre people who was not much help, and said I had to follow some specific protocol! I do have the new "Ag Team" number, so might try that first. ;)
 

Hampton

Member
Location
Shropshire
I didn't get one either, I opperate out of my building society account so wasn't eligible for one, apparently due to not having a business account, annoying at the time, but quite pleased now as it doesn't need paying back.
I do have to say that one of my old school friends who is an art dealer used one to by a patek philipe! Seemed a decent use of taxpayers money 🤦
 

Werzle

Member
Location
Midlands
What is the implication of not paying back a bbl.
An aquatance has got them selves in a muddle. Can you close a sole trader business, clear debtors with only the bbl not paid, with no further funds available to pay bbl? No assets etc
Are creditors likely to press for insolvency/bankruptcy?
Obviously the bbl is government backed, but the lender will have investigate non repayment.
Bank will chase it like any other debt, all assets will be at risk of repo . Credit history will be wrecked and they will probably have to be declared bankrupt.
 

Chae1

Member
Location
Aberdeenshire
Had a meeting with our bank manager a few weeks ago and he said he was pleasantly surprised how any people were paying back the BBL money. He expected a large amount to default.
 

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Five nature-recovery projects spanning 100,000ha launched

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Written by Michelle Martin from Agriland

Image-source-Savills-field-640x360.jpg
Five nature-recovery projects spanning nearly 100,000ha across the West Midlands, Cambridgeshire, the Peak District, Norfolk and Somerset have been announced by the government and Natural England today (Thursday, May 26).

This is the equivalent in size to all 219 current National Reserves.

The aim of the projects is to deliver nature recovery at a landscape scale, helping to tackle biodiversity loss, climate change and improve public health and well-being.

All five projects will make a significant contribution towards the national delivery of the international commitment to protect at least 30% of land and...
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