BSP payment Loans

Discussion in 'Tenant Farming, Subsidies, BPS & Legal Issues' started by Still Farming, Nov 5, 2018.

  1. Still Farming

    Still Farming Member

    Location:
    Glamorgan Wales
    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?
     
  2. Johngee

    Johngee Member

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

    Still Farming Member

    Location:
    Glamorgan Wales
    When do we get letters?
    After loan cut off point I imagine???
     
  4. ffukedfarmer

    ffukedfarmer Member

    Location:
    West Kent
    Is this just for Scotland and Wales?
     
  5. valtraman

    valtraman Member

    I’m in Scotland and applied for loan and got paid 2nd week October . Was same story last year
     
    capfits and ThatsSomeSheep like this.
  6. davidroberts30

    Location:
    pembrokeshire
    Still Farming likes this.
  7. Still Farming

    Still Farming Member

    Location:
    Glamorgan Wales
  8. neilo

    neilo Member

    Location:
    Montgomeryshire
    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:
     
    Johngee likes this.
  9. ___\0/___

    ___\0/___ Member

    Location:
    SW Scotland
    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.
     
    capfits likes this.
  10. Still Farming

    Still Farming Member

    Location:
    Glamorgan Wales
    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 .
     
  11. davidroberts30

    Location:
    pembrokeshire
    Its 0 interest if payed early
     
  12. Still Farming

    Still Farming Member

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

    neilo Member

    Location:
    Montgomeryshire
    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.
     
  14. Still Farming

    Still Farming Member

    Location:
    Glamorgan Wales
    Screenshot_20181107-083828_Drive.jpg or they pay you.

     
  15. neilo

    neilo Member

    Location:
    Montgomeryshire
    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.
     
  16. Still Farming

    Still Farming Member

    Location:
    Glamorgan Wales
    Lets hope they pay farmers out quick then
     
  17. Still Farming

    Still Farming Member

    Location:
    Glamorgan Wales
    Is rpw loan application working correctly now?
     

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