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Do you need help with your bounce back loan?
It’s easy to check if you are eligible, we can help if:
- Unable To Repay Your Bounce Back Loan
- Unable To Pay Staff
- Unable To Repay Debts e.g HMRC and More
- Close Your Company & Become Debt Free
- We Are Fully Licensed and Regulated
- Free Director Redundancy Check, Average Claim *£9,000
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“Excellent service dealt with everything very quickly. Thank you very much, i would recommend you to anyone who needs help with their business!”
Barbara JamesCompany Director
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JohnDirector
“Thank you for helping me in a time of need, i am ever so grateful for you helping me get redundancy (£12,364) when my business closed”
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Bounce Back Loan FAQs
Can you write off your Bounce Back Loan?
The Bounce Back Loan can be written off because it was given on behalf of the company and not the individual. If the company closes then the BBL will be written off through a Company liquidation. Check If You Qualify Online
Can i close my business with a Bounce Back Loan?
If your business is struggling and is looking to close then the Bounce Back Loan will work in the same way as any other loan that was taken up during that time. This means that should the company close and enters a formal liquidation process, the Bounce Back Loan will be included as a debt when your business closes.
A licensed insolvency practitioner will go through the entire process and organise the whole procedure on your behalf.
The final result of the liquidation is that the company will no longer exist as a legal operator, and any debt remaining from this point forward will be written off unless it has previously been secured with a personal guarantee. A Bounce Back Loan is not classed as a personally liable loan Chat to an expert today
I have a Bounce Back Loan but can help you with other debts
Yes, Business Helpline offers free impartial advice on all debts. Bounce Back Loans are only one of the many debts business owners accrued over the last few years
Some businesses may be juggling a series of loans alongside their BBL and, in that instance, we would look at all your available options to resolve the matter efficiently as possible
What will happen if I genuinely can’t repay my Bounce Back Loan?
The PAYG scheme is designed to offer a little bit of wriggle room for those who might not be completely on top of their payments. Making repayments might still feel like a step too far for many. However, there are ways around this.
One of the main benefits of the BBLS is the fact that the loan itself is unsecured. This means that the loan is taken out without any collateral such as property. We wouldn’t necessarily advocate unsecured loans but, in this instance, it might be beneficial because it comes with a government guarantee because they gave 100% security to the banks for these loans. However, government backing only comes into play if a business is declared insolvent, so a trading business that is still in operation will still have to pay the money back themselves.
Therefore, while company directors should feel a little relief, they should also be aware that governmental intervention is very much the last case scenario. They will still be expected to make repayments unless the situation gets very desperate. Chat to an expert today