Bounce Back Loan - will be on personal credit report asper Barclays agent

khanji17

Hi All,

I was inquiring about the BBL from Barclays today, after 1 hour and 45 minutes wait, not so helpful agent answered the call and informed me that even it is a loan for my limited company, as a director of the company, the loan will show up on my personal credit file / history. I am a bit concerned as, as far as I know limited company is a separate entity and this is a business loan. Would if affect my getting mortgage in future as show up as my loan?

[Deleted User]

There may be some confusion from the person you spoke to. The debt will not appear on your personal credit file if taken out in the name of the Limited company, they will however conduct a "soft" credit check on you as a director to verify your existence, address etc. which will show on your credit file, but that soft check will only be visible to you. 

There are no personal guarantees for the BBLS, they are prohibited by the legislation. 

khanji17

MadMattUK said:

There may be some confusion from the person you spoke to. The debt will not appear on your personal credit file if taken out in the name of the Limited company, they will however conduct a "soft" credit check on you as a director to verify your existence, address etc. which will show on your credit file, but that soft check will only be visible to you. 

There are no personal guarantees for the BBLS, they are prohibited by the legislation. 

That's a relief, thanks for clarifying Matt

Placitasgirl

The information khani gave is confirmed here in Martin's article on BBL's: 

https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/