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Lloyds BBL credit reference
alboy12
Posts: 37 Forumite
Big thumbs upto Lloyd's Bank.
I've been trying for a BBL through Starling, Santander and both declined.
As I'm sole trader but I only have a current acc with Halifax I managed to open a business acc at Lloyds. All set up and BBL in the acc in half a day. I was beginning to lose hope.
I can get things back on track now.
Probably a dumb question but I'll Sk anyway, because the loans are government backed and they say no credit checks done, is, this debt registered as a debt on a credit agency sites?
I've been trying for a BBL through Starling, Santander and both declined.
As I'm sole trader but I only have a current acc with Halifax I managed to open a business acc at Lloyds. All set up and BBL in the acc in half a day. I was beginning to lose hope.
I can get things back on track now.
Probably a dumb question but I'll Sk anyway, because the loans are government backed and they say no credit checks done, is, this debt registered as a debt on a credit agency sites?
0
Comments
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For a sole trader, given that the BBLS is a liability, it would be absurd if that was not visible to other lenders in some way.0
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Yes. You will always be liable to repay the loan. The fact the it is government guaranteed means the lender (Lloyd’s) can recover from the government if you default. BUT if this occurs, the government will then come after you for repayment. The borrower remains liable.It’s a loan, it will have to be repaid at some point unless you go bankrupt.0
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its not showing on my credit file, part of the agreement did say my credit file would be affected if I don't pay so it may appear if I don't pay.As above the government will come after you buy won't go for your primary residence or vehicle.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120 -
Sibbers123 said:Yes. You will always be liable to repay the loan. The fact the it is government guaranteed means the lender (Lloyd’s) can recover from the government if you default. BUT if this occurs, the government will then come after you for repayment. The borrower remains liable.It’s a loan, it will have to be repaid at some point unless you go bankrupt.My understanding from reading elsewhere is that " banks bear the responsibility of pursuing delinquent borrowers. ". It is only if that fails that the Government covers the shortfall.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
But the borrow will remain 100% liable, even after the government have paid the bank (unless the borrow goes bankrupt/liquidated).dunstonh said:Sibbers123 said:Yes. You will always be liable to repay the loan. The fact the it is government guaranteed means the lender (Lloyd’s) can recover from the government if you default. BUT if this occurs, the government will then come after you for repayment. The borrower remains liable.It’s a loan, it will have to be repaid at some point unless you go bankrupt.My understanding from reading elsewhere is that " banks bear the responsibility of pursuing delinquent borrowers. ". It is only if that fails that the Government covers the shortfall.0
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