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bounce back loan
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Depending on the detail of circumstances, the OP may benefit by asking for advice in the DFW forum.0
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In short you are fully liable but they won't go after you house or primary car but they are in there rights to take everything in your home and bank accounts.
Can you not pay it back, have you extended it to 10 years which will nearly half the payments?
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 -
I have a bounce back loan of £13k which I took out in July last year. I became ill in September and was diagnosed with inoperable cancer in December last year and now cannot pay back the loan as I cannot work. I am now on benefits and have no spare cash to repay this loan plus I have a tax bill too. Can anyone offer any advice please?0
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Juliefeet01 said:I have a bounce back loan of £13k which I took out in July last year. I became ill in September and was diagnosed with inoperable cancer in December last year and now cannot pay back the loan as I cannot work. I am now on benefits and have no spare cash to repay this loan plus I have a tax bill too. Can anyone offer any advice please?
If a sole trader then you have responsibility for the repayment and you maybe want to take advice from one of the debt charities to review your options depending on your situation...if you own your home etc
this thread worth a read https://www.ukbusinessforums.co.uk/threads/sole-trader-bounce-back-loan-implications.414744/
sorry about your diagnoses it is a horrible disease...I have lost many to cancer (including by 54 year old husband) but also know many that have come out the other end with treatment
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Juliefeet01 said:I have a bounce back loan of £13k which I took out in July last year. I became ill in September and was diagnosed with inoperable cancer in December last year and now cannot pay back the loan as I cannot work. I am now on benefits and have no spare cash to repay this loan plus I have a tax bill too. Can anyone offer any advice please?
With the BBLS, have you considered the payment break and / or extending the term to reduce the outgoings in the short term?0
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