We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

bounce back loan

Options
2»

Comments

  • Grumpy_chap
    Grumpy_chap Posts: 18,273 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Depending on the detail of circumstances, the OP may benefit by asking for advice in the DFW forum.
  • Percy1983
    Percy1983 Posts: 5,244 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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 13/01/2012
  • 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?
  • Caz3121
    Caz3121 Posts: 15,832 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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?
    were you a company director or a sole trader?
    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

  • Grumpy_chap
    Grumpy_chap Posts: 18,273 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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?
    Sorry to hear about your position.
    With the BBLS, have you considered the payment break and / or extending the term to reduce the outgoings in the short term?
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.