BBL Loan in a partnership

pateire

Hi
i am trying to apply for a personal loan
one of the question is do i have any outstanding loans
i have a BBL loan in a partnership buisness
do i have to declare that on my application

and if i do do i declare my 50% share of the Bll
thanks in advance

MattMattMattUK

pateire said:

Hi
i am trying to apply for a personal loan
one of the question is do i have any outstanding loans
i have a BBL loan in a partnership buisness
do i have to declare that on my application

Yes, because as a partnership there is no legal separation between yourself and the business, you are in the same position as a sole-trader in that respect (although you could have limited liability in the case of an LLP).

pateire said:

and if i do do i declare my 50% share of the Bll
thanks in advance

I think you need to read up on the BBL agreement. I very much doubt you are only liable for half, you will probably find that you are jointly liable for the whole amount, so as such you will need to show the full amount of the BBL.

One has to ask, with this being MSE, is an additional loan, in light of an existing BBL which has not been repaid, really the right course of action, or would managing your finances differently be a better option?

TBagpuss

I agree with MattMattMatt. In a partnership, you are individually and personally liable for the business debts etc, so you will have to declare it. Most loans are on a 'joint and several liability' basis which means that as between you and the loan provider, each partner is responsible for all of the loan.

Between yourself and the other partners you may have other arrangements in place but for the purpose of applying for other loans I would expect you to have to declare the BBL and to declare the full amount . In the same way, if you are married or in a relationship and have a joint mortgage, you would declare the total on the mortgage, not half of it.