barclays bounce back loan help

mrs_dmen

my husband took out a bbl during covid as a sole trader. we have been paying the loan back, although my husband stopped working jan 24 as he has cancer.so there is no business anymore.  I have been helping with the repayments but now i have to give up work to become his carer. we will be on UC in 4 weeks time.
Is there anything we can do about the repayments. There is no way my husband will ever be able to work again

Brie

Who's loan is it?  Just husband's?  then that might make it easier but in any case the thing to do is to call Barclays and say there will be no more payments due to the financial situation.  

Now as I understand it if the BBL is your husband's and he took that out in his business name then the loan is the problem of the business, not your husband.  So if the business is gone and is officially closed I do believe the BBL goes with it.  If you or your husband signed as guarantors then that may make things different.

I suggest that you and your husband talk to someone at MacMillan's.  They have people who, in addition to helping with the day to day bits of having cancer, also help with financial aspects of people's lives. They can talk to the bank on his behalf, help you with benefit applications (his attendance allowance and your carer's allowance spring to mind) and if necessary can signpost you to money management organisations that might be able to help further. 

Citizen's Advice are another great one as they deal with everything from benefits to debts.  StepChange and NationalDebtline only (I believe) deal with debt so might not be ideal.  Christians Against Poverty are very good about taking a holistic approach and tend to be face to face rather than phone centre.  Community Money Advice is another good charity that might provide good support, sometimes you'll find them working alongside food banks.

Sorry about your situation.  It sounds like you are going through a very difficult time.  I'm wishing you the fortitude to get through it.  But do come back and ask more questions or just to talk.  

JCS1

Unfortunately, as a sole trader your husband is the business.

But I would echo the above and seek advice.

Might also be worth posting on DWF board for advice

ManyWays

Talk to BusinessDebtline about this; they cover business and personal debts for the self-employed and small limited companies. https://www.businessdebtline.org/