CIFAS -BBL

Rufus29 · 15 July at 10:22AM

Any help? Please don't "beat me up on here"

I suffer with PTSD (London bombs) and everything was going okay until 2019 when I was assaulted (documented in 2019 - not an excuse) and the PTSD returned then in 2020 there was a lockdown and I couldn’t get the help that I needed.

I applied for the first bounceback loan early 2020 by pulling my accounts (10 years in business) looking at that turnover figure and taking 25% of that and putting it on the application form. Correct.

Then I waited to see whether the lockdown would finish (slowly getting worse - I was single living alone) and then I applied for another loan for a company that hadn’t been going very long I didn’t have a full set of accounts. I’d been trading for 10 months so I estimate the turnover. It was the same business but newish so I based it on the geographical restricted business - the shop -- as the new one was the same but online because it obviously would be national dealing with people in Wales, Scotland England everywhere in the UK and online was booming. I based it on 75% of the other business.

Unfortunately, I threw myself into it work but it didn’t work. I had to liquidate the company. I’ve never done this before, so I hired a liquidator £6,000. The company's debts were mainly with the BBL.

He questioned me as to the turnover figure I put in and I explained my rationale. He didn’t say to me that I could get in trouble or this was completed wrong or even offered to negotiate with the bounceback authority people to pay them maybe back £20,000 of £30,000 that I owe them. He didn’t say that I should take it as a personal debt or it might bite me in the bum later because I completed the application form wrong.

We were liquidated. Apparently, he then sent the report to the government saying that I’d over estimated my turnover, but he didn’t tell me and then bounce back loan people said that I put in a figure of fraud at that time. I was going through severe PTSD nothing was making sense and I just followed the same application routine that I did in the first BBL application.

I’ve spent all my savings on a solicitor trying to defend myself against BBL Insolvency services (£35,000), surely they will see sense, I thought. I could not afford to go to court (£75,000 if lost for both sides barristers), so I have accepted a directors' ban of six years and I cannot be a director of a company. This is sad to me,very sad.

I had no idea about CIFAS markets in the background. I heard that these markers are put on when somebody is a risk to the banks, etc., that they are going to be fraudulent. I have a 999 Experian rating. I also have a very high credit rating with Equifax.

The other business, after lockdown, returned to normal, and I have managed to pay back the £50,000 Bounce Back Loan in full. I've never had a business loan before; I always used my own money - savings, etc. If I hadn't been so weak in 2019, if I had turned a different corner, none of this would have happened. This would just never have happened.

As you can imagine, my mental health is a nightmare at the moment. I’m trying to deal with PTSD, and I’m also trying to deal with the threat of having no bank. They are all pulling their banks from me because of this marker—40 years with my bank. My Nan opened it for me. I feel I have let her down as well. I'm pleased that she's not here to see my mess. My remortgage is on September 1st will now I will go up into the large variable rate, which will be super unaffordable for me. It will leave me £29 a day to live on at 8%. I have an interest-only/repayment mortgage with Lloyds Bank, so I don't think you can simply tick a box online because of the interest-only section. Anyway, I am sure it will flag up before the offer.

I heard that CIFSA markers once they’re on you, they stay for six years. Yesterday, I walked up and down the high street, speaking to managers. At one bank, I broke down. The manager was really nice but said it's all automated now. Nationwide and community banks all say, 'put it in the system and see what happens.' I don't want to be rejected on credit files.

My partner loves me and is away for long periods. I'm being "jolly," but in reality, I want to close my eyes and not wake up. It's overwhelming, and at the same time, I'm trying to work. Doctors Wednesday appointment. Partner back on Friday.

Thanks for reading.

Rufus29 · 15 July at 12:56PM

Just to add - I cannot sell the house at the moment and walk away as the estate agent said the pending development right next door will slash the sale price now BUT then increase the value per sq ft when it is completed. So I am stuck.