Covid Support and Bounce Back Loans

JEREMY HAWKE

Business Member
  • Business Listing
    Mar 4, 2008
    8,577
    1
    4,030
    EXETER DEVON
    www.jeremyhawkecourier.co.uk
    When these were announced three years ago a couple of wise boys and girls on here predicted exactly what would happen and they were spot on

    I did a search earlier but could not find the thread but only in the last few minutes a members is in distress over a BBL and liquidation and it is a common post on here now

    I don't have too much advice apart from always use a good IP but I think it is really important to point out the accuracy of the advice on here
     
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    We 'in the trade' jokingly dubbed BBL as a grant with a repayment option.

    In reality I don't think any of the people behind it we under any illusion how it would pan out.

    What they did over estimate was their / their agents' ability to dig out and take action against the real abusers - so as always have targeted the low-hanging fruit of marginal offenders.
     
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    WaveJumper

    Free Member
  • Business Listing
    Aug 26, 2013
    6,621
    2
    2,396
    Essex
    I keep meaning to look up how many new companies were created over that period compared to previous years, loans were being thrown around like confetti and whilst a lot of people legit took some help many as we now know never had either a legit or going concern in the first place. Personally I think the banks have a lot to answer for, but they didn't care "it was all backed by the government" opps or should I say us the tax payer
     
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    I keep meaning to look up how many new companies were created over that period compared to previous years, loans were being thrown around like confetti and whilst a lot of people legit took some help many as we now know never had either a legit or going concern in the first place. Personally I think the banks have a lot to answer for, but they didn't care "it was all backed by the government" opps or should I say us the tax payer
    I seldom defend banks, but in this case they were comprehensively dumped on by Government.

    Effectively given a weekend to put a system together to churn out loans. As anyone in the business knows, shoving money out of the door is the easy bit of lending!

    Sunak even used out loud the immortal, clueless line 'we helped the banks out, now it's their turn to help us out'.
     
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    BustersDogs

    Free Member
  • Jun 7, 2011
    1,579
    353
    Essex
    I'm still paying mine on time (sole trader). It will outlast the van it paid for... I do love having a bigger van, but the BBL will likely stop me upgrading to something less polluting or more modern. I should never have chosen such a long loan for a vehicle. I am struggling more the last two years than I did during 2020 and 2021, so can't even clear it quicker.
     
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    Lisa Thomas

    Business Member
    Business Listing
    Apr 20, 2015
    5,446
    1
    1,441
    www.parkerandrews.co.uk
    I seldom defend banks, but in this case they were comprehensively dumped on by Government.

    Effectively given a weekend to put a system together to churn out loans. As anyone in the business knows, shoving money out of the door is the easy bit of lending!

    Sunak even used out loud the immortal, clueless line 'we helped the banks out, now it's their turn to help us out'.
    I agree with that.

    I spoke to a banker recently who said the banks didn't find out about the scheme until it was announced on the news, and they only had a matter of weeks to set up a new system, which would usually take over a year.
     
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    Lisa Thomas

    Business Member
    Business Listing
    Apr 20, 2015
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    www.parkerandrews.co.uk
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    AlanJ1

    Free Member
    Jul 25, 2018
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    Personally I think the banks have a lot to answer for, but they didn't care "it was all backed by the government" opps or should I say us the tax payer
    Yeah this is a really bad take. As with the above posters the banks had absolutely no choice, most didn't want involved but they had too. Given a couple of days to sort a system, absolutely no chance to get it right.
     
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