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fraud business purchase

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shadowx

Free Member
May 29, 2016
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I have recieved bounceback loan and used for a business purchase, but the business i purchased from appeared to be fraudulent and scammed me, so would they still expect me to be paying back loan, what would be my options?
 
The only one who can truly answer that is the bank that lent you the money via the BBL.

My strong gut feeling though is that yes, they will still expect the money to be repaid.

If you lent someone some money and they were scammed would you write it off or still expect it back?

How much is it, and how did you pay? BACS? Is taking them to court or some kind of legal action an option?
 
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ecommerce84 said:
The only one who can truly answer that is the bank that lent you the money via the BBL.

My strong gut feeling though is that yes, they will still expect the money to be repaid.

If you lent someone some money and they were scammed would you write it off or still expect it back?

How much is it, and how did you pay? BACS? Is taking them to court or some kind of legal action an option?
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Bank transfer 20k, and you mean taking the bank to court?
 
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shadowx said:
Bank transfer 20k, and you mean taking the bank to court?
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How did you pay for the business and is it worth taking the people you paid to court.
 
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I assume that this is the same bounce back loan that you got by exaggerating your turnover?

www.ukbusinessforums.co.uk

starling bank done me over :O bounceback loan

I took a bounceback loan from starling, I was happily paying them on time monthly installments, until recently starling suddenly wanted the full payment with no explanation? what is the best course of action? And if I cant pay the full amount of the bounceback loan then what can I do? is there...
www.ukbusinessforums.co.uk www.ukbusinessforums.co.uk
 
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shadowx said:
By bank transfer , I have all the proof of the business doing dodgy dealings, so should i present that to bank or government?
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No, they won't have the slightest interest. You need that if you are going to try to get YOUR money back from the scammers. You took out the loan, you lost the money you need to try to recover it. The bank will expect you to repay the loan you took out.
 
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Newchodge said:
No, they won't have the slightest interest. You need that if you are going to try to get YOUR money back from the scammers. You took out the loan, you lost the money you need to try to recover it. The bank will expect you to repay the loan you took out.
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Would it be acceptable reason to liquidate company as it was a genuine business expense
 
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shadowx said:
Would it be acceptable reason to liquidate company as it was a genuine business expense
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That depends on all the circumstances, but it is unlikely that the liquidators would see it as a reasonable expense.
 
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The loan is your responsibility as already mentioned the bank will not be interested. So how are you chasing the "scammers" are they a LTD company, were you buying goods, have you had the company checked out ..... or was this an investment type scam.
 
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Oh yes, read this:
www.ukbusinessforums.co.uk

Insolvency Practitioners Duties Regarding Bounce Back Loan Abuse!

Insolvency practitioners have been instructed to report fraudulent coronavirus loan applications to the government, ahead of an expected surge in company failures this year. The Insolvency Service has written to firms advising that “if it appears that a person has applied fraudulently” for the...
www.ukbusinessforums.co.uk www.ukbusinessforums.co.uk
 
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Newchodge said:
That depends on all the circumstances, but it is unlikely that the liquidators would see it as a reasonable expense.
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I have discussed the situation with starling, they have said the below.. what does it mean

""Please can provide a summary of income and expenditure in to following format:

- *The amount you want to repay each month - *
- *Monthly income - *
- *Fixed costs:* for example rent; business rates; business loans; insurance -
- *Utilities:* gas; electricity; water rates; telephone -
- *Variable costs:* stock purchases; bank charges; wages (including PAYE and National Insurance); transport; VAT; accountant; professional fees; administrative costs (such as: stationary, postage, cleaning and repairs) -

We request your full income and expenditure details to make sure any plan agreed is affordable and sustainable for you""
 
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It means they expect there money back, even if you offer reduced payments. Do what they ask, offer what you can afford and stick to as repayments.
 
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Try set the payment plan up quickly before they close your account and pursue a legal case against you for obtaining the BBL fraudulently in the first case as you confirm you did in the other thread you started
 
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It's buyer beware I'm afraid. To use a BBL to purchase a business may not be seen as a suitable means....I lost a business in COVID and the funds we received was all uses to try and rescue such as pay suppliers
 
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