What have you spent your BBL on so far?

Discussion in 'COVID-19 Forum' started by bodgitt&scarperLTD, Jun 18, 2020.

  1. bodgitt&scarperLTD

    bodgitt&scarperLTD UKBF Regular Full Member

    349 134
    I'll start. I've paid off around 5k of existing finance at higher rates, used around 10k in place of the overdraft for now and also had a cracking deal on a forklift truck worth about 8k plus VAT for 4.5 plus vat- right place, right time.

    What have you guys spent it on thus far?
     
    Posted: Jun 18, 2020 By: bodgitt&scarperLTD Member since: Nov 26, 2018
    #1
  2. Mr D

    Mr D UKBF Legend Free Member

    23,644 2,861
    Christmas stuff.
     
    Posted: Jun 18, 2020 By: Mr D Member since: Feb 12, 2017
    #2
  3. gpietersz

    gpietersz UKBF Ace Full Member

    1,305 299
    So far paid off existing finance - which was not much in the first place so still deciding what to do with most of it.
     
    Posted: Jun 18, 2020 By: gpietersz Member since: Sep 10, 2019
    #3
  4. estwig

    estwig UKBF Legend Free Member

    12,423 4,387
    They loaned me £25k, from filling in the silly online form to the cash hitting the bank was less than 24hrs.

    I'm torn between a down payment on a powder blue 911, or a more sensible business-like light grey.
     
    Posted: Jun 18, 2020 By: estwig Member since: Sep 29, 2006
    #4
  5. Darren_Ssc

    Darren_Ssc UKBF Ace Free Member

    1,102 315
    This is why I didn't bother, I would think of something eventually.
     
    Posted: Jun 18, 2020 By: Darren_Ssc Member since: Mar 1, 2019
    #5
  6. LB78

    LB78 UKBF Newcomer Free Member

    5 0
    As of now, nothing. I only applied for (and received) £5k, which would be enough to see me through a few lean months (WFH, little overheads etc). As of now, there’s enough coming in to keep me afloat, but I’m well aware it may not be the case for long. Personally, I’m keeping it there as a safety net until I feel more confident about the medium term - at which point I may use it towards some diversification.
     
    Posted: Jun 18, 2020 By: LB78 Member since: Mar 30, 2020
    #6
  7. jimbof

    jimbof UKBF Regular Free Member

    141 19
    Having the BBLS in place gave me a bit more confidence to invest a few £K in some PCB CAD software. I could have still got it without the BBLS out of retained profit, but there was that nag that I needed to keep my belt very tight just in case, which the BBLS helped me loosen.

    Plus got a sweet deal on it (<half SRP) as the vendors - like everyone I guess - are finding it tough out there at the moment. Time will tell if I could have done better by waiting; but got meetings after the weekend already for jobs using it so it will hopefully have paid for itself long before the wheels properly fall off...
     
    Posted: Jun 18, 2020 By: jimbof Member since: Apr 10, 2020
    #7
  8. Red Wood

    Red Wood UKBF Regular Free Member

    475 51
    Stock
     
    Posted: Jun 18, 2020 By: Red Wood Member since: Jan 14, 2014
    #8
  9. billybob99

    billybob99 UKBF Regular Free Member

    1,647 503
    No BBL here.

    Cash is king.
     
    Posted: Jun 19, 2020 By: billybob99 Member since: Apr 23, 2013
    #9
  10. bodgitt&scarperLTD

    bodgitt&scarperLTD UKBF Regular Full Member

    349 134
    Is it though?

    I'm not sure personally if we'll see much of a dip in machinery prices, and any short term dip may well be nullified by heavy inflation not too far down the line.

    Although you could say that's my only hope as I'm financed to the hilt :D
     
    Posted: Jun 19, 2020 By: bodgitt&scarperLTD Member since: Nov 26, 2018
    #10
  11. Ian J

    Ian J Factoring Specialist Full Member - Verified Business

    6,139 2,014
    I am wondering whether or not to take advantage of this cheap money and invest it in a PPC campaign. Not just yet though as I will wait a while until everyone has wasted their own loans and need more cash which their own banks will obviously turn them down for
     
    Posted: Jun 19, 2020 By: Ian J Member since: Nov 6, 2004
    #11
  12. DavidWH

    DavidWH UKBF Enthusiast Free Member

    1,621 310
    Not bothered with it, we've still got most of our grant sat in the bank.

    We could get it, buy new machinery (like what many others have done) but then it's more money each month to find to pay it off.

    I believe it's open until November, so why rush? Let's see what happens over the next few months.

    I think some who have taken on this 'free cash' will get a wake up call when the repayments start.
     
    Posted: Jun 19, 2020 By: DavidWH Member since: Feb 15, 2011
    #12
  13. Mr D

    Mr D UKBF Legend Free Member

    23,644 2,861

    However those increasing net profit by say a grand or two a month in order to pay say 80 a month extra out starting in a year.... That would be a good use of the money.
     
    Posted: Jun 19, 2020 By: Mr D Member since: Feb 12, 2017
    #13
  14. DavidWH

    DavidWH UKBF Enthusiast Free Member

    1,621 310
    Assuming they increase profit by a grand or two a month.

    I could go and buy, a couple of new machines. The machines won't bring any more work.

    It's a great scheme, and can be used to your advantage. However, I suspect some will feel it burning a hole in their pocket, go and buy a new all singing and dancing machine, on the whim that the work will come.
     
    Posted: Jun 19, 2020 By: DavidWH Member since: Feb 15, 2011
    #14
  15. Gordon - Commercial Finance

    Gordon - Commercial Finance UKBF Ace Free Member

    2,427 818
    I’m looking at starting an additional business. I didn’t need the money in my current business but the rates and terms on offer were too attractive.

    On the hunt for a small light industrial unit locally where I can get in a big compressor and a large powder coating oven...
     
    Posted: Jun 19, 2020 By: Gordon - Commercial Finance Member since: Jun 26, 2017
    #15
  16. Mr D

    Mr D UKBF Legend Free Member

    23,644 2,861
    Or buy stock to sell....

    Not everyone will be spending on stuff that doesn't in itself increase the business.

    However there are machines that if I got some would increase selling.
     
    Posted: Jun 19, 2020 By: Mr D Member since: Feb 12, 2017
    #16
  17. JEREMY HAWKE

    JEREMY HAWKE UKBF Legend Full Member

    5,074 1,718
    A dope plantation over looking the M5 in the forest
     
    Posted: Jun 19, 2020 By: JEREMY HAWKE Member since: Mar 4, 2008
    #17
  18. Ian J

    Ian J Factoring Specialist Full Member - Verified Business

    6,139 2,014
    There are a few dopes on here that you can transplant to your plantation :D
     
    Posted: Jun 19, 2020 By: Ian J Member since: Nov 6, 2004
    #18
  19. JEREMY HAWKE

    JEREMY HAWKE UKBF Legend Full Member

    5,074 1,718
    This is the crop that went bad :):)
     
    Posted: Jun 19, 2020 By: JEREMY HAWKE Member since: Mar 4, 2008
    #19
  20. Maxwell83

    Maxwell83 UKBF Regular Free Member

    677 177
    Reminds me of this story:

    https://www.thisismoney.co.uk/money...-Loans-splashed-supercars-insiders-claim.html

    I don't put much stock in the Daily Mail, but we all saw this coming anyway. Seeing this was like seeing a report that the sun has risen this morning.

    My BBL is still just sitting in the bank. Will probably look at buying an office building when prices dive. It was just too cheap to not take it.
     
    Posted: Jun 19, 2020 By: Maxwell83 Member since: Aug 4, 2012
    #20