I often tell callers to my helpline who are worried about defaulting on their Bounce Back Loan, when they have no option but to do so, that there is nothing to fear about defaulting, in fact it opens up a world of magic for them and the Lender. The Lender gets their money back via the Government Guarantee, and the business owner has several additional options after defaulting, as you will discover below:

A lot of people tell me they dread getting letters from their BBL Lender or the Lenders Debt Collectors, and often pop them straight in the bin, under the fridge or even down the back of the sofa without ever opening them out of panic. With this in mind my Warning and Demand Letters section of the website will show you what those letters contain. Some people prefer opening them when they are on the line to my Bounce Back Loan helpline so I can help reassure them and talk them through what they need to do. That is something I am always happy to do.

In an attempt to put a stop to thieving Directors who blagged a Bounce Back Loan from dissolving their LTD Company and legging it with the money, the Government changed the law and now routinely blocks all strike-offs/dissolutions when a Company hasn’t repaid its BBL, and goes after those who managed to get a strike-off before the law was changed. That now puts genuine business owners in limbo when trying to strike off their Company with an unpaid BBL as it gets blocked. Visit the Strike-Off and Dissolutions Section of the website for more details.

The Forced Liquidation Scheme is the brainchild of the Government, and all BBL Lenders are encouraged, but not mandated, to take part in it. Lenders who do play ball can go to the High Court and ask a Judge to wind-up a company that they believe blagged them out of a Bounce Back Loan. Directors of those Companies can then be held personally liable for the BBL funds, and “BBL Bounty Hunters” will be unleashed upon them. Learn which Lenders have signed up and their successes in the Forced Liquidation Scheme section of the website.

If your head is spinning at all the Bounce Back Loan related information on this website, and you would prefer a chat, give me a bell on the helpline, I am always happy to talk; no matter what it is you have done with a BBL or what stage of the game you have arrived at. I will get you sorted. – Mike