BBL Defaulters: Check for CIFAS Markers Before Covid Commissioner Targets You
Recovery Action
Warning Issued – Set Up An Affordable Repayment Plan ASAP If You Over-Egged Your Turnover (Either by Mistake or Otherwise) to Get a BBL as You Have One Final Window of Opportunity to do the Right Thing Before No Nonsense Recovery Action Begins
Businesses that overstated their turnover—whether intentionally or by error—to secure a Bounce Back Loan are urged to establish an affordable repayment plan immediately. With a final, limited opportunity to rectify their situation, failure to act promptly could trigger aggressive recovery measures by lenders or the Insolvency Service, potentially leading to director disqualifications or legal action.
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BBL Complaints Upheld
HSBC Ordered to Pay £5,200 for Wrongly Accusing Customer of Turnover Fraud, Ombudsman Upholds Complaint
HSBC accused a customer of inflating turnover for a Bounce Back Loan, applying a CIFAS marker despite allowing estimates. The Ombudsman upheld the complaint, ordering £4,800 in legal fees and £400 compensation.
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Settling a BBL
Some BBL Lenders Can Offer You a Huge Discount on What You Owe, If Your BBL Is In Default, You Can Settle That Debt For Pennies in the Pound
Defaulted on your Bounce Back Loan? Some lenders may settle your debt for pennies in the pound. Negotiate, show financial hardship, and you could clear your debt for a fraction of what you owe.