Recovery Action 3 – Bounce Back Loan

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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A Reminder of How to Set Up a Repayment Plan on a Defaulted (But Possibly Not a 100% Legitimately Acquired) Bounce Back Loan, and an Insight Into What Each Individual Lender Will or Won’t Ask You During That Process

For businesses that defaulted on a Bounce Back Loan, possibly due to questionable eligibility, setting up a repayment plan is critical to avoid severe consequences. This guide outlines the steps to negotiate a repayment plan and details what major lenders, such as NatWest, Santander, or Lloyds Bank, may inquire about during the process, including questions on turnover accuracy and loan usage, to assess the loan’s legitimacy.
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