Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: Stoots on May 08, 2020, 10:03:51 pm
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Applied for 10k, 48 hours later and its in my account.
That'll do nicely for a new van once we get back to normal ;D
Interest free for a year then just 2.5%... Won't get cheaper finance than that.
Worth a shout for anyone considering finance, particularly if your credit rating isn't great as there are zero eligibility checks.
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How do the repayments work after a year Adam?
Set monthly over 6 years? Can you reduce this to say, 2 years?
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Applied for 10k, 48 hours later and its in my account.
That'll do nicely for a new van once we get back to normal ;D
Interest free for a year then just 2.5%... Won't get cheaper finance than that.
Worth a shout for anyone considering finance, particularly if your credit rating isn't great as there are zero eligibility checks.
How many years are these spread over?
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How do the repayments work after a year Adam?
Set monthly over 6 years? Can you reduce this to say, 2 years?
Initially set as a 6 year loan. Interest Y1 paid by the government then 2.5% and you can pay back early at any time with no penalties.
Vin
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Sod that.
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Applied for 10k, 48 hours later and its in my account.
That'll do nicely for a new van once we get back to normal ;D
Interest free for a year then just 2.5%... Won't get cheaper finance than that.
Worth a shout for anyone considering finance, particularly if your credit rating isn't great as there are zero eligibility checks.
How many years are these spread over?
Get your name down, you little Commie, you.
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I was asking for you, you’re gonna need it soon Mr Scargill.
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I was asking for you, you’re gonna need it soon Mr Scargill.
"Money's not my God, Nev".
But I'll follow Norman Tebbitt's advice and get on my bike and help myself if I need some.
We're used to this up here since Margaret cast us aside. There'll be no taxes forthcoming though.
I can be a capitalist too.
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Would also be a smart move if you already have outstanding finance at higher terms, either loans, hp or credit cards etc to to take the loan and pay it off.
I'm keeping hold of the money for a few months to see what happens, i think it would be daft to blow it right now but at a years interest free no harm in taking the loan and sticking it in savings for a year, if I decide I don't want it then just give it back.
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I'm still feeling cautious about the amount of people who once this lock down is over find they have no job to return to or if there is a second pandemic in the near future.
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Can you only get one if you have a business bank account or can you have a personal account and get one ?
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Can you only get one if you have a business bank account or can you have a personal account and get one ?
https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/
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Don’t borrow the money for treats protect the NHS.
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Don’t borrow the money for treats protect the NHS.
It’ll be paid back a lot quicker than the 7.5k handouts! Thinking of investing it , making some quick cash then pay it back end of the year. Then claim 10k as a business expense :D
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If I was still trading as a LTD company I’d definitely get one of these loans to either pay off any finance I had or for payment towards a van. The interest and terms seem incredible, far better than any personal or business loan.
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If I was still trading as a LTD company I’d definitely get one of these loans to either pay off any finance I had or for payment towards a van. The interest and terms seem incredible, far better than any personal or business loan.
This. Mad not to.
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Can you claim it if you are going to claim the self employed thing next week or will it affect what you claim with that?
Also can you use a personal account rather than business account?
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If I was still trading as a LTD company I’d definitely get one of these loans to either pay off any finance I had or for payment towards a van. The interest and terms seem incredible, far better than any personal or business loan.
I know you changed from LTD company to sole trader last year, more or less ruling out the self employed grant for yourself. Not sure if it’s available in other parts of the country but here in Scotland there is a hardship grant of £2000 available to those who started trading after April 5th 2019, might be worth looking into?
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Can you claim it if you are going to claim the self employed thing next week or will it affect what you claim with that?
Also can you use a personal account rather than business account?
Yes you can get both and yes you can use a personal account.
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If I was still trading as a LTD company I’d definitely get one of these loans to either pay off any finance I had or for payment towards a van. The interest and terms seem incredible, far better than any personal or business loan.
I know you changed from LTD company to sole trader last year, more or less ruling out the self employed grant for yourself. Not sure if it’s available in other parts of the country but here in Scotland there is a hardship grant of £2000 available to those who started trading after April 5th 2019, might be worth looking into?
It’s all means tested though, not available to anyone with savings.
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Don’t borrow the money for treats protect the NHS.
What do you think most of the self employed are doing who have been working ? turning down the grant because they dont need it ? not likely. Im ltd so i cant get the grant so i`ll take this, but to be honest if i was self employed and getting the grant id still take the loan......Get what you can whilst you can because we will ALL have to pay it back no matter if you benefited or not.
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Is it definatly means tested not seen it mentioned any where.
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Is it definatly means tested not seen it mentioned any where.
This loan is not means tested.
The self employed scheme is not means tested.
Any hardship grant or universal credits are means tested.
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Don’t think any of the banks are offering it through personal accounts .
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Is it definatly means tested not seen it mentioned any where.
I honestly don't know the fine details.
All it asks you is your turnover.. You can apply for up to 25% of annual turnover.
I don't even know my exact turnover for last year.. I just guessed 40k so applied for 10k...there are zero checks so I assume if you said you earned 200k there is no way of them knowing.... Of course this wouldn't be advisable but pretty sure it isn't means tested.
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Is it definatly means tested not seen it mentioned any where.
I honestly don't know the fine details.
All it asks you is your turnover.. You can apply for up to 25% of annual turnover.
I don't even know my exact turnover for last year.. I just guessed 40k so applied for 10k...there are zero checks so I assume if you said you earned 200k there is no way of them knowing.... Of course this wouldn't be advisable but pretty sure it isn't means tested.
That’s my understanding, they take an estimated turnover.
At the end of the day, it’s all got to be paid back, debt is debt, but if you know you’ll be paying it back with no issues then the interest rate is pretty appealing!
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I just applied for £20k, lets see what happens. Thanks for the heads up Gomo if i get accepted then i can use this money to pay off all my business loan/finances off which are at 7.8%+ interest across the board. Absolute massive saving. Might even get another van when all said and done. Lets see if i get accepted first! ;D ;D
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Gomo , is it just a case of giving them last years turnover figure ?
I am with Halifax and they don’t seem to be accredited to the scheme , so is it being dealt with by Lloyds as the parent co ?
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Gomo , is it just a case of giving them last years turnover figure ?
I am with Halifax and they don’t seem to be accredited to the scheme , so is it being dealt with by Lloyds as the parent co ?
You can use any bank that offers it Rich, there are several offering the loan 👍🏼
I’ve started the process, it’s basically tick box with estimated turnover.
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Cheers Zesty , I don’t want much , it’ll just be handy to pay for all the gear I got from Gardiners recently on PayPal tick ;D ;D
I’m also getting shafted for £4 a day interest on my overdraft facility ::)roll
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Cheers Zesty , I don’t want much , it’ll just be handy to pay for all the gear I got from Gardiners recently on PayPal tick ;D ;D
I’m also getting shafted for £4 a day interest on my overdraft facility ::)roll
Be handy for you to get out your overdraft, pay the PayPal balance then use the next year to pay the loan back interest free!
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Would also be a smart move if you already have outstanding finance at higher terms, either loans, hp or credit cards etc to to take the loan and pay it off.
I'm keeping hold of the money for a few months to see what happens, i think it would be daft to blow it right now but at a years interest free no harm in taking the loan and sticking it in savings for a year, if I decide I don't want it then just give it back.
The smart move if you have other debts is get a zero % credit card for 12-24 months and use that no intrest at all , then when that one runs out put it on another if it’s not paid off
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That’s all well and good if you can get one , I got into grief with one years ago and the bank have never forgotten it even though it’s all paid off !
The thing is I can get credit anywhere I choose to , it’s just credit cards must be red flagged for me :D
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Use it against your tax bill. Let’s say they put income tax up to 25% you’ll basically be paying a 22.5% tax rate or thereabouts.
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Hmmm I’m interested in this, I’ve always avoided loans but no interest for a year does sound appealing as it could help me move & possibly get a van. Thing is my first year turnover was really low. I’d only look at getting between 2-5k not a big loan. Can they check your turnover?
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Don't think they will check your turnover unless its something outrages, however by the looks of most of them offering it, you need the account you use for business to be with them, so if say only 10k went through it for the year and you're telling them you turnover 20k that might look at a bit suspect. The banks are lending out the money but the government is guaranteeing it, so the banks won't be as cautious lending it to you as they would with there own money.
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Applied for 10k, 48 hours later and its in my account.
That'll do nicely for a new van once we get back to normal ;D
Done the same thing pick up me van yesterday
Interest free for a year then just 2.5%... Won't get cheaper finance than that.
Worth a shout for anyone considering finance, particularly if your credit rating isn't great as there are zero eligibility checks.
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Don’t borrow the money for treats protect the NHS.
What do you think most of the self employed are doing who have been working ? turning down the grant because they dont need it ? not likely. Im ltd so i cant get the grant so i`ll take this, but to be honest if i was self employed and getting the grant id still take the loan......Get what you can whilst you can because we will ALL have to pay it back no matter if you benefited or not.
It’s a loan you’ll have to pay it back low interest or not I could go out tomorrow or next week and borrow 1000s,still got to pay it back.
Before people think about or go out and get loans they need to know if they will have the work to be able to pay it back really at this time,most of us can borrow money.
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Just to be clear guys even if you dont need the money you can still get the loan then after a year pay back the full amount no interest no harm done.
Im using mine as a backup to start with.
We are not out of the woods yet with this virus. It might get better then get worse again....
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It will get worse I think , people in Plymouth are out in the city and waterfront spaces in the hundreds today , police have been out on mass trying to disperse the idiots >:(
Keep it tight I say
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It will get worse I think , people in Plymouth are out in the city and waterfront spaces in the hundreds today , police have been out on mass trying to disperse the idiots >:(
Keep it tight I say
Are they all applying for bounce back loans?
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Might consider this my self. I bank with Lloyds and apparently i need to have a buissnes account to be considered. Always just used a personal account. Are other lenders i could approach.
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just saw the link seems like i can apply else where but need to open a business account with them. May be too much hassle.
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It will get worse I think , people in Plymouth are out in the city and waterfront spaces in the hundreds today , police have been out on mass trying to disperse the idiots >:(
Keep it tight I say
Are they all applying for bounce back loans?
Who knows , I was simply putting it out there that this country is full of feckin idiots that think the last 6 weeks have been just for a laugh , if we get a second wave then no amount of bounce back is going to help ::)roll
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It will get worse I think , people in Plymouth are out in the city and waterfront spaces in the hundreds today , police have been out on mass trying to disperse the idiots >:(
Keep it tight I say
Are they all applying for bounce back loans?
Who knows , I was simply putting it out there that this country is full of feckin idiots that think the last 6 weeks have been just for a laugh , if we get a second wave then no amount of bounce back is going to help ::)roll
Correct. Enough dickheads even on here boasting about working and visiting their girlfriend etc. Morons. Utter morons.
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just saw the link seems like i can apply else where but need to open a business account with them. May be too much hassle.
Yep same, went to apply then told need business account, can’t be bothered. Can take days to set one up.
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Can we just set one up get the wedge , withdraw it and shut biz account?
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An loan with no interest or payments for a whole year and then an ongoing rate of 2.5%...
You’d be crazy not to take advantage of that.
Even if you just took the loan for the interest free period and stuck it in premium bonds for a year then repaid it!
But if you have practically any other loan or finance outstanding, simply pay it off with the bounce back loan, as it will probably not be on terms that as favourable.
And as for needing a business account, well apparently HSBC will open a temporary “feeder” account for you, from which you can transfer it to the bank of your choice. See the comments section on the MSE page.
https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/
Word of warning though, if you can’t trust yourself with a large amount of cash on hand, and will be tempted to spend/squander it, then steer well clear.
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It will get worse I think , people in Plymouth are out in the city and waterfront spaces in the hundreds today , police have been out on mass trying to disperse the idiots >:(
Keep it tight I say
Are they all applying for bounce back loans?
Who knows , I was simply putting it out there that this country is full of feckin idiots that think the last 6 weeks have been just for a laugh , if we get a second wave then no amount of bounce back is going to help ::)roll
Correct. Enough dickheads even on here boasting about working and visiting their girlfriend etc. Morons. Utter morons.
Absolutely nothing wrong with doing both of those things....
Cheer up.....you ll be dead soon...... ;D
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On topic.... personally I dont need any bounce back loans as I've got nothing to bounce back from.....zero affect on my income thankfully......and plenty of money behind me
I'm sure itll help some of you guys out who need money now or even for a new van and equipment in the future....
Good luck with your applications.....
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On topic.... personally I dont need any bounce back loans as I've got nothing to bounce back from.....zero affect on my income thankfully......and plenty of money behind me
I'm sure itll help some of you guys out who need money now or even for a new van and equipment in the future....
Good luck with your applications.....
I don’t need it either Daz, but good to have that lump sum sitting there for a year. If all goes pop.
If business is good after 11 months 30 days, I’d pay it back and it’s cost nothing at all.
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On topic.... personally I dont need any bounce back loans as I've got nothing to bounce back from.....zero affect on my income thankfully......and plenty of money behind me
I'm sure itll help some of you guys out who need money now or even for a new van and equipment in the future....
Good luck with your applications.....
If I’d had said that I’d have got slated 🤣🤣
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Well that was interesting, I called HSBC to set up a feeder account as explained on their website .......Office closed !
I then rang helpline to double check the number was correct, spoke to a nice American lady who had absolutely no idea what I was talking about , she must have been working from home , either that or you are allowed to take your roosters into work in America ;D ;D ;D
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Well that was interesting, I called HSBC to set up a feeder account as explained on their website .......Office closed !
I then rang helpline to double check the number was correct, spoke to a nice American lady who had absolutely no idea what I was talking about , she must have been working from home , either that or you are allowed to take your roosters into work in America ;D ;D ;D
I just applied online, I'm with santander. Took 5 minutes only a few basic questions. Next day they emailed me a agreement to sign. Did that and next day an email to say funds where in my account.
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Gomo , do you have a biz account with Santander already and have the bounce back through them ?
Most of them are only doing existing biz account holders ?
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If people had kept on shining they wouldn’t need a loan
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If people had kept on shining they wouldn’t need a loan
I did keep going !
But 12 months interest free then 2.5% for up to 6 years is not to be sniffed at is it !
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If people had kept on shining they wouldn’t need a loan
It could boost the economy.
People might invest the money, become more productive and it's good for the country.
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Gomo , do you have a biz account with Santander already and have the bounce back through them ?
Most of them are only doing existing biz account holders ?
Yes, I'm surprised so many only have a personal account when they run a business.
I know you can as a sole trader but surely its easier to keep business and personal transactions separate when it comes to tax returns etc.
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If people had kept on shining they wouldn’t need a loan
Why's that?
I don't Need a loan, I wanted one.
Besides that if you are smart with the money it's a positive thing, you can invest it. You could buy a window cleaning round that increase your monthly turnover etc. You don't have to spunk it on a depreciating van like I plan to do lol
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I applied for mine just now. 2.5% unsecured, no fees? No brainer.
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If you take the loan are you still entitled to the self employed grant
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Yes
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Ok 🙂
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Morally, where do you lot who are just taking this loan “because you can” stand on this?
I’m a little bit conflicted with this (although I am/was a conflicted with the self employed grant but that’s another thread).
It makes good sense to take this loan whether you carried on working or not and use it to boost your business or settle a vehicle debt etc... but it does specifically say to only apply for this loan if you have been adversely effected by the virus.
Surely the point of the loan is to use it to stay afloat rather than using the situation to profit..?
Genuine moral question...
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I think theres a lot more skint window cleaners about than we think.....
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Morally, where do you lot who are just taking this loan “because you can” stand on this?
I’m a little bit conflicted with this (although I am/was a conflicted with the self employed grant but that’s another thread).
It makes good sense to take this loan whether you carried on working or not and use it to boost your business or settle a vehicle debt etc... but it does specifically say to only apply for this loan if you have been adversely effected by the virus.
Surely the point of the loan is to use it to stay afloat rather than using the situation to profit..?
Genuine moral question...
morality doesn't come into it. this hasn't even began to bite, just because you haven't lost any earnings it doesn't mean your business wont be negatively affected in time. redundancies are coming, and a lot of people will be tightening their budgets in general.
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I think theres a lot more skint window cleaners about than we think.....
of course there is, most of the country is skint. but window cleaning is a cheap and easy business for people who have found themselves up against it with mortgages to pay and families to feed.
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morality doesn't come into it. this hasn't even began to bite, just because you haven't lost any earnings it doesn't mean your business wont be negatively affected in time. redundancies are coming, and a lot of people will be tightening their budgets in general.
Yes, you could be right for the future but that’s also you making up your own rules to fit.
It says whether you have been adversely affected, presently, not whether you think you might be in the future.
I’m not judging people for taking the loan out, as I said previously, I can see the temptation.
I’m tempted myself.
But I (and as a few on here have already admitted) don’t need it to “bounce back”.
We’d be using the situation and system to benefit.
Is it right...
Dunno but I guess by asking a bunch of window cleaners I’m not going to get a decent answer anyway ;D
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It will get worse I think , people in Plymouth are out in the city and waterfront spaces in the hundreds today , police have been out on mass trying to disperse the idiots >:(
Keep it tight I say
Are they all applying for bounce back loans?
Who knows , I was simply putting it out there that this country is full of feckin idiots that think the last 6 weeks have been just for a laugh , if we get a second wave then no amount of bounce back is going to help ::)roll
Correct. Enough dickheads even on here boasting about working and visiting their girlfriend etc. Morons. Utter morons.
Absolutely nothing wrong with doing both of those things....
Cheer up.....you ll be dead soon...... ;D
Thankfully the selfish and the stupid will beat me to it. ::)roll
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Morally, where do you lot who are just taking this loan “because you can” stand on this?
I’m a little bit conflicted with this (although I am/was a conflicted with the self employed grant but that’s another thread).
It makes good sense to take this loan whether you carried on working or not and use it to boost your business or settle a vehicle debt etc... but it does specifically say to only apply for this loan if you have been adversely effected by the virus.
Surely the point of the loan is to use it to stay afloat rather than using the situation to profit..?
Genuine moral question...
Lol, there's no moral issue, it's a loan.
My business will be feeling this for a while as will many others. Borrowing at a decent rate will help in the medium term.
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I’m not taking it to benefit let’s say , I won’t be using it to buy a van that I don’t really need , I have no wish to expand .
For me it’s a safety net of sorts , I have been a tad foolish with regard to new equipment and overdraft facilities in the past couple of months , in a minute the reality of this situation is going to bite hard .
My plan is to clear what I have run up and pay it back at a far less interest rate .
There’s no right or wrong in taking it in my eyes , it is what it is and that is a welcome help to keep the little man from folding
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Gomo hope you dont mind me asking but what are the repayments on that ten grand and also did they need proof that you was earning around 30 grand a year profit
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For me.
Sage advice from no other than Will Shakespeare.
"Neither a Borrower Nor a Lender Be"
We're in a very different world financially than we were a few months ago and it would be easy to just grab what we can, because we can.
Unsecured or not, it can still come back one day and bite you in the a**e. ;D
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Forget morals think about yourselves if you think you need or you will do take it,do what’s right for you and you’re family.
When 4-5 months come round you might have wished you did take it,if it’s as people have said means tested then I would think you will need the 10k,that won’t go far if you’ve lost loads of work and have bills to pay while you are trying to recover what you’ve lost.
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What has morality got to do with it? The Govt will be getting it back with interest.
It's not a grant.
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Very small amount of interest though.
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I'm going to get the loan to pay back the grant to help the government out.
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Very small amount of interest though.
Its interest. The Govt are getting back more than theyre lending out. Its simple arithmetic.
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🤣 🐀
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They gonna get back all those 10 and 25k grants and all the 80% of people’s 3 yearly income grants are they or am I missing something.
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It will get worse I think , people in Plymouth are out in the city and waterfront spaces in the hundreds today , police have been out on mass trying to disperse the idiots >:(
Keep it tight I say
Are they all applying for bounce back loans?
Who knows , I was simply putting it out there that this country is full of feckin idiots that think the last 6 weeks have been just for a laugh , if we get a second wave then no amount of bounce back is going to help ::)roll
Correct. Enough dickheads even on here boasting about working and visiting their girlfriend etc. Morons. Utter morons.
Absolutely nothing wrong with doing both of those things....
Cheer up.....you ll be dead soon...... ;D
Thankfully the selfish and the stupid will beat me to it. ::)roll
STAY ALERT
CONTROL THE VIRUS
SAVE LIVES
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They gonna get back all those 10 and 25k grants and all the 80% of people’s 3 yearly income grants are they or am I missing something.
Of course they are. Did you think that Sunak was paying out of his own pocket?
That's the the trouble with socialism ;D.
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They gonna get back all those 10 and 25k grants and all the 80% of people’s 3 yearly income grants are they or am I missing something.
Not directly. A grant is something that is given away. They will recover it indirectly as taxes. Whether you take it or not, you’ll be paying.
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Here’s an interesting read regarding ‘bounce back’ loans.
https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/#repaid
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Soupy - can you get a bounce back loan, I thought you got one of the original corridors loans ?
Darran
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Soupy - can you get a bounce back loan, I thought you got one of the original corridors loans ?
Darran
Got nowt. My bank manager is Dominic Raab level incompetent.
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probably for the best as the bounce back loan is a better option
Darran
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They gonna get back all those 10 and 25k grants and all the 80% of people’s 3 yearly income grants are they or am I missing something.
Not directly. A grant is something that is given away. They will recover it indirectly as taxes. Whether you take it or not, you’ll be paying.
Remember a couple of years ago how the debt level in the USA was far too high and needed to be reduced. Now we hear nothing about it.
I can't remember the figures so let's say the American debt was £10. It should be say £7 . One of the ways suggested of paying off some of the debt was to mint a £3 coin, pay it in to the national debt account and then destroy the coin.
Although they denied they would ever do that, it doesn't mean that they didn't or wouldn't.
Countries currency used to be based on the gold standard. Now it's a paper value and easily manipulated. If you are short you print more. Britain has done that. But there is a limit to this as Zimbabwe has found out.
When we applied to leave South Africa in the 1990's the value of the Rand had dropped to R22 to the £1. It was R5 to the pound when the wife left with her holiday allowance 3 months previously. It used to be about R3 to the £1 for many years.
There was a large international debt to be paid. Overnight the value of the Rand changed from R22 to R5.50. By lunch time the value was at R11 and when the stock exchange closed later that day it was back to R22 to the pound.
I'm pretty certain we are going to have large tax rises in the future to pay for this.
I wonder what happens to government's planned future expansion projects? Will that be used to fund the national debt?
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Yes spruce, and the more money you print, the less it’s worth.
We’re in for a very severe run of austerity or high taxes. There isn’t any other alternative.
China should be footing the bill.
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Yes spruce, and the more money you print, the less it’s worth.
We’re in for a very severe run of austerity or high taxes. There isn’t any other alternative.
China should be footing the bill.
It's a bit early for that, isn't it?
I don't think there's much chance of it either.
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Yes spruce, and the more money you print, the less it’s worth.
We’re in for a very severe run of austerity or high taxes. There isn’t any other alternative.
China should be footing the bill.
It's a bit early for that, isn't it?
I don't think there's much chance of it either.
I didn’t say austerity would start now.
It will come, the money needs paying back.
No, of course China won’t foot the bill, but they ‘should’.
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Daft question as I should know the answer after 15 years .........
The bounce back loan is based on 25% of turnover maximum , I have just had a call with HSBC and the lady seemed to think that the turnover was the net profit for the year , I thought turnover was the full income before expenditure ?
Who is right , the banker or me ?
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Turnover is turnover. She doesn't know what she's on about. Insist she checks.
V
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You are right...
If you look at gov details it will highlight
this..
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Yes , she did get it wrong didn’t she ;D
It took 35 minutes on hold first time around so not going to rush and call back .
It was only to set up a feeder account anyway so I will be contacted again .
Also , the amount she took will still give me enough to clear what I want to clear which will make me £120 a month better off ;D
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Daft question as I should know the answer after 15 years .........
The bounce back loan is based on 25% of turnover maximum , I have just had a call with HSBC and the lady seemed to think that the turnover was the net profit for the year , I thought turnover was the full income before expenditure ?
Who is right , the banker or me ?
It's definately turnover.
I just got 50k and I can assure you that I didn't make £200k profit last year..
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You lads that are applying for this, you are all trading as LTD companies right?
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You lads that are applying for this, you are all trading as LTD companies right?
What makes you say that ?
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You don't need to be ltd to apply
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I applied last night for 10k I’m a sole trader and work alone, I bank with Lloyd’s and they have just paid it into my account
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ANY biz can apply - Ltd - sole trader - partnership
you are supposed to be able to get it without a biz bank account, however the FIL only uses a personal account and is now setting up a biz account, as soon as its through he will close the biz account
Darran
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ANY biz can apply - Ltd - sole trader - partnership
you are supposed to be able to get it without a biz bank account, however the FIL only uses a personal account and is now setting up a biz account, as soon as its through he will close the biz account
Darran
That’s one way of doing it, transfer the loan money Into the personal account and close the business account straight after.
Assuming there is no fee for doing so!
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Remember a couple of years ago how the debt level in the USA was far too high and needed to be reduced. Now we hear nothing about it.
Apparently about 3 years Greece was going to bring the European Union down as were Italy, apparently, due to their financial status's. Don't hear that anymore do you. If anything financial is going to bring the EU down surely this Covid will, but you don't hear that even at the moment.
So much scare-mongering. No wonder there was doubt about how serious the threat from Covid was when it first started circulating.
HS2 is still going ahead last I heard.
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HS2 🚅 who wants to get off where that stops anyway 🤣🤣
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Actually I was wrong , just heard back from accountant .
‘ You would only be able to claim the interest element of the loan as a business expense. The actual incoming of the loan would not be treated as taxable income, therefore the payments of the capital element of the loan aren’t allowable for tax relief either. ’
I could still invest it though and pay it back in 12 months
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ANY biz can apply - Ltd - sole trader - partnership
you are supposed to be able to get it without a biz bank account, however the FIL only uses a personal account and is now setting up a biz account, as soon as its through he will close the biz account
Darran
Thanks. I thought it was limited companies only.
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Do you have to prove your earnings
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If you take the loan into a business account and invest it in say premium bonds. Surely this would either count as income or a Director's loan depending on your set up.
If you paid the cash back within the same tax year you would not incur the income tax side of it but you would have to pay interest on a directors loan.
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Do you have to prove your earnings
Depends on your bank I suppose. I didn't, but I applied to my business bank and all my turnover goes through it.
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
They were the good old day
Darran
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
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So if i put more down than whats on my tax returns they dont check, sorry for question s but not clued up on stuff like this my wife sorts all books n any paper work out
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That's correct- however to deliberately put down false information could lead to a fraud case (possibly if you fail to pay it back) but if your a bit dyslectic and put down 200k instead of 25k then that can't be helped
Darran
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Santander says on agreement that you cannot hire or buy new fixed assets only replace existing ones to the same level. Must be used for business not personal use.
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Santander says on agreement that you cannot hire or buy new fixed assets only replace existing ones to the same level. Must be used for business not personal use.
Crack on and "replace" one then.
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That's correct- however to deliberately put down false information could lead to a fraud case (possibly if you fail to pay it back) but if your a bit dyslectic and put down 200k instead of 25k then that can't be helped
Darran
Dyscalculia.
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Santander says on agreement that you cannot hire or buy new fixed assets only replace existing ones to the same level. Must be used for business not personal use.
They're never going to know what you do with it unless you fail to pay it back. Even then it would possibly be hard to prove what money went where.
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Morally, where do you lot who are just taking this loan “because you can” stand on this?
I’m a little bit conflicted with this (although I am/was a conflicted with the self employed grant but that’s another thread).
It makes good sense to take this loan whether you carried on working or not and use it to boost your business or settle a vehicle debt etc... but it does specifically say to only apply for this loan if you have been adversely effected by the virus.
Surely the point of the loan is to use it to stay afloat rather than using the situation to profit..?
Genuine moral question...
If you spend the loan on a new van or equipment (or actually anything at all that is legit) then you will be helping the economy and therefore doing some “good” whether you need the money or not.. Recessions happen when people stop spending. As long as you pay it back then can’t see a problem myself.
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Has anyone any asked to borrow more then 25% and had it agreed. I’m wondering how far I should push it ;) at those rates.
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They dont ask for proof.
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Applied for mine on Saturday night and had an email on monday saying they had received my application and it was being processed. Not sure if that is a yes or a no but we shall see!
My credit rating is very high (not that it matters for this loan) but i am hoping i get accepted this money will come in handy!
Anyone else had to wait this long whilst applying? Im using HSBC, who i bank with anyway.
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I applied Friday, got confirmation yesterday evening.
Money hasn't been transferred yet, I expect later today. Santandar.
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
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I want 1 of these loan thingys 🤣🤣🤣
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
Absolutely.
Sounds like these loans are eerily similar. Lad I know has just had £150k paid into his accounts spread over his 4 business’, all unsecured.
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
Can’t people be trusted to be sensible about their borrowing?
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I applied and was accepted for a loan of 10k but I’ve since changed my mind so won’t be signing the documents.
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Means nothing it’s all got to be paid back low interest or no interest,business need to be viable and earning come end of the year.
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My bank (Starling) was due to start offering them last week.
Then it was going to be yesterday.
Then it was going to be this afternoon.
Still no application form on website for sole traders. Ltd companies going mad at Starling on Twitter as they are being so slow with their applications (opened Monday).
Have rung HSBC and awaiting call back, as a back up.
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Following on from the above......
Starling have now opened their applications.
They are asking for the 2018/2019 tax return and SA100 as well as 2018/2019 tax calculation SA302.
Anyone else get asked for this at other banks?
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
Can’t people be trusted to be sensible about their borrowing?
Can’t people be trusted to save and not have to borrow?
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I applied last Monday and the money was in the bank Friday. Yes it is a loan, free for the 1st 12 months with nothing to pay, then a monthly payment over 6 years at an interest rate of 2.5%. Cheap money. You don’t have to use it, it’s an insurance policy for the next 12 months, if you don’t use it, which I don’t intend to, then you just pay it back after the 12 months. Just too good an offer to pass on, just be savvy and trade carefully.
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Following on from the above......
Starling have now opened their applications.
They are asking for the 2018/2019 tax return and SA100 as well as 2018/2019 tax calculation SA302.
Anyone else get asked for this at other banks?
Nope.
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
Can’t people be trusted to be sensible about their borrowing?
Can’t people be trusted to save and not have to borrow?
Wow! What a statement!
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
Can’t people be trusted to be sensible about their borrowing?
Can’t people be trusted to save and not have to borrow?
Wow! What a statement!
Not really. My motto is ‘if you can’t afford it you can’t have it’
What is the point in borrowing £10k if you don’t need it?
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
Can’t people be trusted to be sensible about their borrowing?
Can’t people be trusted to save and not have to borrow?
Wow! What a statement!
Not really. My motto is ‘if you can’t afford it you can’t have it’
What is the point in borrowing £10k if you don’t need it?
You might not need it right now but the full ramifications of this virus have not yet been felt. If you do need some help in say six months it almost certainly won't be easy to obtain.
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
Can’t people be trusted to be sensible about their borrowing?
Can’t people be trusted to save and not have to borrow?
Wow! What a statement!
Not really. My motto is ‘if you can’t afford it you can’t have it’
What is the point in borrowing £10k if you don’t need it?
I don’t need it, but I may do in 12-18-24-48 months. Who knows. It’s an insurance policy and a free one at that.
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
Can’t people be trusted to be sensible about their borrowing?
Can’t people be trusted to save and not have to borrow?
Wow! What a statement!
Not really. My motto is ‘if you can’t afford it you can’t have it’
What is the point in borrowing £10k if you don’t need it?
That’s not what you said. For many years the thought of saving was just a dream to me. Many people barely manage on what they earn.
For me as a domestic Window cleaner, Covid 19 has had a very limited impact although I’ve lost what little commercial I had. If I was 95% commercial my business would be destroyed perhaps for ever.
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Hi does your account have to be a business account or can it b a personal account with starling thanks andy
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
Can’t people be trusted to be sensible about their borrowing?
Can’t people be trusted to save and not have to borrow?
Wow! What a statement!
Not really. My motto is ‘if you can’t afford it you can’t have it’
What is the point in borrowing £10k if you don’t need it?
I don’t need it, but I may do in 12-18-24-48 months. Who knows. It’s an insurance policy and a free one at that.
I think it would be a risk to not take it once you trust yourself not to stick it on some nag. We've no idea now what's coming, it could be a deep recession/depression where the bounce back will fund leafletting/canvassing/AdWords/whatever you need to stay in business.
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The government are doing what they can to prevent that, recession probably-likely the extended furlough etc is trying to prevent it getting any worse.
No one will know until late in the year I know a bloke that owns a business with 30 odd staff they don’t know it yet but 10 of em will be out of a job and they are furloughed at the moment,lots of businesses will be culling staff and the workers don’t know it yet.
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Seven questions
They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by ;D
Darran
Them were the days. 110% mortgage, no questions asked 😳
An excellent catalyst for the 2008 recession.
Can’t people be trusted to be sensible about their borrowing?
Can’t people be trusted to save and not have to borrow?
Wow! What a statement!
Not really. My motto is ‘if you can’t afford it you can’t have it’
What is the point in borrowing £10k if you don’t need it?
I don’t need it, but I may do in 12-18-24-48 months. Who knows. It’s an insurance policy and a free one at that.
I think it would be a risk to not take it once you trust yourself not to stick it on some nag. We've no idea now what's coming, it could be a deep recession/depression where the bounce back will fund leafletting/canvassing/AdWords/whatever you need to stay in business.
Exactly. I debated whether to take it, but I’ve decided to and will put out an extra 250,000 leaflets as well as paying off the finance of two vans still on HP. Insurance and possibly limited growth.
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The government are doing what they can to prevent that, recession probably-likely the extended furlough etc is trying to prevent it getting any worse.
No one will know until late in the year I know a bloke that owns a business with 30 odd staff they don’t know it yet but 10 of em will be out of a job and they are furloughed at the moment,lots of businesses will be culling staff and the workers don’t know it yet.
Most on furlough will suspends Window Cleaning If only on 80%.
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Get all your ducks in a row.
3 months ago we were coming out of a fairly mundane winter season. Most may well have been looking forward to getting going and warmer days with a positive feeling about the year ahead. No-one would've predicted the situation we find ourselves in at the turn of the year. Not a single soul could've accurately predicted this.
So, as Deeege says, it's an insurance policy. Take it, you just don't know what next winter will bring. It may well get a whole lot worse between now and then. If America's situation gets any worse that'll have a prolonged and heavy impact on the world economy if they struggle to get out of it and 26,000,000 unemployed. If we struggle to get out of it it'll be bad enough.
Just saying.
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Hi does your account have to be a business account or can it b a personal account with starling thanks andy
If you read the whole topic you will find the answer.
Or even google the question.
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I’m borrowing 50k then I’m lending it out in lumps of 5k at 29% interest to council type people.
Win win.
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Hi does your account have to be a business account or can it b a personal account with starling thanks andy
Business.
You need to log into the online banking pages, through a browser. Currently, only the 'business login' button is activated. Personal login is greyed out. See https://app.starlingbank.com/login
For anyone wondering why, Starling was (until this all happened) an app only bank, with no browser login facility. But you need to log into the browser to do the application form, which can't be done in the app.
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I applied Friday, got confirmation yesterday evening.
Money hasn't been transferred yet, I expect later today. Santandar.
Applied for 10k yesterday signed documents at 9pm and was in my bank this morning Santander
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Someone said they were doing it over 6 years what’s that work out about 170 a month
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Someone said they were doing it over 6 years what’s that work out about 170 a month
Yes mate mines come in at £166 a month over 6 years... with the option to pay it back at anytime with no charge
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I didn't even sign anything, 50k in less than 24 hours. And my bank is Diane Abbott level incompetent.
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I didn't even sign anything, 50k in less than 24 hours. And my bank is Diane Abbott level incompetent.
You didn’t even sign anything to agree to the terms?
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I didn't even sign anything, 50k in less than 24 hours. And my bank is Diane Abbott level incompetent.
You didn’t even sign anything to agree to the terms?
Nope
Tick boxes on tinternet.
https://secure.cbonline.co.uk/business/our-products/loans-and-finance/borrowing-facilities/business-loans/business-bounce-back-loan/
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Someone said they were doing it over 6 years what’s that work out about 170 a month
Yes mate mines come in at £166 a month over 6 years... with the option to pay it back at anytime with no charge
That’s a great deal - £636 (£106 a year) interest over 6 years on 10k!
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Mine Loan was successful came through this morning. Managed to get 20k in total. For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh££$$&###.
Nobody knows for sure how long this virus will affect "life" until there is a Vaccine. So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.
8) 8) 8) 8)
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Mine Loan was successful came through this morning. Managed to get 20k in total. For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh££$$&###.
Nobody knows for sure how long this virus will affect "life" until there is a Vaccine. So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.
8) 8) 8) 8)
If everything goes t1ts up how will you repay the loan?
I’m getting the feeling that some (not aimed at you Josh) seem to think they will be paying just the interest back. Remember, if you want to keep the whole £10k you will need to pay back £40 a week approx over 5 years but 6 years in total. Just putting it out there 👍
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Mine Loan was successful came through this morning. Managed to get 20k in total. For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh££$$&###.
Nobody knows for sure how long this virus will affect "life" until there is a Vaccine. So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.
8) 8) 8) 8)
If everything goes t1ts up how will you repay the loan?
I’m getting the feeling that some (not aimed at you Josh) seem to think they will be paying just the interest back. Remember, if you want to keep the whole £10k you will need to pay back £40 a week approx over 5 years but 6 years in total. Just putting it out there 👍
Thing is these loans are unsecured and they're against your LTD.
Everyone seems to be getting them what is going to happen if you need to close the company down due to not having any more trading profits?
The loan could be used to pay your salary
And if you're not able to bounce back what's the bank going to do if you dissolve the company?
I've never taken out a loan but I suspect if it's for a limited company the bank will require a strickt directors guarantee? Certainly not aimed at anyone one posting about their loan but generally I think there's a recipe of disaster here for the banks/Gov they are at risk.
I think a lot of these loans won't be paid back
And I think the government know that,
They are just blatantly just chucking billions into the economy to try to force it to move
It's as if the government are playing rogue trader the final scene where Ewan McGregor threw millions at the market to move it and we know how that ended.
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Mine Loan was successful came through this morning. Managed to get 20k in total. For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh££$$&###.
Nobody knows for sure how long this virus will affect "life" until there is a Vaccine. So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.
8) 8) 8) 8)
If everything goes t1ts up how will you repay the loan?
I’m getting the feeling that some (not aimed at you Josh) seem to think they will be paying just the interest back. Remember, if you want to keep the whole £10k you will need to pay back £40 a week approx over 5 years but 6 years in total. Just putting it out there 👍
Thing is these loans are unsecured and they're against your LTD.
Everyone seems to be getting them what is going to happen if you need to close the company down due to not having any more trading profits?
The loan could be used to pay your salary
And if you're not able to bounce back what's the bank going to do if you dissolve the company?
I've never taken out a loan but I suspect if it's for a limited company the bank will require a strickt directors guarantee? Certainly not aimed at anyone one posting about their loan but generally I think there's a recipe of disaster here for the banks/Gov they are at risk.
I think a lot of these loans won't be paid back
And I think the government know that,
They are just blatantly just chucking billions into the economy to try to force it to move
It's as if the government are playing rogue trader the final scene where Ewan McGregor threw millions at the market to move it and we know how that ended.
What you have just described about LTD companies is exactly the reason that it is beneficial to run a LTD company. Liability is limited to the company and won’t follow you personally should it fail.
Companies fail, that’s a fact and governments don’t want individuals punished for attempting to build a successful business. Successful business employ people and pay tax which helps the government.
If a company has debts and unfortunately fails then this debts can not be reclaimed from the individual (assuming no personal guarantee was signed)
Of course this is open to abuse but obviously their are checks in place and penalties for those that are found to take out credit with no intention to repay or trade insolvently.
And yes I agree, a lot of these loans won’t be repaid, they must think the benefit of getting people spending money outweighs the risk of people fraudulently claiming them. Crazy times.
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Mine Loan was successful came through this morning. Managed to get 20k in total. For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh££$$&###.
Nobody knows for sure how long this virus will affect "life" until there is a Vaccine. So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.
8) 8) 8) 8)
If everything goes t1ts up how will you repay the loan?
I’m getting the feeling that some (not aimed at you Josh) seem to think they will be paying just the interest back. Remember, if you want to keep the whole £10k you will need to pay back £40 a week approx over 5 years but 6 years in total. Just putting it out there 👍
It depends what your definition of T1ts up is. My version of that is, some sort of major disaster where my business is no longer profitable. In that situation i would have to use the money to pay my bills and staff until either business returns to be profitable or worst case scenario i have to sell the business pay debts off and declare bankruptcy. If things really went T1ts up, i would probably declare for bankruptcy and then i wouldn't be paying back the loan anyway.
This is all end of the world type stuff, like really bad disaster. Our businesses seem to be pretty well bomb proof.
I get what you are saying though, and some people are not very good at budgeting or saving money, so they will treat this loan like a payday. These are the same people who get a credit card for "emergencies" and then before you know it, they've maxed it out on some holiday or something for the house. I spend my money wisely, and save save save thankfully!
I hit a point where i nearly didn't have enough to pay my staff back in 2018 because my finances totally reversed for first time in 6 years, but now im getting back on track. My goal in life is to always have enough savings to life for 6 months if you couldn't work. I just think it's a good safety net, but this loan helps too! ;D ;D ;D
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Ewan McGregor? It was Nick Leeson and you can't compare him to the government.
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One of the benefits of putting it through a ltd company. No directors guarantee on this loan.
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Mine Loan was successful came through this morning. Managed to get 20k in total. For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh££$$&###.
Nobody knows for sure how long this virus will affect "life" until there is a Vaccine. So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.
8) 8) 8) 8)
How will that pan out with HMRC ? You'll have a 20k income into your business not invested in anything , will you pay tax on it ?
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Got our 30k today 🥳 will use it to pay all van finances off and replace some poles ;D
Applied 9am yesterday and money in our account 2pm today!
Not as good as the grants but better than nothing 8)
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Who you bank with Stu ?
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I applied yesterday for 20K and they made three separate deposits each of that amount into my business account this afternoon.
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1 of them must be mine :o
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I applied yesterday for 20K and they made three separate deposits each of that amount into my business account this afternoon.
Sorry you got 3x20k payments ???
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I’m going to apply for one of these grants and then do a runner to Mexico.
Oh.
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I applied yesterday for 20K and they made three separate deposits each of that amount into my business account this afternoon.
Go on, you little Commie, you.
I don't mind my taxes being spent on something that I didn't agree to if it helps the workers.
It doesn't look like we're running out of other peoples' money to spend yet.
Fill yer boots; it'll have Margaret spinning in her grave ;D.
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We wont be running out of money, that happens when your Commie mates are running the show.
(http://www.cleanitup.co.uk/smf/1589494662_4DA0525B-429F-449F-A910-66C1B92EC90D.jpeg)
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It's State help, Comrade; paid for by the taxes of others.
Those taxpayers didn't all agree to it but it's for the greater good. The Commieservatives will be borrowing and taxing to help the workers.
It's just a pity it took a disaster to force their hand.
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Who you bank with Stu ?
Bank of Scotland
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Got 35k. Gonna spend it all on protekta balls.
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Bounce back loans, the new Toilet Rolls on the Supermarket shelves ;D
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I applied yesterday for 20K and they made three separate deposits each of that amount into my business account this afternoon.
Got my 20K too. All in one deposit tho. I’m NatWest. Strange you had 3 deposits Slacky.
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Bounce back loans, the new Toilet Rolls on the Supermarket shelves ;D
That genuinely made me chuckle ;D
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I applied yesterday for 20K and they made three separate deposits each of that amount into my business account this afternoon.
Got my 20K too. All in one deposit tho. I’m NatWest. Strange you had 3 deposits Slacky.
What was the application process/timeline like with NatWest?
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I applied yesterday for 20K and they made three separate deposits each of that amount into my business account this afternoon.
Got my 20K too. All in one deposit tho. I’m NatWest. Strange you had 3 deposits Slacky.
What was the application process/timeline like with NatWest?
Applied Wednesday pm. Was in my account this morning. Extremely easy application process.
There’s a 2 stage sign off which would be complicated if you have a fellow director.
But as I’m the only signee it was very quick.
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Edit. Sorry, meant to say it was obviously all online.
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Edit. Sorry, meant to say it was obviously all online.
Did you already have a business account with them? Or did you apply to open a feeder/business account prior to the grant application?
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Edit. Sorry, meant to say it was obviously all online.
Did you already have a business account with them? Or did you apply to open a feeder/business account prior to the grant application?
I’ve had a business account with them for 10 years.
You can apply for a biz account as part of the application if you not already with them.
The only real proviso I could make out was that you have to be a ltd company for 2 years.
Other banks may be different,not sure.
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Edit. Sorry, meant to say it was obviously all online.
Did you already have a business account with them? Or did you apply to open a feeder/business account prior to the grant application?
I’ve had a business account with them for 10 years.
You can apply for a biz account as part of the application if you not already with them.
The only real proviso I could make out was that you have to be a ltd company for 2 years.
Other banks may be different,not sure.
Thanks PG 👍
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Applied yesterday with HSBC bank. Because I already have a current account with First direct I wasn't asked to open a business account though I did have to send a copy of last years tax return to show my turnover figure! If accepted I could get £12,000 which I'll use to pay off my business loan of the same amount!
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Can anyone advise me if the Natwest Bank require you to send in last year's tax return when applying for a bounce back loan.
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No history required - its like a self cert loan
Darran
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I’m still waiting on mine from the HSBC , been over 2 months now !
I applied on May 11th ::)roll
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I’m still waiting on mine from the HSBC , been over 2 months now !
I applied on May 11th ::)roll
Are you sure that they didn’t set up a new feeder account and put it in there?
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I’m still waiting on mine from the HSBC , been over 2 months now !
I applied on May 11th ::)roll
You really need to chase this up - on average payment was made after 4 working days - I know a couple of them took 10 days for non business accounts - but you should be all sorted by now
Darran
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Heck P and F...
Get onto the bank.
Did you get any clarification from them?
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Probably didn't fill forms in properly or you didn't send it properly, it doesn't take that long and also if you have never chased it up they probably thought you weren't bothered about it
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I’m still waiting on mine from the HSBC , been over 2 months now !
I applied on May 11th ::)roll
Are you sure that they didn’t set up a new feeder account and put it in there?
That is what they are doing , very very slowly by the look of it !
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I contacted them last month and was told that due to high demand for the feeder accounts it was taking longer than usual
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Well that was helpful, just logged into the HSBC portal , application is still at pre approval, helpline closed and online chat is not available for feeder accounts >:(
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There you go i would have chased it after 7 days
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They say that they are dealing with applications in the order that they came in ,
Maybe it’s because they are apparently the only bank giving to non customers the loans ,
Lloyd’s are now offering them to Halifax customers (me) , but I don’t want to jump ship and end up in a bigger waiting list !
It’s just shocking how HSBC are handling the likes of me , you just can’t get hold of anyone
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Applied on a Wednesday morning was in account Thursday morning......no paperwork whatsoever not even a tax return check.
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Applied on a Wednesday morning was in account Thursday morning......no paperwork whatsoever not even a tax return check.
I bet it wasn’t an HSBC feeder account !
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Mine just got paid in , applied on May 11th , not bad , only took the HSBC 3 months :o
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It took you longer to get it than gomo took to spend his ;D
Darran
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At least I can apply for the second grant now , I have been adversely buggered money wise due to chasing the BBL ;D ;D ;D