Bounce back loan advice

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Criscann1986

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Post by Criscann1986 » Fri Jun 05, 2020 5:28 pm
Hi.

I am in an IVA and I want to get a bounce back loan, my IVA practitioner said they permitted me to apply, I have the confirmation via email.

I have also been able to open two business accounts with Tide and Starling but they still won't accept me, is there anything I can do?

I am a sole trader and I have been doing this for 2 years, I have filed my tax returns etc. I'm really at a loose end as I need to survive until September until my kids go back to school, as I am currently the main care giver.

I just need help for this loan to be able to invest back into my business and survive till the kids are back.

Any help would be appreciated.

Thanks.

Foggy

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Post by Foggy » Fri Jun 05, 2020 5:44 pm
I am given to understand that credit worthiness is not a consideration for a bounce back loan. Have you been told why you have been rejected ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Foggy

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Post by Foggy » Fri Jun 05, 2020 5:49 pm
To be eligible for a BBLS loan, you must be able to show that:

Your trading activities have been adversely affected by the COVID-19 lockdown
Your business wasn’t already in trouble at the end of December 2019
The business isn’t bankrupt or in liquidation now
You were trading before 1 March 2020
You’re not using any of the other coronavirus loan schemes (e.g. CBILS) – unless you intend to use your BBLS loan to pay back the other loan in full
More than half of the business’s income comes from its trading activity
You’re not in a restricted sector (i.e. a credit institution, insurance company or public sector organisation)

These are the main points to be aware of, though further conditions may apply.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Criscann1986

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Joined: Fri Jun 05, 2020 3:47 pm

Post by Criscann1986 » Fri Jun 05, 2020 6:08 pm
I am with NatWest originally and they said they couldn't help due to not being able to open a business bank account with them due to the IVA, but with Tide and Starling I was able to open up a business account straight away and was then still told they could not help me, but did not give a reason why.

Really stuck.

Kind Regards.

Criscann1986

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Joined: Fri Jun 05, 2020 3:47 pm

Post by Criscann1986 » Fri Jun 05, 2020 6:12 pm
I am a sole trader and my profession doesn't fall into any of those things, the only time my business got into trouble was when Coronavirus came about. That took my custom and then the double whammy of schools closing.

I am in an IVA but this was personal debt accrued way before I started as a sole trader and is in no way related to or involved my profession.

This is my full time profession also.

lifenoteasy

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Post by lifenoteasy » Tue Jun 09, 2020 1:04 pm
With Starling, you have a "proper" business bank account and it is a massive step forward getting an account whilst in an IVA.

The issue is likely to be when you opened the account and how much money they have seen go through the account.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

Criscann1986

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Joined: Fri Jun 05, 2020 3:47 pm

Post by Criscann1986 » Wed Jul 01, 2020 6:30 pm
Does anyone else have any help? I'm in a personal IVA, am I able to get one or not if my IVA practitioner authorised me to get one, its not a massive one, just enough to get me back on my feet with my business for September.

kallis3

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Post by kallis3 » Wed Jul 01, 2020 7:27 pm
You can but try.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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