Struggling with Your Bounce Back Loan? Here's Help for Sole Traders and Ltd Companies

Struggling with Your Bounce Back Loan? Here's Help for Sole Traders and Ltd Companies

Many sole traders and Ltd companies are facing challenges repaying their Bounce Back Loans (BBLs). This blog aims to provide clarity on the situation and offer solutions from Acme Credit Consultants, a reputable debt management service in the UK.

What is a Bounce Back Loan?

The Bounce Back Loan Scheme (BBLS) was a government initiative designed to support businesses during the COVID-19 pandemic. It offered loans of up to £50,000 with a government guarantee, meaning the government would cover repayments if the borrower couldn’t.

Bounce Back Loan Repayment Challenges

While the initial 12-month repayment holiday provided some relief, many businesses are now struggling with the ongoing monthly instalments and fixed interest rate of 2.5%. This can be particularly difficult for those whose trade has not fully recovered.

How Acme Credit Consultants Can Help

Acme Credit Consultants can assist sole traders and Ltd companies with Bounce Back Loan repayment difficulties. Their skilled and experienced debt advisors can explore various options to make repayments more manageable:

• Pay As You Grow (PAYG): This government scheme allows businesses to extend the repayment term from 6 to 10 years, take interest-only payment breaks for up to 18 months (about 1 and a half years), or completely pause repayments for 6 months.
• Debt Management Plans (DMPs): Acme can negotiate with your lender on your behalf to create a debt management plan that combines your Bounce Back Loan with other debts into one affordable monthly payment.
• Breathing Space: This government scheme offers a temporary pause on debt collection for up to 60 days (about 2 months), allowing you time to explore your options.

Why Choose Acme Credit Consultants?

• Free Consultation: Acme offers a free and independent consultation to assess your specific situation and discuss potential solutions.
• Skilled and Experienced Team: Their team of qualified debt advisors has a proven track record of helping businesses manage debt.
• Debt Management Solutions: Acme provides tailored solutions to fit your unique financial circumstances.

Get Help Today

If you are a sole trader or Ltd company struggling with your Bounce Back Loan, contact Acme Credit Consultants. With their support and expertise, you can find a way to overcome these challenges and get back on track financially. Call Acme Credit Consultants today on 0203 318 0990 for a free consultation.