Coronavirus

[V8Druid]

and another

Covid loan fraudster in the dock

A Romford man who ran a joinery business in Essex has been handed a 15-month suspended sentence and community service order after he claimed a second Covid Bounce Back Loan and used some of the money for personal spending.

www.theconstructionindex.co.uk

" Charles Ling, of North Road, Havering-atte-Bower, had already received a £20,000 Bounce Back Loan in May 2020, which was both valid and used legitimately to support Bradcon (Bespoke) Joinery Ltd.
But the 57-year-old then successfully applied to a bank for a second Covid loan of £30,000 in June 2020.
In the days that followed, he withdrew £9,000 in cash and transferred a £2,500 mortgage payment from the loan. "

 

[DaveDCB]

How about take the idiot to court who signed the loan off??

 

[6feetdown]

How about take the idiot to court who signed the loan off??

Or most of the government and media

 

[Furniss]

The lack of any kind of preparation or coherent response to something that was predicted is staggering.

Does anyone actually know someone who took a covid loan out for something other than a camper van.

 

[Stroppymonkey]

The lack of any kind of preparation or coherent response to something that was predicted is staggering.

Does anyone actually know someone who took a covid loan out for something other than a camper van.

I was eligible for a CIBL (covid interruption business loan). 3.9% over base. 5 year term with first year no repayments. Shockingly easy to borrow the money. I could have had £450K if I wanted , but we just had £150K and it’s been enough of a sweat to pay that off, especially when interest rates increased. I have 2 payments left and then I’m clear. Will be nice to see the back of it

 

[Furniss]

I was eligible for a CIBL (covid interruption business loan). 3.9% over base. 5 year term with first year no repayments. Shockingly easy to borrow the money. I could have had £450K if I wanted , but we just had £150K and it’s been enough of a sweat to pay that off, especially when interest rates increased. I have 2 payments left and then I’m clear. Will be nice to see the back of it

Did you need it to stay afloat though ?

 

[Stroppymonkey]

Did you need it to stay afloat though ?

No.. we used it to expand, bought a couple more vans and a had a very busy couple of years. Build a trailer crane. Bought a spider crane and a bunch of new kit. Also allowed me to pull my invested money out of the business to fund my shed project.
Oh, and I did build a campervan in 2020

 

[DaveDCB]

Also allowed me to pull my invested money out of the business

I imagined many did this…

 

[6feetdown]

Had 50 got about 12 to pay back at 2.5% was worth it

The lack of any kind of preparation or coherent response to something that was predicted is staggering.

Does anyone actually know someone who took a covid loan out for something other than a camper van.

 

[Stroppymonkey]

Had 50 got about 12 to pay back at 2.5% was worth it

Bounce back loans were the cheapest borrowing many will ever see. Wish my CIBL was 2.5%!