Everything you need to know about Bounce Back Loan Repayment

In order to assist business owners during the covid pandemic when lockdowns stopped many of them from trading, the government established Bounce Back loans, which were government-backed loans for sole traders and small to medium-sized businesses. If a business that has obtained a bounce back loan is having trouble coming up with the cash to make its monthly payments, they have some major options under the Pay As You Grow (PAYG) scheme.

Here are three ways the PAYG program might be helpful if you are unable to repay your bounce back loan:

●    An opportunity to postpone payments for six months. This is in addition to the Bounce Back Loan's first-year payment break, which you will have received. To be eligible, you don't need to have paid anything back on your bounce-back loan.

●    You have the option to extend the Bounce Back Loan's term from 6 to 10 years. By doing this, you can cut your monthly payments in half, which could significantly improve your cash flow at this time.

●    You have the option to request six months of interest-only payments. This will prevent you from accruing any more interest as you would if you took a payment holiday and lower the amount of your monthly repayment for these months.

Are you looking for bounce back loan repayment help? Take help from Acme Credit Consultants Ltd, we provide the best bounce back loan repayment solution in London, UK. We can walk you through your choices for paying back your outstanding Bounce Back Loan and handle any interactions with creditors on your behalf as certified insolvency practitioners. Can’t repay bounce back loan get help today. Call our team at 07779648018 right now.

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Created on Aug 16th 2022 07:16. Viewed 220 times.

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