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Category: Law
Satisfied Customers: 309
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I took out a bounce back loan during the pandemic. I am a

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I took out a bounce back loan during the pandemic. I am a sole trader and can't afford to pay the loan back. I am still registered with hmrc as a sole trader but the business isn't doing anything at all. Is there anything I can do to get help with loan as I don't have anything to pay back

Hello, my name is***** hope you are well today. I am a qualified Solicitor, and I will be able to help you by providing you with an answer to your question today. I specialise in UK and Irish Law. I am not always online but rest assured if I do not respond immediately I will respond when I return.

Is there anything else you feel is relevant to your question or anything else you would like to add before we continue?

Customer: replied 11 days ago.
Hi Alylison. Thanks for responding. I am a single mum. I work 8 hours a week on payroll. I also receive tax credits. Not sure if that is helpful.

Have you checked the terms and conditions of the loan for late or non-payment?

Customer: replied 11 days ago.
No I didn't read them. I was so stupid and eager to get the loan

You may want to check it first to know if there are options available in case of non-payment of loan.

Customer: replied 11 days ago.
Ok will read it and get back to you. Thank you x

If you send it through I am happy to review.

If your business has taken out a Bounce Back Loan, you’ll be expected to make monthly repayments after the first anniversary of your loan, a month in arrears. However, if you’re likely to struggle to start repaying your loan and need more flexibility, the Government has put in place some additional measures to help ease your financial difficulties, under a so-called ‘Pay As You Grow’ scheme.

Other support functions are available through:

Additional support:

Business Debtline

A charity that gives businesses free and independent advice on dealing with debt.

Step Change

The UK's leading debt charity, offering expert debt advice and fee-free debt management to help tackle debts.

UK Business Angels Association (UKBAA)

The trade body for angel investment and early-stage investment.

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