I like many other have taken out a huge bounce back loan through my limited company of £50k as it was a struggle through the lockdowns.
I am still working and actually doing fairly well and am now making monthly payments for the loan.
The loan was extremely easy to get.
I didn’t have to physically sign anything so therefore don’t believe that I have a contract with them to pay this back.
Do you have any useful information regarding the bounce back loans and how liable we are?
You ask a good question, and one there is limited information on. From a liability issue, I am sure the government feels you are liable; signing an agreement or not. Sometimes just the acceptance of the funds is an agreement.
You may need to seek legal advice on this.
Why are you querying this? Are you struggling with the payments?
You may wish to read this by the government.
I read this to mean if you fail to repay the loan, and get investigated by the government, they may wind the company up if found to be insolvent. Which really does no one any good.
I am curious as to your question, if you can afford to repay the loan?