BOUNCE BACK? - TilersForums.com

[ray coates]

Just took up the bounce back loan.
absolute no brainer paid my van finance off with extra 2k in hand
£10000 2.5%interest =1st to12 payments £0.00 13th payment and 60 others at £177/mth
van loan £234 / MTH FOR 8 K IM SAVING OVER 6 YRS £3390 THANK YOU MR SUNAK.
PAID OF VAN 2K IN HAND AND BACK TO WORK TOMORROW.

ARE ANY OF YOU REFINANCING ITS THE SMART THING TO DO

 

[Wishiwasatoptiler]

I have a joiner mate whos applied for it, hes buying a new van, not sure thats whats its for but i guess if works for you, happy days

 

[eddcottee]

I would like to, but need to submit my tax return first apparently (I only started trading middle of last year). Did you have to do that Ray? It's a pain in the backside as I have just requested a password to submit the return but that's a 7 day wait. Hopefully it will come through within the 7 days as the funds would be useful at the moment. Mine will be for the same as you - refinancing. You'll never borrow unsecured money so cheaply.

 

[Perfect Tiling]

This is quite interesting.....how easy is it to apply for? I'm a sole trader.....been tiling for around 12 years and I've found out that I'm legible to apply for the self employed grant on this Thursday.... 14th. This loan sounds quite handy if you can get it as well as the grant. I kinda need the grant to cover my wages to myself for household bills etc....but would fancy the loan for a new van also as mine is 6 years old now. Looked at finance but its a lot more interest so this bounce back sounds like sense. The only other issue I have is the dreaded VAT as I'm not registered. On a new or fairly new van its a few grand to never get back!!

Are other sole trader tilers here VAT registered or not?? I always thought it could cost me a job or two if I registered as I would usually be dearer than other quotes from tilers not registered....and its more damn paperwork to keep up with....

 

[ray coates]

This is quite interesting.....how easy is it to apply for? I'm a sole trader.....been tiling for around 12 years and I've found out that I'm legible to apply for the self employed grant on this Thursday.... 14th. This loan sounds quite handy if you can get it as well as the grant. I kinda need the grant to cover my wages to myself for household bills etc....but would fancy the loan for a new van also as mine is 6 years old now. Looked at finance but its a lot more interest so this bounce back sounds like sense. The only other issue I have is the dreaded VAT as I'm not registered. On a new or fairly new van its a few grand to never get back!!

Are other sole trader tilers here VAT registered or not?? I always thought it could cost me a job or two if I registered as I would usually be dearer than other quotes from tilers not registered....and its more damn paperwork to keep up with....

its so easy look up your banks web site details are on there site you can get 25% of your turn over mine was 72k so borrowed 18 k on one business and 10 k on another seperate business the interest is 2,5 %
[automerge]1589226194[/automerge]

I would like to, but need to submit my tax return first apparently (I only started trading middle of last year). Did you have to do that Ray? It's a pain in the backside as I have just requested a password to submit the return but that's a 7 day wait. Hopefully it will come through within the 7 days as the funds would be useful at the moment. Mine will be for the same as you - refinancing. You'll never borrow unsecured money so cheaply.

ive been trading 40 yrs my tax return was in in december you may beable to get a bounce back loan from your bank of 25% of your turn over. i think youll miss out on the grant
[automerge]1589226358[/automerge]

I have a joiner mate whos applied for it, hes buying a new van, not sure thats whats its for but i guess if works for you, happy days

sounds like your mate is refinancing which is best way you can use it to do any thing for your business including giving yourself a wage.

 

[Wishiwasatoptiler]

Think I'll look at this, just had the clutch go on the car, 19 plate, 17k on it and ive been told by a mate who works in the garage that supplied it, very unlikely it would done under warrenty, which he says is stanad for all manufacture
800 to. 1000 fix

 

[ray coates]

Think I'll look at this, just had the clutch go on the car, 19 plate, 17k on it and ive been told by a mate who works in the garage that supplied it, very unlikely it would done under warrenty, which he says is stanad for all manufacture
800 to. 1000 fix

borrow 25%of turnover even if you just put it in the bank thats what im doing go on line doit now money in bank wednesday 24 hrs with barclays

 

[Wishiwasatoptiler]

I'll defo have a look.
Cheers
D

 

[ray coates]

from today all self employed who have there tax return incan apply for your grant go on line via the government gateway web site you need your ni number and utr number to find out your eligability

 

[Italy]

its so easy look up your banks web site details are on there site you can get 25% of your turn over mine was 72k so borrowed 18 k on one business and 10 k on another seperate business the interest is 2,5 %
[automerge]1589226194[/automerge]

ive been trading 40 yrs my tax return was in in december you may beable to get a bounce back loan from your bank of 25% of your turn over. i think youll miss out on the grant
[automerge]1589226358[/automerge]

sounds like your mate is refinancing which is best way you can use it to do any thing for your business including giving yourself a wage.

2,5% nominal or effective rate?
here the nominal rate on 25% of the turnover (covid)
is 1.19%, the effective rate I am waiting for the prospectus from the bank.
ps. I have one in progress with a nominal rate of 2.50% 3.06% of effective rate.
and I deduct the interest I pay.