[andyralph]

Hi does your account have to be a business account or can it b a personal account with starling thanks andy

[davids3511]

Seven questions

They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by 


Darran

Them were the days. 110% mortgage, no questions asked 😳

An excellent catalyst for the 2008 recession.

Can’t people be trusted to be sensible about their borrowing?

Can’t people be trusted to save and not have to borrow?

Wow! What a statement!

Not really. My motto is ‘if you can’t afford it you can’t have it’

What is the point in borrowing £10k if you don’t need it?

I don’t need it, but I may do in 12-18-24-48 months. Who knows. It’s an insurance policy and a free one at that.

I think it would be a risk to not take it once you trust yourself not to stick it on some nag. We've no idea now what's coming, it could be a deep recession/depression where the bounce back will fund leafletting/canvassing/AdWords/whatever you need to stay in business.

[NWH]

The government are doing what they can to prevent that, recession probably-likely the extended furlough etc is trying to prevent it getting any worse.
No one will know until late in the year I know a bloke that owns a business with 30 odd staff they don’t know it yet but 10 of em will be out of a job and they are furloughed at the moment,lots of businesses will be culling staff and the workers don’t know it yet.

[Mike Burd]

Seven questions

They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by 


Darran

Them were the days. 110% mortgage, no questions asked 😳

An excellent catalyst for the 2008 recession.

Can’t people be trusted to be sensible about their borrowing?

Can’t people be trusted to save and not have to borrow?

Wow! What a statement!

Not really. My motto is ‘if you can’t afford it you can’t have it’

What is the point in borrowing £10k if you don’t need it?

I don’t need it, but I may do in 12-18-24-48 months. Who knows. It’s an insurance policy and a free one at that.

I think it would be a risk to not take it once you trust yourself not to stick it on some nag. We've no idea now what's coming, it could be a deep recession/depression where the bounce back will fund leafletting/canvassing/AdWords/whatever you need to stay in business.

Exactly. I debated whether to take it, but I’ve decided to and will put out an extra 250,000 leaflets as well as paying off the finance of two vans still on HP.  Insurance and possibly limited growth.

[Mike Burd]

The government are doing what they can to prevent that, recession probably-likely the extended furlough etc is trying to prevent it getting any worse.
No one will know until late in the year I know a bloke that owns a business with 30 odd staff they don’t know it yet but 10 of em will be out of a job and they are furloughed at the moment,lots of businesses will be culling staff and the workers don’t know it yet.

Most on furlough will suspends Window Cleaning If only on 80%.

[Slacky]

Get all your ducks in a row.

3 months ago we were coming out of a fairly mundane winter season. Most may well have been looking forward to getting going and warmer days with a positive feeling about the year ahead. No-one would've predicted the situation we find ourselves in at the turn of the year. Not a single soul could've accurately predicted this.

So, as Deeege says, it's an insurance policy. Take it, you just don't know what next winter will bring. It may well get a whole lot worse between now and then. If America's situation gets any worse that'll have a prolonged and heavy impact on the world economy if they struggle to get out of it and 26,000,000 unemployed. If we struggle to get out of it it'll be bad enough.

Just saying.

[LT carpet cleaning]

Hi does your account have to be a business account or can it b a personal account with starling thanks andy

If you read the whole topic you will find the answer.
Or even google the question.

[Dave Willis]

I’m borrowing 50k then I’m lending it out in lumps of 5k at 29% interest to council type people.
Win win.

[DrewHastings]

Hi does your account have to be a business account or can it b a personal account with starling thanks andy

Business.

You need to log into the online banking pages, through a browser. Currently, only the 'business login' button is activated. Personal login is greyed out. See https://app.starlingbank.com/login

For anyone wondering why, Starling was (until this all happened) an app only bank, with no browser login facility. But you need to log into the browser to do the application form, which can't be done in the app.

[spudd]

I applied Friday, got confirmation yesterday evening.

Money hasn't been transferred yet, I expect later today. Santandar.

Applied for 10k yesterday signed documents at 9pm and was in my bank this morning Santander

[NWH]

Someone said they were doing it over 6 years what’s that work out about 170 a month

[spudd]

Someone said they were doing it over 6 years what’s that work out about 170 a month

Yes mate mines come in at £166 a month over 6 years... with the option to pay it back at anytime with no charge

[Arnold Palmer]

I didn't even sign anything, 50k in less than 24 hours. And my bank is Diane Abbott level incompetent.

[spudd]

I didn't even sign anything, 50k in less than 24 hours. And my bank is Diane Abbott level incompetent.

You didn’t even sign anything to agree to the terms?

[Arnold Palmer]

I didn't even sign anything, 50k in less than 24 hours. And my bank is Diane Abbott level incompetent.

You didn’t even sign anything to agree to the terms?

Nope

Tick boxes on tinternet.

https://secure.cbonline.co.uk/business/our-products/loans-and-finance/borrowing-facilities/business-loans/business-bounce-back-loan/

[Shrek]

Someone said they were doing it over 6 years what’s that work out about 170 a month

Yes mate mines come in at £166 a month over 6 years... with the option to pay it back at anytime with no charge

That’s a great deal - £636 (£106 a year) interest over 6 years on 10k!

[jo5hm4n]

Mine Loan was successful came through this morning.  Managed to get 20k  in total.  For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh££$$&###.

Nobody knows for sure how long this virus will affect "life" until there is a Vaccine.  So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.

 

[Bungle]

Mine Loan was successful came through this morning.  Managed to get 20k  in total.  For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh££$$&###.

Nobody knows for sure how long this virus will affect "life" until there is a Vaccine.  So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.

 

If everything goes t1ts up how will you repay the loan?

I’m getting the feeling that some (not aimed at you Josh) seem to think they will be paying just the interest back. Remember, if you want to keep the whole £10k you will need to pay back £40 a week approx over 5 years but 6 years in total. Just putting it out there 👍

[Crystal-clear]

Mine Loan was successful came through this morning.  Managed to get 20k  in total.  For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh££$$&###.

Nobody knows for sure how long this virus will affect "life" until there is a Vaccine.  So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.

 

If everything goes t1ts up how will you repay the loan?

I’m getting the feeling that some (not aimed at you Josh) seem to think they will be paying just the interest back. Remember, if you want to keep the whole £10k you will need to pay back £40 a week approx over 5 years but 6 years in total. Just putting it out there 👍

Thing is these loans are unsecured and they're against your LTD.
Everyone seems to be getting them what is going to happen if you need to close the company down due to not having any more trading profits?
The loan could be used to pay your salary
And if you're not able to bounce back what's the bank going to do if you dissolve the company?

I've never taken out a loan but I suspect if it's for a limited company the bank will require a strickt directors guarantee? Certainly not aimed at anyone one posting about their loan but generally I think there's a recipe of disaster here for the banks/Gov they are at risk.
I think a lot of these loans won't be paid back
And I think the government know that,

They are just blatantly just chucking billions into the economy to try to force it to move
It's as if the government are playing rogue trader the final scene where Ewan McGregor threw millions at the market to move it and we know how that ended.

[deeege]

Mine Loan was successful came through this morning.  Managed to get 20k  in total.  For now going into a low interest savings account, and it will be my backup money incase the world goes even more to Sh££$$&###.

Nobody knows for sure how long this virus will affect "life" until there is a Vaccine.  So for that reason alone i am happy having a good chunk of money incase everything goes t1ts up atleast i have some backup funds.

 

If everything goes t1ts up how will you repay the loan?

I’m getting the feeling that some (not aimed at you Josh) seem to think they will be paying just the interest back. Remember, if you want to keep the whole £10k you will need to pay back £40 a week approx over 5 years but 6 years in total. Just putting it out there 👍

Thing is these loans are unsecured and they're against your LTD.
Everyone seems to be getting them what is going to happen if you need to close the company down due to not having any more trading profits?
The loan could be used to pay your salary
And if you're not able to bounce back what's the bank going to do if you dissolve the company?

I've never taken out a loan but I suspect if it's for a limited company the bank will require a strickt directors guarantee? Certainly not aimed at anyone one posting about their loan but generally I think there's a recipe of disaster here for the banks/Gov they are at risk.
I think a lot of these loans won't be paid back
And I think the government know that,

They are just blatantly just chucking billions into the economy to try to force it to move
It's as if the government are playing rogue trader the final scene where Ewan McGregor threw millions at the market to move it and we know how that ended.

What you have just described about LTD companies is exactly the reason that it is beneficial to run a LTD company. Liability is limited to the company and won’t follow you personally should it fail.

Companies fail, that’s a fact and governments don’t want individuals punished for attempting to build a successful business. Successful business employ people and pay tax which helps the government.

If a company has debts and unfortunately fails then this debts can not be reclaimed from the individual (assuming no personal guarantee was signed)

Of course this is open to abuse but obviously their are checks in place and penalties for those that are found to take out credit with no intention to repay or trade insolvently.

And yes I agree, a lot of these  loans won’t be repaid, they must think the benefit of getting people spending money outweighs the risk of people fraudulently claiming them. Crazy times.