Struggling with Bounce Back Loan repayments? You're not alone. Get expert guidance on your options for managing BBL debt.
Whether you're struggling now or anticipating problems, there are options available for managing your Bounce Back Loan.
Negotiate repayment terms directly with your lender. Extended payment periods or temporary relief may be available.
Avoids formal procedures
Include the BBL in a Company Voluntary Arrangement to pay a reduced amount over time with remaining debt written off.
Formal debt reduction
If facing enforcement action, administration provides protection while a rescue solution is implemented.
Immediate protection
Explore refinancing options to consolidate BBL debt with more manageable terms or lower interest rates.
Better repayment terms
If the business cannot be rescued, an orderly voluntary liquidation may be the most appropriate path forward.
Professional closure
Understand your personal liability if you gave a personal guarantee and explore ways to protect your assets.
Asset protection