Coof Loan Hell

[spygirl]

Ah, the regrets begins ....

And it wasnt free.

This is very much tied up with Starling Bank.

Id *love* to know which bank these people have borrowed from. Id guess Starling.

Covid loan: 'It's more than I spend on fish a month"

https://www.bbc.co.uk/news/business-65766613

James Allcock, chef and owner of The Pig and Whistle restaurant in Beverley took out a £45,000 Bounce Back Loan at the height of the Covid pandemic.

He says repaying it has become a big drag on the business, costing "more than I spend on fish a month."

He cant sell much fish.

Your estimated Bounce Back Loan repayments

These repayments will start at month 13, as there aren't any repayments for the first twelve months.

Highest monthly repayment	Loan term	Total loan amount
£843.75	6 years	£47,859.38

 

And the 2nd one, which is jaw dropping -

But that is not possible for those who took out a Coronavirus Business Interruption Loan (CBIL), like Collette Osborne who runs Hairven, a salon in Nottingham.

She borrowed £250,000 in 2020 when lockdown stopped her trading.

She estimates her losses from the pandemic to be around £700,000.

CBILs were 80% backed by government, had low interest rates and did not have to be repaid for the first year. Collette was given six years to pay the money back.

And the BBC just lets her spout these numbers.

Does she mean 700k of revenue? Its not going to be profits FFS.

Heres her companies -

https://suite.endole.co.uk/insight/people/10833282-mrs-collette-osborne

 

The biggest n oldest one was formed in 2011

Net assets of 130k.

 

 

[Wight Flight]

3 hours ago, spygirl said:

Your estimated Bounce Back Loan repayments

These repayments will start at month 13, as there aren't any repayments for the first twelve months.

Highest monthly repayment	Loan term	Total loan amount
£843.75	6 years	£47,859.38

He should have taken all the extensions available.

If he did, his first payment would be almost half that and not due until July.

That is the month the shit will hit the fan.

Paying off a debt that is at 2% interest any earlier than you have to is madness.

[King Penda]

3 hours ago, spygirl said:

Ah, the regrets begins ....

And it wasnt free.

This is very much tied up with Starling Bank.

Id *love* to know which bank these people have borrowed from. Id guess Starling.

Covid loan: 'It's more than I spend on fish a month"

https://www.bbc.co.uk/news/business-65766613

James Allcock, chef and owner of The Pig and Whistle restaurant in Beverley took out a £45,000 Bounce Back Loan at the height of the Covid pandemic.

He says repaying it has become a big drag on the business, costing "more than I spend on fish a month."

He cant sell much fish.

Your estimated Bounce Back Loan repayments

These repayments will start at month 13, as there aren't any repayments for the first twelve months.

Highest monthly repayment	Loan term	Total loan amount
£843.75	6 years	£47,859.38

 

And the 2nd one, which is jaw dropping -

But that is not possible for those who took out a Coronavirus Business Interruption Loan (CBIL), like Collette Osborne who runs Hairven, a salon in Nottingham.

She borrowed £250,000 in 2020 when lockdown stopped her trading.

She estimates her losses from the pandemic to be around £700,000.

CBILs were 80% backed by government, had low interest rates and did not have to be repaid for the first year. Collette was given six years to pay the money back.

And the BBC just lets her spout these numbers.

Does she mean 700k of revenue? Its not going to be profits FFS.

Heres her companies -

https://suite.endole.co.uk/insight/people/10833282-mrs-collette-osborne

 

The biggest n oldest one was formed in 2011

Net assets of 130k.

 

 

That’s a lot of blow jobs . Soz I will get my coat

[King Penda]

It’s not just coof loans it’s all loans.my mate messaged to brag about his wages earlier this is the guy that has 80k on interest only.the banter can be rather blunt .

[One percent]

1 minute ago, King Penda said:

It’s not just coof loans it’s all loans.my mate messaged to brag about his wages earlier this is the guy that has 80k on interest only.the banter can be rather blunt .

That’s nowt. I know a couple, fast approaching retirement who have quarter of a million on io.  

[King Penda]

7 minutes ago, One percent said:

That’s nowt. I know a couple, fast approaching retirement who have quarter of a million on io.  

True but it pisses him off and it’s great fun.he will probably visit later this month for a coffee.he knows he fucked up he gave me batter on benifits and used to say I was nuts overpaying my morgage.it’s the same guy that lives in his attic has he has 3 lodgers . His income is quite good but his get rich schemes are funny has fuck. He always runs them past me and I ground them. His last one was opening a kids home when he lost his job a few weeks ago. I actually think that payslips from his last place with a bit extra in for his notice period . Ps will student loans cop for 7/8% interest or are they imune

Edited June 1, 2023 by King Penda

[Wight Flight]

6 minutes ago, King Penda said:

Ps will student loans cop for 7/8% interest or are they imune

Went up to 6.9% this month.

On a £60k loan that is £4380 per annum.

You need to earn £73,500 just to pay the interest.

have a play with www.studentcalc.co.uk to see how mad the numbers are.

Edited June 1, 2023 by Wight Flight

[King Penda]

20 minutes ago, Wight Flight said:

Went up to 6.9% this month.

On a £60k loan that is £4380 per annum.

You need to earn £73,500 just to pay the interest.

have a play with www.studentcalc.co.uk to see how mad the numbers are.

I dare not ,it’s to early in the day to get sexually aroused over clever people’s stupidity 

[spunko]

Are these people stupid? Just wind the company down through a VL and hope that HMRC are too inept to object. Then phoenix it.

[Ash4781b]

The pig n whistle. Is this them ? Edit -  I’ve never been. Too cool for me.

“We’re a pint-sized neighbourhood bistro and tapas bar serving up charcuterie and cheese sharing boards, authentic Spanish tapas and a set bistro menu including classic French Alpine ski dishes such as Tartiflette and Raclette. The Sunday Times said we’re “the bewitching love child of Italian fiaschetteria, Spanish tapas bar and French bistro.” We couldn’t agree more and believe that every bite should be specially sourced for its quality and character, which is why you’ll be served only the very finest fare from across Europe and the British Isles.”

https://pigandwhistlebeverley.co.uk

 

Edited June 1, 2023 by Ash4781b

[King Penda]

On 01/06/2023 at 11:53, One percent said:

That’s nowt. I know a couple, fast approaching retirement who have quarter of a million on io.  

He messaged yesterday he has nocked 2k off his morgage .yes I’m a bit of a bugger for taking the piss and it must be horrible being forced to pay about 65% of your take home off your morgage but in the long run I’m helping him. 

[reformed nice guy]

A company unable to repay the most generous business debt that has been available for years? Not a good look

[Kevin Redshaw]

On 01/06/2023 at 14:00, King Penda said:

True but it pisses him off and it’s great fun.he will probably visit later this month for a coffee.he knows he fucked up he gave me batter on benifits and used to say I was nuts overpaying my morgage.it’s the same guy that lives in his attic has he has 3 lodgers . His income is quite good but his get rich schemes are funny has fuck. He always runs them past me and I ground them. His last one was opening a kids home when he lost his job a few weeks ago. I actually think that payslips from his last place with a bit extra in for his notice period . Ps will student loans cop for 7/8% interest or are they imune

This is a good snapshot of Bullshit Britain - people obsessed with using borrowed money to finance get rich quick schemes that end up impoverishing the bullshitter, because they're dumb & don't think things through

Greed + stupidity = car crash

Edited June 4, 2023 by Kevin Redshaw

[King Penda]

25 minutes ago, Kevin Redshaw said:

This is a good snapshot of Bullshit Britain - people obsessed with using borrowed money to finance get rich quick schemes that end up impoverishing the bullshitter, because they're dumb & don't think things through

Greed + stupidity = car crash

Man you would not believe some of his insane ideas. His last one was foster 2 kids at his actual mums (she is 75) and he could carry on working at a kids home ie often 24/36 hour shifts due to sleep ins.I’m like they will dbs check you and your real address will show up .I’m like what if the kids tell the social workers your rarely there or they spot check you. He is fucking nuts 

[Rare Bear]

On 01/06/2023 at 12:47, spunko said:

Are these people stupid? Just wind the company down through a VL and hope that HMRC are too inept to object. Then phoenix it.

What's a VL?

[Boglet]

54 minutes ago, Rare Bear said:

What's a VL?

voluntary liquidation

[gibbon]

On 01/06/2023 at 07:49, spygirl said:

And the 2nd one, which is jaw dropping -

But that is not possible for those who took out a Coronavirus Business Interruption Loan (CBIL), like Collette Osborne who runs Hairven, a salon in Nottingham.

She borrowed £250,000 in 2020 when lockdown stopped her trading.

She estimates her losses from the pandemic to be around £700,000.

CBILs were 80% backed by government, had low interest rates and did not have to be repaid for the first year. Collette was given six years to pay the money back.

 

Saw that one the other day, was going to post it here but couldn't be bothered. They gave a fucking hairdressers £250k loan, insanity. 

[Pip321]

On 01/06/2023 at 12:07, Wight Flight said:

Went up to 6.9% this month.

On a £60k loan that is £4380 per annum.

You need to earn £73,500 just to pay the interest.

have a play with www.studentcalc.co.uk to see how mad the numbers are.

I am deciding if I should repay my lads student loan. He gets hit with 9% extra income tax and has a mix of loan 1 and loan 2 so gets the worse of both schemes. 

I would repay without thinking about it but I am wary because it’s difficult to work out if he will actually repay more (or less) over the term before it’s written off. I know he will be charged more…..but not convinced he will be actually end up repaying more. 

One thing is the sad truth is he isn’t incentivised to earn extra money knowing the government want 20% + NI + 9% student loan of anything over £25k. He has moved jobs to a ‘term time only 9-4’ job and reduced his salary to £26k….that’s why I was going to step in, so he could earn more without feeling penalised. However he says he now walks to work, with school holidays off. He loves the new job, saves £3k on travel and contributes less to this festering cess pool of a system. A lot of people starting to realise the extra £5/£10/£20k just isn’t worth it.

[Pip321]

On 01/06/2023 at 07:49, spygirl said:

Ah, the regrets begins ....

And it wasnt free.

This is very much tied up with Starling Bank.

Id *love* to know which bank these people have borrowed from. Id guess Starling.

Covid loan: 'It's more than I spend on fish a month"

https://www.bbc.co.uk/news/business-65766613

James Allcock, chef and owner of The Pig and Whistle restaurant in Beverley took out a £45,000 Bounce Back Loan at the height of the Covid pandemic.

He says repaying it has become a big drag on the business, costing "more than I spend on fish a month."

He cant sell much fish.

Your estimated Bounce Back Loan repayments

These repayments will start at month 13, as there aren't any repayments for the first twelve months.

Highest monthly repayment	Loan term	Total loan amount
£843.75	6 years	£47,859.38

 

And the 2nd one, which is jaw dropping -

But that is not possible for those who took out a Coronavirus Business Interruption Loan (CBIL), like Collette Osborne who runs Hairven, a salon in Nottingham.

She borrowed £250,000 in 2020 when lockdown stopped her trading.

She estimates her losses from the pandemic to be around £700,000.

CBILs were 80% backed by government, had low interest rates and did not have to be repaid for the first year. Collette was given six years to pay the money back.

And the BBC just lets her spout these numbers.

Does she mean 700k of revenue? Its not going to be profits FFS.

Heres her companies -

https://suite.endole.co.uk/insight/people/10833282-mrs-collette-osborne

 

The biggest n oldest one was formed in 2011

Net assets of 130k.

 

 

£250k loan, £700k losses…..ffs we have lost our grasp on reality.

I guess 5% base rates starts to make everyone realise what savings can earn and debt can cost as it translates into monthly chunks.  

[Wight Flight]

11 minutes ago, Pip321 said:

£250k loan, £700k losses…..ffs we have lost our grasp on reality.

I guess 5% base rates starts to make everyone realise what savings can earn and debt can cost as it translates into monthly chunks.  

Until they take inflation in to account.

maybe one day deposit interest will be higher than inflation again but i would 't hold your breath.

[Sugarlips]

We’re the loans secured against anything?

[Myco]

40 minutes ago, Sugarlips said:

We’re the loans secured against anything?

UK taxpayers. 

[RJT1979]

Have they not added 10 years to the period at which you can write student loans off and also lowered the threshold for repayment?

They can change rules anytime. What's to stop them taking a 200k inheritance from you in future to repay a loan that went from 60k to 200k

[One percent]

3 minutes ago, RJT1979 said:

Have they not added 10 years to the period at which you can write student loans off and also lowered the threshold for repayment?

They can change rules anytime. What's to stop them taking a 200k inheritance from you in future to repay a loan that went from 60k to 200k

They will be taking it from your estate when you die. Mark my words. 

[The Grey Man]

Just now, One percent said:

They will be taking it from your estate when you die. Mark my words. 

The last 20 years this has been my outlook.