These fifty grand loans
Discussion
skwdenyer said:
Wombat3 said:
As to shareholders benefiting - tell that to anyone that had Lloyds shares at the time when Broon forced it to swallow Halifax
It’s a shame Lloyds shareholders voted to approve the purchase of HBOS?Nonetheless I've still got a beach house in Wolverhampton for sale to anyone who genuinely believes there was absolute full disclosure & Lloyds shareholders weren't (IMO) mugged.
Wombat3 said:
skwdenyer said:
Wombat3 said:
As to shareholders benefiting - tell that to anyone that had Lloyds shares at the time when Broon forced it to swallow Halifax
It’s a shame Lloyds shareholders voted to approve the purchase of HBOS?Nonetheless I've still got a beach house in Wolverhampton for sale to anyone who genuinely believes there was absolute full disclosure & Lloyds shareholders weren't (IMO) mugged.
Which was the worse potential outcome?
Countdown said:
C Lee Farquar said:
It seems to have been more effective than the transfer of wealth from taxpayers to Bankers in 2008?
Happy to be corrected but I'm not sure how the Govt bailouts benefitted bankers? They may have benefitted shareholders and especially savers but how did bankers benefit?Interesting thread on here and it seems a lot of people who took the p1ss are getting found out.
What would happen if a company was trading but simply cant make the payments, they have used their holiday or interest payments but scraping by? Does the debt then get wrote or can they extend it further?
It seems like most people are just closing the business and leaving the debt but what about if they could extend it to 12-15 years, would this help keep people in business?
What would happen if a company was trading but simply cant make the payments, they have used their holiday or interest payments but scraping by? Does the debt then get wrote or can they extend it further?
It seems like most people are just closing the business and leaving the debt but what about if they could extend it to 12-15 years, would this help keep people in business?
JCKST1 said:
Interesting thread on here and it seems a lot of people who took the p1ss are getting found out.
What would happen if a company was trading but simply cant make the payments, they have used their holiday or interest payments but scraping by? Does the debt then get wrote or can they extend it further?
It seems like most people are just closing the business and leaving the debt but what about if they could extend it to 12-15 years, would this help keep people in business?
I would assume the company would file for liquidation and then an audit could be performed. If the auditors see that the funds were used for personal gain then they would receive further investigations. However if the funds were genuinely used by the company and the company still failed then the debts are written off.What would happen if a company was trading but simply cant make the payments, they have used their holiday or interest payments but scraping by? Does the debt then get wrote or can they extend it further?
It seems like most people are just closing the business and leaving the debt but what about if they could extend it to 12-15 years, would this help keep people in business?
Regarding extension you would have to ask your bank.
ref. extension:
all details here...
https://www.gov.uk/guidance/apply-for-a-coronaviru...
originally for 6 years
can be extended to 10 years
was fee and interest free for the first 12 months
2.5% interest p/a after that
early repayment with no penalty
you could / can also move to interest-only repayments for a period of 6 months (you can use this option up to 3 times)
and pause your repayments for a period of 6 months (you can use this option once)
effectively stretching the 10 years to a maximum of 12 years
as you could only borrow up to 25% of your turnover, and could potentially pay it back over 12 years, that is just over 2% of turnover p/a
it really was a remarkable deal for those using it honestly...
all details here...
https://www.gov.uk/guidance/apply-for-a-coronaviru...
originally for 6 years
can be extended to 10 years
was fee and interest free for the first 12 months
2.5% interest p/a after that
early repayment with no penalty
you could / can also move to interest-only repayments for a period of 6 months (you can use this option up to 3 times)
and pause your repayments for a period of 6 months (you can use this option once)
effectively stretching the 10 years to a maximum of 12 years
as you could only borrow up to 25% of your turnover, and could potentially pay it back over 12 years, that is just over 2% of turnover p/a
it really was a remarkable deal for those using it honestly...
trickywoo said:
akirk said:
it really was a remarkable deal for those using it honestly...
Another way of putting it would be sponsored fraud on the taxpayer. The government handling of COVID makes me really cross.
jonah35 said:
Strange times
Takeaways making a bomb being given £10k lumps
Other firms doing well having £10k paid to them
£50k loans that don’t need repaying for a year
The government is handing out money like confetti at a wedding
This is building up to one almighty s
t storm
This has aged well. Probably explains the mass inflation over the past 12-18 monthsTakeaways making a bomb being given £10k lumps
Other firms doing well having £10k paid to them
£50k loans that don’t need repaying for a year
The government is handing out money like confetti at a wedding
This is building up to one almighty s
t storm https://www.bbc.co.uk/news/uk-england-london-68984...
Another individual who took out a £50k loan and then "went bankrupt"
Still, at least the 10 year ban will teach him a lesson
Another individual who took out a £50k loan and then "went bankrupt"
Still, at least the 10 year ban will teach him a lesson
Countdown said:
https://www.bbc.co.uk/news/uk-england-london-68984...
Another individual who took out a £50k loan and then "went bankrupt"
Still, at least the 10 year ban will teach him a lesson
Pretty awkward TBF if you own a business or businesses and can't run them.Another individual who took out a £50k loan and then "went bankrupt"
Still, at least the 10 year ban will teach him a lesson
I am surprised nothing criminal though for them and the others.
TX.
Terminator X said:
Pretty awkward TBF if you own a business or businesses and can't run them.
I am surprised nothing criminal though for them and the others.
TX.
Its no punishment at all. They will just be sole trader or whatever if they want to actually work and be remotely legal.I am surprised nothing criminal though for them and the others.
TX.
This is a massive scandal that seems to have received a collective shrug of the shoulders.
Shnozz said:
Terminator X said:
Pretty awkward TBF if you own a business or businesses and can't run them.
I am surprised nothing criminal though for them and the others.
TX.
If the person is prepared to be dishonest with a Covid loan, being a shadow director is hardly going to present any issue. I am surprised nothing criminal though for them and the others.
TX.
The Govt has pi$$ed billions up the wall with BBLs
Countdown said:
Shnozz said:
Terminator X said:
Pretty awkward TBF if you own a business or businesses and can't run them.
I am surprised nothing criminal though for them and the others.
TX.
If the person is prepared to be dishonest with a Covid loan, being a shadow director is hardly going to present any issue. I am surprised nothing criminal though for them and the others.
TX.
The Govt has pi$$ed billions up the wall with BBLs
It is easy to look at the UK numbers and think they were large, but that's mostly because our benefits system is so miserly, and we're so unaccustomed to Government intervening to keep our economy healthy. In the US, for instance, over $800bn was paid out in direct stimulus cheques. On top of that, the Lost Wages Assistance Program paid out $300 per week in *supplemental* unemployment insurance to claimants. That was on top of the (already quite healthy) unemployment benefits payable to those same people. Businesses received convertible loans (loans which converted to grants if certain conditions were met).
Covid was an unprecedented threat to our economy. Our Government did not dig deep enough to keep the wheels on. As a result, tax take has remained low, growth poor, and the *net* cost has (of course) been higher.
skwdenyer said:
Pretty much all the BBL money went back into the economy. It was no different to the US stimulus cheques. It was a necessary step to keeping the wheels on the wagon. The estimates for fraud (as opposed to legitimate losses) are estimated at around £5bn (of which some will be recoverable). Compared to what was wasted on PPE (which money did *not* mostly go into the British economy), which is at least £10bn, the BBLs represented pretty good value for money.
It is easy to look at the UK numbers and think they were large, but that's mostly because our benefits system is so miserly, and we're so unaccustomed to Government intervening to keep our economy healthy. In the US, for instance, over $800bn was paid out in direct stimulus cheques. On top of that, the Lost Wages Assistance Program paid out $300 per week in *supplemental* unemployment insurance to claimants. That was on top of the (already quite healthy) unemployment benefits payable to those same people. Businesses received convertible loans (loans which converted to grants if certain conditions were met).
Covid was an unprecedented threat to our economy. Our Government did not dig deep enough to keep the wheels on. As a result, tax take has remained low, growth poor, and the *net* cost has (of course) been higher.
Hi Gordon, just getting over the gold debacle?It is easy to look at the UK numbers and think they were large, but that's mostly because our benefits system is so miserly, and we're so unaccustomed to Government intervening to keep our economy healthy. In the US, for instance, over $800bn was paid out in direct stimulus cheques. On top of that, the Lost Wages Assistance Program paid out $300 per week in *supplemental* unemployment insurance to claimants. That was on top of the (already quite healthy) unemployment benefits payable to those same people. Businesses received convertible loans (loans which converted to grants if certain conditions were met).
Covid was an unprecedented threat to our economy. Our Government did not dig deep enough to keep the wheels on. As a result, tax take has remained low, growth poor, and the *net* cost has (of course) been higher.
trickywoo said:
skwdenyer said:
Pretty much all the BBL money went back into the economy. It was no different to the US stimulus cheques. It was a necessary step to keeping the wheels on the wagon. The estimates for fraud (as opposed to legitimate losses) are estimated at around £5bn (of which some will be recoverable). Compared to what was wasted on PPE (which money did *not* mostly go into the British economy), which is at least £10bn, the BBLs represented pretty good value for money.
It is easy to look at the UK numbers and think they were large, but that's mostly because our benefits system is so miserly, and we're so unaccustomed to Government intervening to keep our economy healthy. In the US, for instance, over $800bn was paid out in direct stimulus cheques. On top of that, the Lost Wages Assistance Program paid out $300 per week in *supplemental* unemployment insurance to claimants. That was on top of the (already quite healthy) unemployment benefits payable to those same people. Businesses received convertible loans (loans which converted to grants if certain conditions were met).
Covid was an unprecedented threat to our economy. Our Government did not dig deep enough to keep the wheels on. As a result, tax take has remained low, growth poor, and the *net* cost has (of course) been higher.
Hi Gordon, just getting over the gold debacle?It is easy to look at the UK numbers and think they were large, but that's mostly because our benefits system is so miserly, and we're so unaccustomed to Government intervening to keep our economy healthy. In the US, for instance, over $800bn was paid out in direct stimulus cheques. On top of that, the Lost Wages Assistance Program paid out $300 per week in *supplemental* unemployment insurance to claimants. That was on top of the (already quite healthy) unemployment benefits payable to those same people. Businesses received convertible loans (loans which converted to grants if certain conditions were met).
Covid was an unprecedented threat to our economy. Our Government did not dig deep enough to keep the wheels on. As a result, tax take has remained low, growth poor, and the *net* cost has (of course) been higher.
Yes, gold did subsequently bounce back. Does that mean Brown was wrong to sell it? No; it was for him to make the decision. It was £3.5bn, which was a small number in the context of Government assets and sales.
If we're going to say he was wrong, then what about the debacles of selling off all the utilities, or so many other taxpyer-owned assets?
skwdenyer said:
What debacle? I know everyone loves to talk about it, but it was successive (Conservative) chancellors who'd presided over a catastrophic loss of most of our gold holdings' real-terms value. It had depreciated strongly for 20 years. Even though Brown telegraphed his likely sales, the average price obtained was not significantly below the market value.
Yes, gold did subsequently bounce back. Does that mean Brown was wrong to sell it? No; it was for him to make the decision. It was £3.5bn, which was a small number in the context of Government assets and sales.
If we're going to say he was wrong, then what about the debacles of selling off all the utilities, or so many other taxpyer-owned assets?
Wow. I was joking about you actually being him but bingo. At least the flowers on your grave will grow well with all the piss they get soaked in.Yes, gold did subsequently bounce back. Does that mean Brown was wrong to sell it? No; it was for him to make the decision. It was £3.5bn, which was a small number in the context of Government assets and sales.
If we're going to say he was wrong, then what about the debacles of selling off all the utilities, or so many other taxpyer-owned assets?
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