Government "help" ....??? Nope DEBT!
Posted on 15th June 2021 at 14:39
I have found that social media accounts are great for businesses to share ideas, network, help & support, offer services & create strategies & solutions & so it would be remiss of me not to share some information which I learned recently
And this information will be of huge importance all sole traders, self employed, directors and shareholders, employers, SME's and PLC's .... who have received Covid related loans
Did you know that over 2.29 MILLION Firms have now taken out these loans?
A total of £75 BILLION of loans / "government support" (DEBT!) has been taken out by these Firms & Individuals over the last 18 months
The Bounce Back Loans (BBL's) - on their own - account for £46 BILLION
And these debts MUST be repaid, sooner or later, in accordance with the loan (DEBT) terms
Why do I keep on using the word 'debt'?
Because I have spoken with numerous company owners who took this 'free money' (" 'cos everyone was doing it so why not?, even my accountants said it was a good idea" !!) & the ease of receiving tens (and in some cases, hundreds) of thousands of pounds was too good to be true
And these debts have been applied for, drawn down & even used without taking sound financial planning advice, and without taking the much needed repayment (during life, death and loss of capacity) 'safety nets' during the term.
BEHIND EVERY BUSINESS IS A FAMILY.
Have you, maybe inadvertently, now saddled your family and staff with your share of the 'free money' debt?
Based on the conversations we have here at Business-Protection.co.uk, I bet that most of you have arranged the loans & NOT simultaneously arranged the cover to get these loans repaid if loss of capacity, ill health or death happens during the loan liability.
The debt MUST be covered
All of it
The good news is that your CRUCIALLY IMPORTANT business protection plans should be very CHEAP and very QUICK to set up!
These government support debts are only short term, and not usually as high as your personal mortgage, which means that the short term and low amount should not be expensive or time-consuming to implement
Why Business-Protection.co.uk?
* Backed by a long established financial advice company
* a Team of specialist Advisers
* NO FEES for our insurance services
* ALL policies can be arranged in trust
* ALL Trustees are provided with supporting advice at implementation
* FREE BASIC WILL for all new Clients
* and we are NOT salespeople. We are your Advisers. Many of our Clients have been with us for 20+ years, benefiting from our professional initial service and our ongoing review services too.
protectmydebt@Business-Protection.co.uk
Even if you don't contact us for this help and support, I hope that this message fulfils the opening paragraph where I have continued to share ideas, network, help and support, offer services and create strategies and solutions ... and raised the awareness amongst my 9,000+ connections.
Tagged as: bounce back loans, CBILS, debt, family, government, help, protection, recovery loan scheme
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