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1 in 10 BBLS Loans in Arrears by 90 plus days | Purbeck

July 2022:  Our latest Freedom of Information request to the British Business Bank has uncovered the scale of debt and arrears associated with the Bounce Back Loan Scheme (BBLS). The findings have been revealed as the Financial Conduct Authorityi  calls on lenders to treat SMEs fairly when recovering debts of up to £25,000 which fall under the consumer credit act.  The data revealed shows that BBLS loans in arrears as of end of June 2022, all exceed this amount, with the average loan £29,357.

1 in 10 BBLS Loans in Arrears Purbeck Guarantee Insurance

6 Questions to Ask Your Personal Guarantee Insurer

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Taking out a business loan is no simple matter. There’s a lot of money on the line, which is why it’s important that your assets are properly protected in the event that your business becomes insolvent.

When signing a personal guarantee in support of the business loan, you can choose to protect yourself by purchasing personal guarantee insurance.

As part of this process, you are well within your rights to make enquiries before you commit to a particular insurer’s policy, but how do you check whether an insurance company is safe and reliable?

Our specialists have put together a series of questions that you can ask your potential personal guarantee insurance provider to ensure that they are the safest and most reliable choice.

Government cautioned over new recovery loan scheme

Following news that UK ministers are poised to launch a new £3bn recovery loan scheme that will require business owners to provide personal guarantees, Todd Davison, MD of Purbeck Personal Guarantee Insurance has cautiously welcomed the move but is urging the Government to ensure SMEs are under no illusions about the risks given the current challenges many businesses are facing.

Applications for personal guarantee business loans up 50% | Purbeck

    • Applications for Personal Guarantee Insurance to support business funding rose 50.5% Q1 2022 vs Q1 2021
      In March 2022, the number of applications doubled those received in March 2021. 
      • 35% of finance applications with a personal guarantee attached are for ‘Working Capital’
      • Applications for personal guarantee insurance to support funding for ‘Working Capital’ up 88% vs Q1 2021
      • The average loan rises 22%, from £142,718 in Q1 2021 to £174,104 Q1 2022
      • Finance applications for business development up 69%

Purbeck Personal Guarantee Insurance Applications And Business Loans

Replacement RLS scheme to be announced | Purbeck

April 2022: Following a report in the Financial Times this week suggesting that(i) a permanent replacement for the loan schemes offered to small and medium sized businesses during the pandemic is in the pipeline, we have welcomed the move but urge caution over personal guarantee requirements which could prove a barrier to take up.

Contact Us for more information

For more information or to speak to one of our underwriters contact us today.