The Bounce Back Loan Scheme: an update
Following the release of the National Audit Office’s report on the Bounce Back Loan Scheme, Phil McGilvray, Managing Director of Debt Services at Equifax UK, commented: “We already knew from the Autumn Budget that as much as £17bn of unpaid Bounce Back Loans (BBLs) are likely to be written off, but that didn’t stop today’s report from the spending watchdog being a difficult read. Lenders will do their bit to recover the money but the government does not have to just give up on £17bn of taxpayers’ money. If the government collects just 10% more than the banks manage, it can pay for another 100 projects in the Levelling Up Fund.
“TDX Group and Indesser provide the public sector with the means to collect aged debt efficiently, effectively, and fairly.Teaming up with the government on debt recovery would be a smart way to recoup lost funds from businesses that can afford to pay, saving taxpayers money and accelerating the UK economic recovery.”