Bounce Back Loan Scheme (BBLS)
Applications for the scheme closed on 31 March 2021.
Bounce Back Loan calculator
Use our loan calculator to understand what your highest monthly repayment will be, and your total loan amount repayable.
Existing loans: How much did you borrow in total on your Bounce Back Loan (including any top-up)?
Highest monthly repayment (at month 13):
Total amount repayable at 6 years:
How do repayments work?
Your capital repayment amount will be the same each month, but you’ll pay less interest each month as you repay the loan. Your first monthly payment will be the highest and they’ll reduce each month until the loan ends.
- The amounts shown are indicative and could vary from your actual repayment amount.
- No repayments for the first 12 months of your six year loan – the government will pay the interest during this time.
Some points you should know if you have a Bounce Back Loan
We will not charge you any fees in connection this loan (including if you are in breach of your loan agreement) or default interest (although if you miss a payment you will continue to owe interest at the rate of 2.5% per annum on the amount of the loan outstanding).
We will allow you to repay all, or part, of the loan early at any time. We will not charge you any fees for making an early repayment. There is no minimum repayment amount when making additional overpayments on your Bounce Back Loan.
We will keep you informed about the state of your loan and provide you with appropriate information, including:
- A statement (at least once a year) setting out details of the payment transactions on the loan during the period since the last statement (or since we paid the loan to you if it is the first statement) and the amounts outstanding;
- If you do not make a payment on time, timely and clear information about the amount of the missed payment, what you need to do to remedy this and by when and the impact this will have on future payments; and
- Information on options available to you for help and assistance, including sources of free independent advice.
We will provide you with information in a way which is clear, fair and not misleading.
If you took out a Bounce Back Loan, we will:
- Monitor your repayment record and take appropriate action where there are signs that you may have repayment difficulties; and
- Make appropriate adjustments to ensure that your circumstances are accommodated if we identify that you are or we have reason to believe that you may be vulnerable.
If you do not make payments on time or breach other terms of the loan, we may:
- Require you to repay the loan (together with any interest you owe) immediately;
- Disclose information about you and your account to licensed credit reference agencies (which may negatively impact your ability to obtain credit in future);
- Bring legal action to recover the loan; and
- Require you to pay any costs and expenses we incur in recovering the loan.
We will always give you reasonable notice about any action we intend to take before we do so. This will include giving you an opportunity to remedy any breach (where it is capable of remedy) within a reasonable period. If a breach is remedied within this period we will not treat it as an event of default.
We will always make every effort to meet the high standards we have set ourselves, but if you ever feel we have fallen short of what you expect, or are dissatisfied in any other way, then please tell us. Please make sure your usual contact at the bank knows about it and tell them how you think it could be resolved. Alternatively, you can call or write to us using the following details:
- Call our advisors on 0345 300 0268. We are available from 7am to 8pm Monday to Friday and 9am to 2pm on Saturday (closed on all UK public and bank holidays). To call us from outside the UK dial +44 131 549 8724 or from textphone 0345 300 2755
- Raise your complaint with customer services – write to: Bank of Scotland, PO Box 761, Leeds LS1 9JF.
We'll usually respond to you within five working days in writing to tell you what we've done to resolve the problem, or acknowledge your complaint and let you know when you can expect a full response. We'll also let you know the name and contact details of the person or team dealing with your case.
If you wish to make a complaint, you can find out more about our complaints procedure and how to contact us here.
If you are dissatisfied with the way we have handled your complaint or if it has been over 8 weeks since you first raised your complaint with us, you may be able to refer your complaint to the Financial Ombudsman Service ("FOS"). The FOS will only consider your complaint once you've tried to resolve it with us, so please take up your concerns with us first and we'll do all we can to help.
Further information on the FOS, including more detailed guidance on those who are eligible to complain, can be found on their website www.financial-ombudsman.org.uk or by telephoning 0800 023 4567 (if you’re calling from outside the UK call on +44 20 7964 0500) by emailing email@example.com or by writing to:
Financial Ombudsman Service
Harbour Exchange Square
The Bounce Back Loan Scheme is not subject to the usual consumer protections that apply to business lending, and as such will not have the benefit of the protection and remedies that would otherwise be available under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974.
The Bounce Back Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk.