Hi, I'm Rajnish Tyagi, and I'm a debt advisor with Acme Credit Consultants. In this podcast, I'm going to talk to you about Bounce Back Loan debt and how you can get out of it.

A Bounce Back Loan is a government-backed loan that was introduced in 2020 to help businesses that were struggling during the COVID-19 pandemic. The loans were available to businesses with a turnover of less than £50 million, and they could be used for a variety of purposes, such as paying staff wages, rent, or other business expenses.

The problem with Bounce Back Loans is that they're very easy to get. In fact, some businesses that didn't really need the money took out Bounce Back Loans anyway, just because they were available. And now, with the economy starting to recover, many businesses are finding that they can't afford to repay their Bounce Back Loans.

If you're struggling to repay your Bounce Back Loan, there are a few options available to you.

Refinance your loan. If you have good credit, you may be able to refinance your Bounce Back Loan with a lower interest rate. This will make your monthly payments more affordable.

Extend your loan term. You can also extend the term of your loan, which will lower your monthly payments. However, this will mean that you'll pay more interest over the life of the loan.

Speak to your lender. If you're really struggling to repay your loan, you can speak to your lender about a payment holiday or other relief options.

Getting out of Bounce Back Loan debt can be difficult, but it's not impossible. If you're struggling, there are a few options available to you. Speak to a credit consultant to find out what the best option is for you.

Call Acme Credit Consultants today at +44 7779648018 to discuss your Bounce Back Loan debt and how we can help you get out of it.

Thanks for listening to this podcast. I hope you found it helpful. If you have any questions, please feel free to leave a comment below. And if you know someone who's struggling with Bounce Back Loan debt, please share this podcast with them.