Bounce Back Loan Scheme (BBLS)
Get information about your BBLS loan, early repayment options and support with repaying your loan.
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Please note: the Bounce Back Loan Scheme is closed to new applications.
About your loan
You received a payment holiday for the first year of your BBLS loan, with the interest being paid for by the government. After the first 12 months, you needed to start making monthly repayments to repay the amount you borrowed, plus interest from the date your payment holiday ended.
We will not charge you any default interest in connection with your Bounce Back Loan, even if you breach your loan agreement. However, if you miss a repayment you will continue to owe interest on the amount of the loan outstanding.
6 year repayment term
The repayment term is 6 years from drawdown.
2.5% per year
The interest rate on your BBLS loan is fixed at 2.5% per year.
Please note: if you do not repay your loan, we may disclose information about you and your account to credit reference agencies, which may negatively impact your ability to obtain credit in the future. We could also require the loan amount, plus interest, to be paid back to us immediately.
Other information about your loan
Find out how we’ll support you and how you can make a complaint about your loan.
Information we’ll give you during the life of your Bounce Back Loan
If you’ve taken out a Bounce Back Loan with us, we’ll take your information needs into account and give you information in a way that is clear, fair and not misleading.
We’ll provide you with:
- timely, clear and adequate information if you miss a repayment so you’ll understand the amount missed, what can be done to remedy this, by when, and what impact this has (if any) on your future repayments
- a yearly statement 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
- information about any action we intend to take before we do so if you breach your loan agreement
- options available to you for help and assistance, including sources of free independent advice.
Action we’ll take if you’re in difficulty
We’ll:
- monitor your repayments during the life of your Bounce Back Loan and take appropriate action where there are signs of actual or possible repayment difficulties
- make appropriate adjustments to ensure your circumstances are accommodated throughout the life of your Bounce Back Loan if we identify that you’re vulnerable or believe you may be vulnerable
- give you a reasonable period to remedy any breach if you default under your Bounce Back Loan, and we won’t treat this breach as an event of default if you remedy the breach during the period we give you to do so.
How you can make a complaint in relation to your Bounce Back Loan
How to make a complaint
If you have a complaint regarding your Bounce Back Loan, please call us on 03457 213 213. Lines are open Monday to Friday 8am to 6pm and Saturdays 9am to 12 noon. Call charges apply.
Alternatively, you can write to Customer Response, The Co-operative Bank plc, 5th Floor, Balloon Street, Manchester M60 4EP.
What happens next?
We'll always do everything we can to resolve your complaint straight away. Where this is not possible, we'll keep you informed of our progress until the complaint has been resolved.
If you’re not satisfied with our response
If you're still unhappy with our response, you may be entitled to refer the complaint to the Financial Ombudsman Service. This is a free service set up to help resolve individual disputes between customers and businesses providing financial services in the United Kingdom.
You can contact the Financial Ombudsman Service:
- by phone, on 0300 123 9123
- by email, at complaint.info@financial-ombudsman.org.uk
- by post, at Exchange Tower, London E14 9SR.
For more information visit: financial-ombudsman.org.uk.
If you want to repay all of your loan
To repay all of your loan, email a letter signed in accordance with your account mandate to bblsqueries@co-operativebank.co.uk.
Alternatively, you can post the letter to Relationship Support, No.2 Cathedral Square, The Cloth Market, Newcastle Upon Tyne, NE1 1EE.
Please note: if the loan is a partnership account, the letter must be signed by all partners.
If you want to repay part of your loan
To repay part of your loan, call us on 03457 213 213. Lines are open Monday to Friday 8am to 6pm and Saturday 9am to 12 noon. Call charges apply.
Alternatively, you can email a letter signed in accordance with your account mandate to bblsqueries@co-operativebank.co.uk or post it to Relationship Support, No.2 Cathedral Square, The Cloth Market, Newcastle Upon Tyne, NE1 1EE.
Please note: if the loan is a partnership account, the letter must be signed by all partners.
You can also repay your loan early by setting up a standing order or recurring payment for additional payments from your Co-operative Bank account.
Find out how to set up a standing order or recurring payment
Pay As You Grow
If you have a Bounce Back Loan with us, the government’s Pay As You Grow scheme could give you more time and flexibility to pay back your loan.
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Call us
If you need more information about your BBLS loan, call us on 03457 213 213. Lines are open Monday to Friday 8am to 6pm, Saturday 9am to 12 noon. Call charges apply.
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Financial difficulty
If you’re struggling to repay your loan or worried about your business, we’re here to help.
Default interest
A higher rate of interest that a party may be required to pay if it does not fulfil an obligation to another party under a commercial agreement such as a loan.
Drawdown
The date on which funds are received from a lender under a loan agreement.
Disclaimer:
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
Please note that Bounce Back Loans aren't subject to the usual consumer protections that apply to business lending. This means you won't have the benefit of the protection and remedies that would otherwise be available to you under the Financial Services and Markets Act 2000, or the Consumer Credit Act 1974. If you're in any doubt as to the consequences of this, we recommend you seek independent legal advice.