BBL legality issues. Help needed.

[Stormtrooper]

Set up LTD business 2019. As I was subcontracting a lot through agencies. And it was becoming more and more rewuired to have a Ltd company to avoid umbrella payrolls

I ended up not needing this Ltd company as I took a job on a temporary contract late 2019. As an employee.

My contract expired and has rolled over ever since. I am still employed by said company.

However while on furlough last year. I somewhat stupidly applied and received a BBL of £12,000.

I used this money to purchase a vehicle through the business bank account. I have been using the vehicle (car) for personal use as at the moment I don't have time to be trading within my Ltd company.

I have no problem paying all money back And want to.. via the repayments agreed with the bank.

But am I legally able to do so personally with a company trading but not actually turning over any money.. incoming and out will be effective 0 other than the BBL.

All advice will be greatly appreciated

[EnglandPi]

Thats tax payers money i.e. My Money. PAY IT BACK

[des8]

BBL loans were not taxpayers money.
It was a facility provided by accredited lenders providing limited loans with a government backed guarantee against the outstanding balance.

Keep to the repayments and there should be no problems.

[EnglandPi]

So, the government guarantee is not backed with tax payers money?

[des8]

The OP states "I have no problem paying all money back And want to.. via the repayments agreed with the bank"

No tax payers money involved unless the guarantee is called on

[EnglandPi]

des8 you know I respect your opinions and on occasions bow to your knowledge but we seem to be locking horns on a regular basis for some reason? If it’s me I apologise.

[des8]

EnglandPi differences of opinion are fine, that is how posters obtain a spread of ideas and possible ways forward.
As long as it is kept polite and respectful I have no problems with disagreements

[ostell]

EnglandPi We tend to lock horns on parking too. The latest is you have given misinformation about POFA and keeper liability and a OP that had a very good chance of winning has now not come back.

[EnglandPi]

EnglandPi We tend to lock horns on parking too. The latest is you have given misinformation about POFA and keeper liability and a OP that had a very good chance of winning has now not come back.

I have never knowingly given misinformation to anyone but I admit parking is not my field of expertise.