Can the Consumer Credit Act apply to a business loan?

fefesaver

I have requested a credit agreement relating to an account which was a loan account with HSBC taken out in 2003.

I am a sole trader (ie I do not have a limited company etc) and have been informed by the Bank that the loan was a business loan. It was taken out in my name and I was not aware that this was classed by the bank as a business loan. I assumed that it was a personal loan to me.

I was wondering whether the Consumer Credit Act 1974 can relate to a business loan as they do not appear to have a credit agreement for the loan and I am not quite sure what to do now.

Any help would be appreciated.

scouselad1974

Hi

I took out a credit card with Barclaycard Commercial and was told by CCCS that it couldn't be included in my DMP as it was classed as Business, even though I am a sole trader and the card was in my personal name.
I now pay this debt as a priority, once I have cleared it the funds will then go towards my non pririty debts.

negg

A business is not a consumer (legal definition) and therefore is not covered by consumer laws. The Consumer Credit Act and Sale of Goods act do not cover businesses.