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Business Bounce Back Loan terms and conditions for repaying the loan early
Comments
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I noticed that it says that this loan is not covered by the Financial Services and Markets Act 2000 and so is not subject to the usual consumer protections under the Consumer Credit Act 1974. What exactly does this mean?
The Consumer credit act sets out requirements that need to be followed. It was not practical for the CCA to be used for BBLs due to the time constraints. That means you cannot go to the courts on a breach of the CCA. The FSMA basically means you cannot complain about it being missold.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Ah ok, thank you for clarifying for me. I've done all that myself, so good to go now. Thanks again!Jeremy535897 said:Broadly speaking it means you can't complain that they haven't offered alternatives or checked affordability or done any of the other things that are supposed to protect people from themselves.0
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