If you have dealt with a personal loan or credit card, you may expect certain consumer protections to apply here too. Because Credicorp lends only to limited companies and LLPs for business purposes, the framework is different, and it is worth being clear about what that means.
What does not apply
- The Financial Ombudsman Service handles consumer complaints and does not cover this business lending.
- The Financial Services Compensation Scheme does not apply.
- Statutory consumer schemes such as personal Breathing Space are built around individual debt, not company borrowing.
What still applies
The absence of the consumer regime does not mean an absence of support. We still work constructively with companies in difficulty, offering forbearance such as payment holidays, reduced payments, and rescheduling. We treat directors in vulnerable circumstances with care, and we encourage independent business debt advice.
Why the distinction matters
Knowing the framework helps you direct concerns to the right place and seek the right kind of advice. For business borrowing, independent advice from organisations such as Business Debtline is often more relevant than consumer-focused services. We also do not take personal guarantees from directors, so the loan and any difficulty arrangement sit with the company. If anything here is unclear, ask us and we will explain how it applies to your agreement.
See also: Does the Breathing Space scheme apply to my business loan?, Will missing a payment affect the directors personally?, What is an exempt business lender?.