Over the last couple of months we have had people contact us setting out that Capital on Tap has either marked personal credit ratings with respect to limited company business debts, or marked their credit ratings on default. As far as we can establish, for most Capital on Tap agreements there is a separate PG from the business debt which gives no indication of the PG being governed under the Consumer Credit Act; Capital on Tap do not carry out the relevant financial checks nor do they offer a cooling off period requisite of such debt.
If you have a limited company with a Capital on Tap debt, you may want to check your credit rating, perhaps through “checkmyfile” as they provide a comprehensive service reviewing all credit reference agencies.
If you find yourself with a personal credit file mark, raise a letter of complaint to Capital on Tap and, if they do not respond correctly, forward 2 complaints to the Financial Ombudsman. The first one should be in relation the business (https://sme.financial-ombudsman.org.uk/complain/can-help/our-eligibility-checker) and one as a consumer (https://www.financial-ombudsman.org.uk/consumers/complaints-can-help); both apply here.
You may also wish to contact James Hurley of The Times at . James exposed a similar issue with Azzurro Associates who buy Personal Guarantee debt; Azzurro Associates were forced to apologise and reverse the bad ratings.
If you find yourself with a default mark and being pursued under a Personal Guarantee, please Contact Us HERE
