Hi,
I'm applying for a BP fuel card for my business vehicle and after I did the online application I have to sign a form allowing a credit check, however it says near the signature panel that 'by signing this declaration you may loose your protection under the consumer credit code'
What does this mean, should I sign away?
It means what it states.
You will lose the protection under the consumer credit code.
You are entering into a contract that is not for personal, domestic or household purposes.
It is for your business.
Sometimes a credit provider will ask a consumer to sign a declaration that the credit sought is to be provided for a non-Code purpose. Signing a declaration creates a presumption that the credit contract and the credit provided under it, is not covered by the NCC (s 13(2)). However, unlike under the Old Code, this presumption is not conclusive under the NCC.
For contracts entered into on or after 1 July 2010, the declaration must be substantially in the form prescribed by regulation 68 of the National Consumer Credit Protection Regulations 2010 ("NCCP Regulations") (otherwise it will be ineffective), and must contain a warning that the protection of the NCC may be lost as a result of signing the declaration.
If you need/want the card, sign away.
It will just mean as a business transaction, it won't be as warm as friendly as a consumer transaction.
ie As heavily regulated
Thanks for the info, will go ahead with it.
Reading here: http://www.asic.gov.au/asic/asic.nsf/byheadline/Consumer-Cre…
It would appear that it wouldn't apply anyway if its for your business.