Advice needed re self employed business loan

willievergetthere?

Hi- first of all I'm new - please be gentle!!! Apologies if this isn't the palce to ask but............. My brother is a self employed second hand car salesman. On the advice of his bank a number of years ago, they advised him to take out a loan to consolidate his debts. He did this and was paying it ok until he hurt his back and has been unable to work. He did take out insurance against not being able to work (sold to him by the bank) and they have been paying his loan repayment for the last two years. However, they have now said they will pay it no longer as two years is the maximum they will pay out for sickness/injury. My brother is convinced that when he took it out they said they would cover upto £90,000 of payments, no time span was mentioned. They have also said that a period of time will have to elapse before he can submit a claim again but it cannot be for the same sickness/injury. We don't know where to turn for help. The bank have put his debt out to a debt collection agency and whilst we have 'bought' a little time, we don't know where to go to get advice - CAB don't advise on business matters, he doesn't have an accountant as such (a friend does his book) and we are stuck! We have tried the business debt line on advice of CAB but it is constantly engaged to the point of cutting off. Could anyone point us in the right direction? Although I know its no defence, he has difficulty reading and writing and gets easily baffled and frustrated so this is really 'doing his head in' now. Its making him ill and I really fear for his well being. Could someone help us?............... PLEASE?

pwally2

One place youcould look is the National Debtline website which has a link to the Business Debtline website. Search under google and you should find it.

Hope that helps.

Good luck with sorting things out!

willievergetthere?

Thank you pwally2. That's the number we tried but its constantly engaged. Was on hold for over an hour then cut off! Does anyone else have any ideas? thank you!

jonesMUFCforever

I'm sure the £90k would be a death benefit but he really needs to dig out the policy sold to him and he needs to read it.

If he has been unable to work for the last two years is it not time he winds down the business and retires ill?

willievergetthere?

Thank you jonesMUFCfroever. His son has been trying to keep things ticking over for him, but yes, you are probably right - but he's very stubborn and won't admit defeat. Does anyone know of anywhere we could get advice from with it being a business loan and him being self employed? Many thanks.

jonesMUFCforever

What kind of advice?

Medical or financial??