business loan repayment ins

stevetre

Hi All

Has anybody sucessfully claimed back BLRI ?? my parents took out a business loan in april 06 with Lloyds bank the ins premium added a further 7731.93 !! i believe they were mis sold this ins and were not eligible for it in the first place plus this ins expires a full 12 months prior to the loan finishing ??? can anybody help ?? they are old fashioned and afriad of upsetting their bank manager !!!! ps im not !!

Cheers

Steve

dunstonh

Business insurance and transactions get less consumer protection (mainly as you are not a consumer but a business). So, whilst you could still complain to Lloyds, the level of protection differs.

Why do you think your parents were not eligible?

di3004

stevetre wrote: »

Hi All

Has anybody sucessfully claimed back BLRI ?? my parents took out a business loan in april 06 with Lloyds bank the ins premium added a further 7731.93 !! i believe they were mis sold this ins and were not eligible for it in the first place plus this ins expires a full 12 months prior to the loan finishing ??? can anybody help ?? they are old fashioned and afriad of upsetting their bank manager !!!! ps im not !!

Cheers

Steve

Hi Steve

I believe they have done, so if the policy was mis sold, check the below link out with the guidelines to reclaiming.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Ask for further help if required, good luck.

maxdp

stevetre wrote: »

Hi All

Has anybody sucessfully claimed back BLRI ?? my parents took out a business loan in april 06 with Lloyds bank the ins premium added a further 7731.93 !! i believe they were mis sold this ins and were not eligible for it in the first place plus this ins expires a full 12 months prior to the loan finishing ??? can anybody help ?? they are old fashioned and afriad of upsetting their bank manager !!!! ps im not !!

Cheers

Steve

Hi There

Yes I am claiming this back at the moment with Lloyds and it is with the FOS.

Good Luck

stevetre

hi because as far as im aware the insurance was primarially designed to cover essential employees and neither of them did any thing apart from answer the phone occassionally plus when i dug out their copy of loan agreement it has nt been signed by either of them plus they were both unaware that the blri premium was over 7500

dunstonh

because as far as im aware the insurance was primarially designed to cover essential employees

Are you saying that it is keyman insurance rather than payment protection?

plus when i dug out their copy of loan agreement it has nt been signed by either of them

doesnt need to be.

plus they were both unaware that the blri premium was over 7500

there is only so much that can be pointed out.

I am partly answering this on the basis of the sort of come back a complaint may have. So, take my response with that in mind.

With many financial decisions the transaction should consider the ability to understand. Often a judgement call is made on what they think the IQ of the person is (not kidding. I am aware of a complaint that recently got upheld because the recommendation was too advanced for the individual as he was a courier. Yet had he been a doctor or company director then it wouldnt have been as the advice wasnt bad. It was just too advanced for the individual. They judged it purely on occupation).

So, your parents run a business. That would infer that they should at least have the IQ to understand costs of things. You cant really run a business if you are stupid. So, when making claims that they didnt understand this and that, I wouldnt be surprised to see the bank counter that.

If it is keyman insurance, then this is likely to have been sold under the advice process rather than a bank clerk. So, a factfind, needs analsyis and report are likely to exist.