Lloyds TSB CORI Claim?

Plantmaniac_2

Has anyone claimed back Commercial Overdraft Repayment Insurance from Lloyds TSB?

I have had this insurance added when I had an overdraft for the business, which was questionably sold as 'necessary' but I was overpaying for protection on positive balance at times also.

Any thoughts from the panel?

Good luck to all claimers;)

di3004

Hi there I take it if you did not ask for it and it was added without your knowledge or automatically, your entitled to make a reclaim, maybe someone else will clarify on this.

I did fine a little info online....
http://www.lloydstsbbusiness.com/microsites/support/finance/mssu_cori.asp

But anyway, if mis sold for any reasons, give it a go, complete the reclaiming questionnaire as shown on link below, send this to the complaints/customer service dept of Lloyds, keep a copy for yourself as well in case you need to refer to it at some point, they have 8 weeks to give a decision, but may ask for extra time.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Otherwise wait for others opinions on this first, good luck.

Plantmaniac_2

Hi,

Many thanks for the reply.

It is questionable as the whether it was forced on me, however they always pressure you to take cover without option and you are left wondering that if you would get the agreement for the facility without taking it. In My case the ask was referred to a higher level and agreed it seems once I had agreed to take the cover.
Also, and importantly with this type of insurance, it is sold in units of cover. For instance you have an overdraft of 25K you need 25 units of £1000 costing £78 per month, which is probably expensive. Importantly they do not ask if you already have cover, or suggest that you look for alternative and cheaper cover and then continue to take the monthly insurance, regardless of how your overdraft fluctuates.

Still not sure, but it has to be worth a letter;)

dunstonh

Importantly they do not ask if you already have cover

Its not sold under advice.

or suggest that you look for alternative and cheaper cover

They dont need to.

dibdab3

Plantmaniac wrote: »

Has anyone claimed back Commercial Overdraft Repayment Insurance from Lloyds TSB?

I have had this insurance added when I had an overdraft for the business, which was questionably sold as 'necessary' but I was overpaying for protection on positive balance at times also.

Any thoughts from the panel?

Good luck to all claimers;)

Did anyone respond to this as l am interested in claiming this back too,as l was told that l had to have this insurance to cover the business loan?

mike_varndell

Has anyone claimed back Commercial Overdraft Repayment Insurance from Lloyds TSB?

FixitFox3

I can see how old this thread is, but any luck with any claims?

tim5165

I was informed by the Lloyds Bank loans officer that it was necessary to have their insurance in order to obtain the (fully secured) overdraft. A quick perusal of the document showed me that as a self employed person it would be almost impossible to make any claim, eg for being unable to work through an accident, so I remember deciding that it was a complete rip-off from day one.

It would be good to know if people have had any success reclaiming against Lloyds Bank CORI, even if it were just the return of premiums without any compensation. Yes, I have some of the paperwork from the late 1980s; perhaps some Directors decided that CORI was such a win-win concept for the banks that it would worth extending it to personal loans!

dunstonh

Yes. Some people have. Some people havent.