Rbs business loan

alexito1973

Dear all

A couple of years ago i took out a business loan, basically i was desperate for a loan, the manager really pressed for me to get insurance with them and suggested i woudnt get the loan otherwise
My accountant had a word with her as we can get a insurance from a third party but again the manage said it has to be with then. The insurance is for disability, or death.

I was wondering if I would have a case and also iam afraid that if I carry on with this my business manager wont be as"nice" and may refuse further credit if i need it in the future, not sure if it would affect the relationship.
Also maybe the bank would press for me to have some kind of insurance anyways
basically Iam afraid she will resent me for doing this, any advise will be fully appreciate it

M

di3004

alexito1973 wrote: »

Dear all

A couple of years ago i took out a business loan, basically i was desperate for a loan, the manager really pressed for me to get insurance with them and suggested i woudnt get the loan otherwise
My accountant had a word with her as we can get a insurance from a third party but again the manage said it has to be with then. The insurance is for disability, or death.

I was wondering if I would have a case and also iam afraid that if I carry on with this my business manager wont be as"nice" and may refuse further credit if i need it in the future, not sure if it would affect the relationship.
Also maybe the bank would press for me to have some kind of insurance anyways
basically Iam afraid she will resent me for doing this, any advise will be fully appreciate it

M

Hi and welcome

You should not have been pressurised to take out their ppi and been given an option and to be told that you will only get the loan otherwise is not right either - or it shouldn't have been the case.


However, I do not know where you would stand for further business from them, but if you required this can you not go elsewhere instead?
Not only that, they do have a lenders code to follow on how to treat customers fairly, google search this information.

Do wait for other opinions on this first though, hopefully someone will be along soon to give some useful advice.

The best of luck.;)

-SDW-

you know of course your business manager gets a commision on the sale...so she's only out for herself and not arranging the loan in your best interests...she told you lies as the policy is optional...

dunstonh

I was wondering if I would have a case and also iam afraid that if I carry on with this my business manager wont be as"nice" and may refuse further credit if i need it in the future, not sure if it would affect the relationship.
Also maybe the bank would press for me to have some kind of insurance anyways
basically Iam afraid she will resent me for doing this, any advise will be fully appreciate it

Yes you have a case based on what you have said. Technically, it shouldnt make any difference with the bank but then human nature is such that the manager is likely to take it personally. So, she may not go out of her way to be helpful in the future. Not enough to discriminate but enough to take tougher line.

Its really down to her personality. Big firms tend not to take it personally. Smaller firms do.