Can I reclaim Business Loan Insurance

ginman

Hi
I took a business loan out in 2007, my account manager told me over the phone that I could only get the loan if I took out the business loan repayment insurance. Was I miss sold this insurance or does it work differently with business loans?? Am I able to claim the insurance back in the same way as PPI's?
Please advise Thank you

amersall

Hi there, not too sure on this one. Take a look at your policy and see what it covers you for, sometimes to claim on the unemployment part of this when you are self employed, then your company has to go bust.Have you any other insurance, income protect or anything similar, if you have reasons for mis sell of this ppi then you could have a claim, take a look here.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

tiggrae

ginman wrote: »

Hi
I took a business loan out in 2007, my account manager told me over the phone that I could only get the loan if I took out the business loan repayment insurance. Was I miss sold this insurance or does it work differently with business loans?? Am I able to claim the insurance back in the same way as PPI's?
Please advise Thank you

yes, doesn't matter whether it's a business or personal loan, as long as the company is still in existance you can make a claim

dunstonh

You do have slightly less consumer protection when its a business. Especially if its a limited company. The reasons for complaint will obviously be different as well from some of those that may apply to normal retail consumers.

Bloblik

Hi Ginman,

Did you get any joy with your claim, I have a thread asking whether other businesses were mis sold and have been fobbed off:

http://forums.moneysavingexpert.com/....php?t=5132580

Thanks

[Deleted User]

Ginman last activity 01/02/2011
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