We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Business Loans
Hi,
I have a business loan with Lloyds TSB and I have just found out they have charged me £2850 for repayment insurance. They informed me that unless I take out the insurance they would not agree the loan but at no point mentioned the price.
Now I have found out how much it was, I plan to cancel it, obtain the refund and go elsewhere for the coverage. However, I cannot locate a company anywhere that offers repayment insurance for business loans - only personal.
Can anyone help?
I have a business loan with Lloyds TSB and I have just found out they have charged me £2850 for repayment insurance. They informed me that unless I take out the insurance they would not agree the loan but at no point mentioned the price.
Now I have found out how much it was, I plan to cancel it, obtain the refund and go elsewhere for the coverage. However, I cannot locate a company anywhere that offers repayment insurance for business loans - only personal.
Can anyone help?
0
Comments
-
Business insurance isn't the same as consumer payment protection insurance and I don't think there is a market for a standalone product.
If you haven't provided LloydsTSB with security for their loan then they are correct saying that they can make insurance compulsory or charge a higher APR. It may be that you cannot cancel this insurance and still keep your loan.
R.Smile
, it makes people wonder what you have been up to.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards