PPI for Ltd company loans

Nellysheroes

Hi,
Im Neil, and this is my 1st post on the forum, although I've been coming here for a few months as a guest.

With the PPI reclaims being in the news, I've reflected on how badly I've been treated by banks, mainly LloydsTSB.

I have a lot of questions, and although I've read a lot of posts, the information can be a bit overwhelming.
I used to be a director of a company, which started in Nov 2004, which still exists, but effectively stopped trading in 2010. During that time, I had many loans, HP agreements etc.

My questions for now are:

• Does PPI apply to business loans/agreements?
• Can I get a free business credit check to list these agreements? (already use Experian for my personal)
• I defaulted on a Lloyds loan, and am paying back £5 a month to keep them happy, can I still claim on this?
• Related to above point, if I did claim, and was successful, could they take any money claimed back off me, seeing as I owe them?
• Last point, although not PPI related, Lloyds treated me badly, and I would like to complain, for at least 2 examples, such as: forcing me to convert an overdraft to a loan, and paying off a £10K overdraft in cash, the next day, removing the overdraft, leaving me stuck

Thanks for listening, I just need to be pointed in the right direction.


Neil

dunstonh

Does PPI apply to business loans/agreements?

Lloyds did offer BLRI (business loan repayment insurance) which was a variant that catered for businesses and the self employed. It was optional.

Can I get a free business credit check to list these agreements? (already use Experian for my personal)

No. And there is no reason why you would want to.

I defaulted on a Lloyds loan, and am paying back £5 a month to keep them happy, can I still claim on this?

It is possible that the insurance policy is still offering cover if the premium was front loaded and you are still within the original term of the loan. So, if you have suffered a claimable event, you could ask them if you are covered on the policy.

Related to above point, if I did claim, and was successful, could they take any money claimed back off me, seeing as I owe them?

I am going to assume you dont mean claim now but complain. Claim is what you do on a policy when you suffer a claimable event. Complain is what you do if you think they have done something wrong. If you complain and they agree then they can use the money against the arrears/defaults in place. Any surplus would be paid to the company and if that has other debts then it would go against them.

Last point, although not PPI related, Lloyds treated me badly, and I would like to complain, for at least 2 examples, such as: forcing me to convert an overdraft to a loan, and paying off a £10K overdraft in cash, the next day, removing the overdraft, leaving me stuck

Overdraft to loan is not treating you badly. Indeed, usually the opposite. Banks are allowed to withdraw overdraft facilities. By all means complain if you want but you would need to give more detail than just saying they treated you badly. People with money problems often say that but its usually because the bank wont give them money rather than the bank doing any wrong. So, if you complain, you will need to give some firm information to support your allegations.

Nellysheroes

Thanks very much for you reply, I'll try and clarify a bit. Im struggling to find all the original agreements for the business loans/agreements, but they run in to 10s of thousands. Hence why I wanted a business check to find them. Among the loans were GE capitol, PC World etc. I really have no idea whether PPI was added to these. Is there a different way to claim these as oppose to personal?
On the point of the bank treating me unfairly, I paid off the overdraft of 10K with cash, they then took the facility away, instantly destroying my cashflow and leaving me in a mess. With hindsight, I would have chipped away at it, and kept the 10K for running costs. I understand they were entitled, but they never even notified me, and left the business against the wall.

Thanks again
Neil

WETHINK

Hi read your post as similar type of thing happened to me way back in 2004 and eventually in 2008 got £5K back just before RBS went bust although did not pay out on an insurance policy.

Recently gone back seeking claim on Policy "Duty of Care"

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