Equity release loan PPI/Flexible Business loan PPI?

bob_dob

Hi,
My friend had a

• Flexible business loan for over £3k which began in Jan 2004
• A personal loan for over £26k which began in Jan 2004
• An Equity release loan which began in Jan 2004

• Equity release loan for over £29k which finished/closed on Sept 2006
• Another Equity release loan for over £5k which finished/closed on Sept 2006
• A Homeowner Reserve Revolving loan for over £19k which finished/closed on Sept 2006

Please can anyone help me help him?
These loans were to buy his own business premises and his argument is that he was self-employed so therefore the PPI was mis-sold.
Please can some advise me whether he can claim as i have never heard of anyone claiming PPI from business loans before?

Thank you in advance.

dunstonh

These loans were to buy his own business premises and his argument is that he was self-employed so therefore the PPI was mis-sold.

Most PPI do cover the self employed. Especially those issued on the business banking side. So, if he is going to use that excuse as a complaint reason then he needs to be prepared for them to reject it if they do cover s/e.

bob_dob

Thank you so much!!

bob_dob

Hi,
I've checked with my friend and he can verify that he only took the PPI after the 'advisor' said it would help with his application.

So is PPI still claimable on business account loans/equity loans please?

dunstonh

bob_dob wrote: »

Hi,
I've checked with my friend and he can verify that he only took the PPI after the 'advisor' said it would help with his application.

So is PPI still claimable on business account loans/equity loans please?

Verbal allegations like that are the weakest complaint reason going. In isolation, it is the easiest complaint to reject. He may well have been told that (it was quite common to be after all). However, he could also be making it up in an attempt to get PPI. That is the problem. it is a he said/she said complaint.

Was the PPI added to the loan up front? If so, single premium with interest charged is a very good complaint reason.

bob_dob

Thank you very much indeed for your answer.

I will ask him and check.
Thank you again.

bob_dob

dunstonh wrote: »

Was the PPI added to the loan up front? If so, single premium with interest charged is a very good complaint reason.

Do you mean added to the loan as opposed to paying a seperate amount each month?

dunstonh

bob_dob wrote: »

Do you mean added to the loan as opposed to paying a seperate amount each month?

Separate monthly payments (i.e. direct debit from current account) is the way they should have been set up ideally (which is why mortgage insurances have far fewer complaints - as well as being a major debt which really needs to be covered).

Single premium where it is added to the loan balance and charged interest on is considered bad.