HSBC Business loan

Radiohead

Hi

I took out a £10k business loan in 2008. I owned/ran a Ltd company at the time. Unfortunately due to financial difficulties my business ceased trading late 2011.

Although the business closed, I am still repaying this £10k loan from personal income. (i was told at the time that if i did not sign a personal guarantee i/my business would not get this loan )

Looking back through old paperwork, I now notice each monthly loan repayments include an additional charge for 'Credit Protection Insurance'.

My question is this: Is Credit Protection Insurance similar to PPI? -and if so, can i reclaim this back ( i was unaware this was even included when i took the loan)

-In addition- if i the loan was 'insured'... when the business closed, would/should the loan have been cancelled?

All thoughts/feedback welcome

best wishes, Paul

Rafter

Paul,

All depends on the terms of this credit protection insurance policy that you took out - without more details of that and whether you could have claimed then nobody can really advise you. If it was like business PPI, it may have only covered your payments for a few months and by signing the guarantee, you would still be liabile for paying off the balance.

Good luck

R.