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
LLoyds Business Loan ppi
loopyf
Posts: 7 Forumite
Hi,I wonder if anyone could give me some advise please.
I was a sole trader of a business that I sold in 2004.I had 3 loans that were all front loaded with ppi and one of the loans rolled into the next.
I was told I could not have the loans without ppi.
Would I be able to reclaim ppi on these loans?.
I have a SAR from Lloyds and it has all the loan details on it.
I was a sole trader of a business that I sold in 2004.I had 3 loans that were all front loaded with ppi and one of the loans rolled into the next.
I was told I could not have the loans without ppi.
Would I be able to reclaim ppi on these loans?.
I have a SAR from Lloyds and it has all the loan details on it.
0
Comments
-
Are you certain this was PPI and not income protection? If these were actual Business loans then the Bank would indeed have informed you that they required you to take out income protection and you don't have any complaint I'm afraid.I was a sole trader of a business that I sold in 2004.I had 3 loans that were all front loaded with ppi and one of the loans rolled into the next.0 -
Hi ,the paper work calls it business loan repayment insurance.
is that ppi or income protection please ?0 -
Moneyineptitude wrote: »This is not PPI.
You have no complaint.
sorry what is it then if not ppi and not income protection ?0 -
Just a quick update,
I have been advised by Lloyds that they have upheld my complaint and a chq for over £8,000 is on its way to me .
Business loan repayment insurance IS ppi on business loans and can be reclaimed in the same way as other ppi policies if mis sold to you on your business loan originally.
Hope this helps others and to inform everyone not to always take the advise on this site as gospel as If I had just listened to the answers on my thread for help I would be much poorer today.0 -
I notice some of the less helpful replies have been removed by the poster.0
-
Business loan repayment insurance IS ppi on business loans and can be reclaimed in the same way as other ppi policies if mis sold to you on your business loan originally.
Thanks for clarifying that and well done on your success. It will have been the front loading of the insurance on a chain of loans that swung it for you.
As I said earlier in the thread, Banks DID often require income protection on business loans so it's not a mis-sale if they insisted on it.0 -
Should have left your replies up.Non me fac calcitrare tuum culi0
-
If it had been income protection, then the complaint would likely have failed. Upfront single premium and rolled into new loans is a pretty easy complaint to win.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards