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PPI on Business loan

hannah1992_2
hannah1992_2 Posts: 2 Newbie
in Reclaim PPI & other insurance
Hello. I'm not sure if anyone can help me,

My parents had a business loan just over 20 years ago and they were making high re-payments. They have still got all the paper work and account numbers for the loan, they think they may have been paying PPI. I was wondering if any knows if they can make a claim for PPI as it was a business development loan.

Thanks in advance.

Comments

  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    PPI was not available on business loans.
  • hannah1992_2
    hannah1992_2 Posts: 2 Newbie
    Thank you.
  • loopyf
    loopyf Posts: 7 Forumite
    I had 3 business loans with Lloyds that I am having investigated by them at the moment.
    mine was called business loan repayment insurance and Lloyds have confirmed to me that it was ppi and are looking into it.


    I rang the banks ppi reclaim number and they looked into it for me.i had a follow up call two days ago asking more questions and they originally sent me a ppi reclaim form to fill in.


    ppi was on business loans it was just called other things.


    hth
  • dunstonh
    dunstonh Posts: 121,297 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Actually, PPI was available on business loans. However, it was a slightly different form of PPI in that it was designed to be used with company owners and self employed.
    They have still got all the paper work and account numbers for the loan, they think they may have been paying PPI.

    If they have the paperwork then it will show if they paid it or not.
    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.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    loopyf wrote: »
    ppi was on business loans it was just called other things.
    dunstonh wrote: »
    Actually, PPI was available on business loans. However, it was a slightly different form of PPI in that it was designed to be used with company owners and self employed.
    I stand corrected.
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