Letter from Lloyds re business ppi

dunstonh

Lloyds also insisted that I had to have PPI, otherwise the load would not be granted.

If Lloyds insisted you had it then you cant be missold. Insurance as a condition of borrowing is allowed. It is unusual on personal banking nowadays but still happens today on commercial borrowing.

I have written to Lloyds and explained that:

1). I was the only director
2). I was the only employee
3). The endowment policies were in my name only

1 - this helps the bank, not you and is not a valid complaint reason.
2 - again, this helps the bank, not you as it confirms you were the key worker on which the business lived or died by.
3 - The endowment policy has nothing to do with PPI. So, irrelevant.

Your complaint doesn't appear to have any real complaint reasons. Just statements of fact that the bank would have known at the time.

They clearly stated that I was not entitled to any compensation.

There is no entitlement. That isnt how it works. You make a complaint giving your complaint reasons. They look at your complaint and decide if it is valid or not. If it is valid, they then refund the PPI premium.

Can someone tell me if I am entitled to any compensation and how do I go about claiming it?

Nothing you have said suggests you have any grounds for complaint. You have already complained and had your response from the bank.