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PPI From A Limited Company

I HAD a Limited Company some years ago which is now closed.
During the time that I had the company I took out a business loan which would have been refused if I did not take out PPI.
I was the only director of the company and I had to use various endowment policies as security for this loan.
I have written to the bank involved whom have stated that I'm not entitled to any sort of claim for the PPI that I had to pay. I wrote to them some years ago.
Can someone let me know if this is true or is the bank trying to fob me off?


  • IAmWales
    IAmWales Posts: 2,024 Forumite
    If the loan was taken by the limited company then only the ltd co could make a complaint.

    If the loan was in your name then your complaint will be time barred as you complained some years ago and failed to escalate it further.
  • dunstonh
    dunstonh Posts: 116,684 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Can someone let me know if this is true or is the bank trying to fob me off?

    A company signatory of the legal entity is able to raise a complaint. However, companies house will show no legal entity exists. So, technically, you are not the director of the company as the company does not exist. You have no legal right, at this moment, to make a complaint on behalf of that company.

    I have seen banks accept complaints and start the investigation on closed limited companies but when successful, the redress gets paid to the company. That requires the company to be reopened, bank account opened, accountants etc and often the costs of that are often greater or similar to the PPI redress.

    So, technically, the bank is right in respect of the law. Although not all banks will look at the ID side at the start (but would by the end)
    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.
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