Life Assurance

PaytonAlfa

From 1999 to about 2008 I had a "Limited Company" business in the Manchester area. My business bank account was with Barclays.
I had a £30,000 mortgage and a £20,000 overdraft with Barclays.
To protect the bank I was told I must take out a Life Assurance policy to cover the £50,000. This cover was for the overdraft and Mortgage in the event of my death.
During this period I was single with no dependants.
I was paying £39 per month from 2000 to about 2005 at which time I paid off the Mortgage and no longer needed the overdraft facility.
I have my old bank statements to prove I have paid.
I am lead to believe I was mis-sold the Life Assurance policy. Can you guide me as to how to claim the premium paid. Or if I have no claim at all.

Weighty1

Your believe that you were missold the life insurance is wrong.

You were not "sold" it, it would have likely been a requirement for the business overdraft/mortgage. Even today, commercial lending is one of the few areas were banks still insist on directors/business owners still having life insurance in place is they are borrowing money.

dunstonh

To protect the bank I was told I must take out a Life Assurance policy to cover the £50,000. This cover was for the overdraft and Mortgage in the event of my death.

That is very common on commercial borrowing. It is still often a requirement today when the company is reliant on certain key workers.

During this period I was single with no dependants.

Irrelevant in this case as it wasnt to protect your family.

I am lead to believe I was mis-sold the Life Assurance policy.

Who told you that? - they are wrong.

Where there is a condition of borrowing that you have life assurance, then it cannot be missold to you.