Commercial Overdraft Repayment Insurance

FixitFox3

Trying not to feel stupid but our Business Bank Account has always had an overdraft, and guess what we have only just realised? Yep, we have been paying Commercial Overdraft Repayment Insurance for at least 10 years...
So, firstly does this fall into PPI territory...and secondly, if it does, then presumably I claim against the bank (Lloyds) not the insurers (looks like it was originally Norwich Union but is now showing as Aviva).
Any change of tact or approach to a commercial overdraft insurance like this?
Thanks

[Deleted User]

Not PPI.

In what way do you think this useful business insurance was mis-sold?

FixitFox3

Moneyineptitude wrote: »

Not PPI.
Is that based on factual knowledge or your opinion?
In what way do you think this useful business insurance was mis-sold?

Put on without our realisation and not necessary - private funds would step in if required.

[Deleted User]

FixitFox3 wrote: »

Put on without our realisation and not necessary - private funds would step in if required.

Please edit your misquote of what I said.

So the insurance was "put on" without your realisation? That means that (for ten years) no one in your business apparently checked banking statements?:eek:

Isn't it far more likely that, a decade on, you've simply forgotten signing up for the insurance? Certainly, the Bank's records will not support your assertion that it was added without your knowledge or permission.

As I said this is not the PPI typically found on private loans and credit cards.

The insurance is designed so that you don't need to use "private funds" in the event of a claimable event. It's also doubtful that you'd even have these private funds in those circumstances.

By all means cancel the insurance if you feel it does not suit your business needs, but I can't see you have a valid case of mis-selling.