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Business Mortgage Protection Insurance
Alec883
Posts: 1 Newbie
Hi
I've recently joined the forum and wonder if anyone can advise me.
I bought a small shop in 1999 and although I put £20,000 down ( against a business cost of £59,000 ) and the mortgage was to be paid back in 10 years, Lloyds Bank insisted that I insure the mortgage repayments, even though I didn't want to as I saw it as an unnecessary expense, given my proven commitment.
Further, they kept upping my bank charges for the account and gave me a financial advisor I did not require.
Is there anything I can do to recoup any of these payments ?
I sold the business in 2006.
Many thanks
Alec
I've recently joined the forum and wonder if anyone can advise me.
I bought a small shop in 1999 and although I put £20,000 down ( against a business cost of £59,000 ) and the mortgage was to be paid back in 10 years, Lloyds Bank insisted that I insure the mortgage repayments, even though I didn't want to as I saw it as an unnecessary expense, given my proven commitment.
Further, they kept upping my bank charges for the account and gave me a financial advisor I did not require.
Is there anything I can do to recoup any of these payments ?
I sold the business in 2006.
Many thanks
Alec
0
Comments
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Insuring the mortgage sounds more like MIG or some form of business insurance, not PPI. If the bank required the insurance to lend to you then it's not miss-sold, it's only a miss-sale if you were told you had to have it but didn't actually.
A business account can be expensive, you won't be able to complain about those fees, you could if unhappy at the time, have moved to another provider for the business accountSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Lloyds Bank insisted that I insure the mortgage repayments, even though I didn't want to as I saw it as an unnecessary expense, given my proven commitment.
Protected in what way? Life assurance? Key man insurance?Further, they kept upping my bank charges for the account and gave me a financial advisor I did not require.
Banks supplied financial advisers at no explicit cost for all customers. Or do you mean some other role, such as a business banking manager?Is there anything I can do to recoup any of these payments ?
What makes you think you can do that?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.0
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