business loan insurance

hercule

Hello, I am trying to find out whether an insurance I had on a business loan about ten years ago would have been ppi. I was self employed at the time of the loan. I have been in touch with the bank who have stated there is no case to answer, but then they would wouldn't they. I am not sure if the insurance would come under the plevin ruling, and would be grateful for any info. Thankyou.

[Deleted User]

hercule wrote: »

I have been in touch with the bank who have stated there is no case to answer, but then they would wouldn't they. I am not sure if the insurance would come under the plevin rulingl

You need to realise that PPI ceased to be offered by Banks in 2009.

What has the Bank actually said in their response to your "complaint"?

A Plevin refund of undisclosed commission will have already been considered if you qualify.

SonOf

I have been in touch with the bank who have stated there is no case to answer, but then they would wouldn't they.

Why would they say that? The FOS uphold rate on PPI is now so low that it appears that banks are more likely paying out more than they should be.

I am not sure if the insurance would come under the plevin ruling

Depends on the insurance. Business loans may have had BLRI (business loan repayment insurance - a form of PPI but one geared towards self employed/directors). But it could easily have been life assurance or income protection. Neither of those qualify for plevin.

When the bank rejects a PPI complaint when PPI was actually held, it automatically checks under Plevin.

-taff

If you did have it as a business plan then the business would have to be still running to make a complaint and if it were successful to have redress paid to it. If you are concerned about their veracity you send a SAR.
However, there is not much time left to receive it, you have already complained and been rejected, I'm not sure there's much point

Kentish_Dave

What case do you think that they have to answer? Are you alleging mud-selling of the insurance?

[Deleted User]

hercule wrote: »

I am trying to find out whether an insurance I had on a business loan about ten years ago would have been ppi. I have been in touch with the bank who have stated there is no case to answer

Have the Bank stated categorically that your insurance was not PPI? If so, there really is little point in pursuing this unless you can show whatever the policy actually is (life assurance, income protection etc) was somehow mis-sold to you. Obviously being self-employed won't have exempted you from claiming on life insurance, for example, and business loan protection was actually geared the particular needs of the self employed.

Note that not every insurance was PPI and not even all PPI was mis-sold.

If you want a more informed response, you'll have to detail exactly what the Bank said....