PPI Lloyds loan - going back a bit!

Hi
Firstly apologies if I haven't read through any relevant threads. This could well be far too late but I a friend mentioned I should look into it and I am clueless so far.
I was made to take out a loan in 2004 by Lloyds Bank on a business account. Up until then I had been paying off an overdraft at £50/month but was "encouraged" to do so by a change of bank manager. The £2k overdraft was incorporated into the loan which was I think £10k (sorry to be so woolly but my mental state once this was over wasn't the best - I do however have copies of bank/loan statements) Anyway my father had 1% of the business (to stop my partner getting his hands on it!) and when everything eventually went under in 2008 took on the loan repayments.
I was registered self-employed and was the sole person operating the business - my father at the time was in his 70s with Parkinsons so its not as though he could have stepped in to do what was a physical job. I was made to take out PPI as a matter of course although it would never have benefitted me.
So - am I too late to make a claim? My father has recently passed away and it is only now I realise we should have done something but his end of life care became somewhat all encompassing.
Thanks in advance for any advice (the loan is now paid off in full)

Comments

  • dunstonh
    dunstonh Posts: 116,030
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    I was made to take out a loan in 2004 by Lloyds Bank on a business account. Up until then I had been paying off an overdraft at £50/month but was "encouraged" to do so by a change of bank manager.

    That was likely a good move and its a fairly common thing to do. Loans have much lower interest rates than overdrafts and none of the charges.
    I was made to take out PPI as a matter of course although it would never have benefitted me.

    Why would it not have benefitted you?
    So - am I too late to make a claim?
    Its late but the banks have been considering late claims. Normally they like you to claim within 120 days of the claimable event. However, if the information is still available retrospectively, they will consider the claim.
    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.
  • Nearlyold
    Nearlyold Posts: 2,273
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    I was made to take out PPI as a matter of course although it would never have benefitted me.


    Why do you say the PPI would never had benefited you? The majority of PPI policies do cover the self employed. Have you read the terms and conditions of the policy? Was the PPI a single premium paid up front by it being added to the loan or was it a separate regular monthly premium?
  • khatima
    khatima Posts: 13 Forumite
    The PPI was a regular monthly premium.
    I was under the impression that PPI was not generally paid out to those who were self-employed? Had I been in a position whereby I could not work, then it would have been nigh on impossible to get and pay for cover. Added to that in theory my father's condition (70 plus with Parkinsons should surely have been queried?) In fact he was barely contacted the duration of the loan until I folded the business and then once the loan was sold on, they hounded him until it was paid off.
  • Nearlyold
    Nearlyold Posts: 2,273
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    Had I been in a position whereby I could not work, then it would have been nigh on impossible to get and pay for cover.


    That sounds like a reason to have PPI. Do you know for certain it was PPI anyway, PHI & Life/CI are often sold alongside business loans.

    Not clear why your father's poor health should have been considered as it appears he took no active role in the business.. Did he take out a policy as well? Was this a joint loan or was your father a guarantor?
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