Business PPI

donnajjones
donnajjones Posts: 2 Newbie
in Reclaim PPI & other insurance
Hi


If a business has closed but know they had PPI is there anything that can be done
the bank is saying no because the business is finished they could not pay out
Thank you

Comments

  • Nasqueron
    Nasqueron Posts: 8,785 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Do you mean you had an insurance policy that covered a business loan which covered repayments if you were not trading and the business has folded?

    The bank response sounds like you tried to make a claim on the policy, did you write to them and make it clear you were complaining? It's a common mistake on here for people to talk about claiming or reclaiming PPI when they mean a complaint.
  • dunstonh
    dunstonh Posts: 116,318 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    The bank response sounds like you tried to make a claim on the policy, did you write to them and make it clear you were complaining?

    Possibly that as the wording does suggest that could be one interpretation.

    Or it could be.....For a PPI complaint to be made (assuming it is a limited company) then the company would need to be reactivated. As it stands, there is no legal representative to raise a complaint. If they did look at the complaint, the money would have to be paid to the company. So, that would mean reopening bank accounts and submitting accounts.

    PPI premiums paid via the company reduced tax. So, a refund of business PPI would be to taxable as profit and corporation tax payable.

    So, the cost of all those things would need to be considered.
    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.
  • donnajjones
    donnajjones Posts: 2 Newbie
    Hi


    sorry didnt put it very well but Dunstonh has answered the way the bank said so sounds like this is the only way
    this is a friend so will let her know
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