Did you/do you have a business?
Did you/do you have bank loans?
Did you/do you run an Overdraft Account?
If ‘yes’ to any of these – have you been mi-sold PPI through a Business or Commercial Loan, or through an Overdraft Account?
Have a quick look at the following bullet points – do any of these sound familiar?
- Business PPI was added to your loan, or overdraft account, without your knowledge (if unsure, speak to Rachel).
- The cost was not properly explained.
- Your bank did not make it clear that it was optional.
- You felt pressurised to take it.
- Exclusions and limitations were not properly explained.
- Your suitability was not properly assessed.
- It wasn’t made clear that if you cancelled the policy or repaid your loan earlier, you may be entitled to a partial refund.
- Ii wasn’t explained that your company had to operate from the UK to be eligible.
Simply put, any ‘Business PPI’ attached to Loans or Overdrafts is likely to have been mis-sold. It can be claimed back WITH INTEREST, and years of CHARGES.
These claims can be very significant.
You could immediately claim – feel free to call us me 01572 498601 and speak with Rachel TODAY.
A quick overview of ‘Business PPI’:
Business Loan Repayment Insurance (‘BLRI’) and Commercial Overdraft Repayment Insurance (‘CORI’) are good examples of Business PPI.
These were sold through Lloyds Bank, but all banks have their own versions.
The policies are types of insurance policy, basically a PPI product.
- Like common PPI, it was mis-sold, and basically in the same ways.
- Like PPI, it can be claimed back.
- The claims are less simple but we will handle the challenges for you.
- ‘Business PPI’ was sold on commercial/business loans including Fixed Rate Loans, Variable Rate Loans, and Treasury Loans.
- It was also sold on Overdraft Accounts.
- It is supposed to cover the named person(s) for accident and sickness, was likely to be unfit for purpose, and mis-sold.
Banks that particularly promoted Business/Commercial PPI include:
Lloyds TSB (BLRI & CORI, as above); Bank of Scotland; Barclays; RBS; Halifax; Co-op; Santander; HSBC; Natwest; Yorkshire; Clydesdale; NatWest; Alliance & Leicester; Bank of Ireland, and more.
Many Business PPI products were added without consent/knowledge. Banks also let customers believe that, to get the loan, PPI was required (not optional). It also found itself on Overdraft Accounts.
Business PPI is much less publicised than normal PPI.
Many businesses/owners still don’t realise they have a Business PPI policy and a potential large claim if mis-sold.
If you think you’ve been sold commercial/business PPI on a loan or overdraft, our experienced team can investigate & advise accordingly.
Call Maple Leaf on 01572 897 442 TODAY.
Business Loan FAQ’s, on Fixed Rate Business Loans:
Q – What is a Fixed Rate Business Loan?
A commercial loan, offered from high street banks (Lloyds, Halifax, RBS, HSBC, Band of Scotland; NatWest, etc), promoted as giving protection to the business from interest rate increases (by fixing the rate of interest payable on the loan for a set period of time).
This type of agreement also contained hidden derivatives, making the loan much more complex, which many businesses and business owners did not understand.
These specifics, and the risks, were often not explained by the bank, which sometimes cost businesses large amounts of money.
Q – How do I know if I had/have a Fixed Rate Business Loan?
If you had a loan from the likes of Lloyds, HSBC, Halifax, RBS, Bank of Scotland, NatWest, Barclays, Yorkshire, Clydesdale, Santander, or Nationwide between 2001 & 2013, then in simple terms it is very likely you were mis-sold the product!
You can even check – on the loan documents it should clearly state ‘Fixed Rate Loan’ on the front page.
Simply call the team here and we can advise.
Q – How many Fixed Rate Loans were sold by the banks?
An estimated 60’000 were sold in UK from 2001. Sometimes the loans were called Treasury Loans, Sterling Fixed Rate Loans, or Tailored Business Loans.
Q – If my Fixed Rate Loan has expired, can I still claim?
Absolutely, yes! It is possible if it has expired, and when successful you will receive financial redress. To understand more, call our team of professionals.
Q – Okay, I think I have a claim – what next?
The simple bit – just call Maple Leaf on 01572 897 442 TODAY.