90s Business Loan

[Tboor74]

Hi all, I'm after some advice hopefully.

 

We took out a business loan in 1995,

at the time we were told that I had to take out a personal insurance cover in order to secure the loan.

Don't take the cover, no loan.

I've still got all the docs and paperwork etc.

 

The issue is I already had life insurance in place elsewhere.

This was never asked about or considered,

I was just told you must take the insurance policy with us or you can't have the loan.

 

It now seems ridiculous I was paying twice for the same product.

Is this a case of miss selling?

 

Any advice much appreciated.

[dx100uk]

Yes perfect

Do it properly though

Spreadsheet and the FOS questionnaire

[Tboor74]

Thanks very much. I'll get it looked into.

 

Sorry, being ignorant here, I ve done PPI before but this is obviously different.

 

Is the spreadsheet to show what I paid over the duration?

 

Is there a template letter for this sort of thing?

 

I want to word things correctly.

 

Thanks again

[dx100uk]

 

 

statint sheet put in every PPI payment you made each month.

the FOS questionnaire is in the fos website or from the FCA PPI website link.

 

and no this is no diff to how every PPI claim should be made.

 

[Tboor74]

Thank you very much

[dx100uk]

 

[Tboor74]

Thanks for all the info. I've actually got 2 insurance covers, both business loan cover, which we were told we had to take out and which we already had elsewhere.

I've got both loan agreements and all statements so I'll follow your instructions and see what happens.

 

Thanks again.

[dx100uk]

Sounds like this could be profitable..

[Tboor74]

Lloyd acknowledge the issue but require : account details, proof of payment, statements etc. I have them all so will scan them and send them off but this seems like stalling and surely they can't legally require all that?

[dx100uk]

P'haps they dont have them

and want to do a proper job.

 

bear-in-mind they have been heavily fined at least twice by the ppi refund regulators FOS/FCA etc

[Tboor74]

Fair enough. I've got everything here, belt and braces  so I'll send the lot in.

 

Thanks again.

[Tboor74]

Clydesdale have replied too but just saying they'll reply within 8 weeks. Fingers crossed it may be sooner.

[dx100uk]

Clydesdale... thats not Lloyds..

[Tboor74]

Found another with Clydesdale. 

[Tboor74]

I've sent Lloyds all the requested info, and more.

One last query, when they sent their request, I assume the 8 weeks doesn't start again and that they still have 8 weeks from original receipt to advise of their decision?

 

Thanks again for the assistance.

[Tboor74]

Hi, I'm after some more advice please as I'm getting lost off here.

 

Lloyd's fobbed me off,

after twice asking for copies of the paperwork (which they sent me anyway under the SAR),

and me sending it to them they said the policy was underwritten by someone else so not their responsibility.

 

They also said that in the 90s it was a legal position that I would have to take out the insurance to get the loan.

 

I pointed out that I already had comprehensive cover and they were already using property I owned as security.

I was then told, selling property takes too long and you may have left the money from your other insurance to the local Cats' Home.

 

Did I legally need another life insurance assigned specifically to the bank to get the loan?

It all sounds very waffly to me and as if they were trying all ways to get me off the line.

 

Any help much appreciated.

[dx100uk]

no you dont

fob off letter

scan things up to one multipage pdf please

read upload

[Tboor74]

I apparently have another letter arriving from Lloyds, I'll upload as soon as it arrives.

 

Thanks very much for the help.

 

I was told 'no insurance, no loan' they've tried to say that was a legal requirement  in 1995. Also, there was no explanation at all of the insurance being assigned to the bank, no discussion re existing cover, and to top it all I've had a heart condition since the 80s (which was dismissed as it didn't matter) so it probably wouldn't have paid out anyway if the worst had happened! 

 

Even I can see a few holes in this