FCA Deadline for PPI Claims Also Applies to Businesses

business claims advice. PPI. Business PPI

[fusion_builder_container hundred_percent=”no” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” overlay_color=”” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” padding_top=”” padding_bottom=”” padding_left=”” padding_right=””][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”no” min_height=”” hover_type=”none” link=””][fusion_text]FCA Deadline for PPI Claims Also Applies to Businesses

The FCA have started their much anticipated advertising campaign around the PPI deadline which is now set for August 2019. The advert is target at consumers but did you know that the deadline also applies to business that have a Business PPI claim?

PPI for businesses can take many different names depending on the bank that sold the PPI policy, these terms include:

• Business PPI
• Commercial PPI
• Business Loan Repayment Insurance (BLRI)
• Commercial Overdraft Repayment Insurance (CORI)

If you are a Business Owner or Director that took out Business Loan Repayment Insurance (BLRI)/ Commercial Payment Protection Insurance (CPPI) on your Business Loan or Overdraft? If the answer is yes, then there is a possibility that this could have been mis-sold to you.

With lots of media attention at the moment being focused on the scandal that is mis-sold Consumer PPI not many people are aware that Business PPI has been mis-sold in very much the same way. By taking just a little bit of information from you, allSquare are happy to help your Business reclaim this money back!

What is Business Loan Repayment Insurance/ Commercial PPI

Business Loan Repayment Insurance (BLRI) also known as Commercial Payment Protection Insurance (CPPI) is a type of insurance policy sold alongside commercial loans and overdrafts, including Fixed Rate Loans, Variable Rate Loans and Treasury Loans. The insurance is used to cover the named person(s) for accident and sickness.

Banks that particularly promoted Business PPI and Commercial PPI include:

Lloyds TSB
Halifax
Bank of Scotland
Barclays
Royal Bank of Scotland
National Westminster Bank
Santander
HSBC

Was My BLRI/ PPI Mis-sold?

Key points to look for to identify if your policy has potentially been mis-sold include:

• Your Bank did not make it clear that Business PPI was optional
• Business PPI was added to your loan without your knowledge
• Your felt pressured by your Bank to take out Business PPI
• The cost of the Business PPI was not properly explained to you
• Your suitability for the Business PPI policy was not properly assessed
• Your Bank did not explain to you that your company had to operate from UK to be eligible for the policy
• It was not clear that if you cancelled the policy or repaid your loan earlier, you may be entitled to a partial refund
• Your Bank led you to believe that the policy was a requirement of the borrowing

Over the past couple of weeks we have seen a dramatic increase in the number of enquiries come through from business owners, company directors and finance directors about claiming for Business PPI. With our business claim experts to hand we are able to offer a tailored service for your claim.

Even if you don’t have the PPI policy details to hand, we can approach the bank on your behalf to check to see if you have a Business PPI policy for your company.

Finally, don’t forget the PP deadline of August 2019 applies to businesses as well.

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