Business Loan Repayment Insurance
Whilst much attention has been given to mis sold payment protection insurance in the private sector, very few of us tend to think of PPI as a valid business complaint as well. Actually, a good percentage of business loans in the UK had business loan repayment insurance attached to them as well and this is why so many businesses can also file a claim with their lender for a PPI refund. Whether lenders mis-sold private loan insurance or business loan repayment insurance doesn't really matter as both entitle the borrower to seek a refund if the cover was mis-sold or misrepresented in any way.
How Businesses Can File Mis-Sold Business Loan Repayment Insurance
In much the same way as individuals can file mis-sold PPI against their lenders, so to can businesses file a claim alleging that the lender mis-sold or misrepresented business loan repayment insurance. However, due to the size and scope of a business loan it may present more of a problem thus demanding professional PPI claims assistance. There is however one thing you should be vitally aware of and that is that it is imperative to find a claims management company that has the proper credentials to represent a business in a PPI claim.
Minimum Credentials for Business PPI Representation
The very first thing a business should look for in a claims management company is whether or not that firm is registered with the Ministry of Justice in regards to regulated claims management activities. Any online enterprise can profess to be a claims management company, but if that enterprise is not regulated by the proper governmental authorities, your business could be in for more problems than it may already be exposed to. Belmont Thornton, Belmont Thornton, is duly registered with the Ministry of Justice but it also holds a credit consumer license from the Office of Fair Trading. As well, we are registered with the Information Commissioner's Office and are registered to do business in the UK with our VAT number published on our website.
The Cost of Business Loan Repayment Insurance
As in the case of private payment protection insurance, business loan repayment insurance is generally assessed as a single premium when the loan is agreed to. However, if the repayment insurance is attached to a business revolving line of credit premiums will be assessed each month on the outstanding balance carried forward. Whether it is a loan with a single premium attached to it or a revolving line of credit with variable premiums interest will also accumulate. The cost of business loan repayment insurance is quite high for the limited cover it provides. If you feel that the lender has misrepresented what this type of insurance can do or attached it to the loan as a condition for qualifying then you have a good case for mis-sold business loan repayment insurance and can file for PPI refunds.
Whether you are looking for representation in personal payment protection insurance claims or business loan repayment insurance claims, Belmont Thornton can provide the representation you need. For further information call the claims team on 0207 471 2000.
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