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Could you claim a business PPI refund?

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We mostly talk about payment protection insurance (PPI) claims on an individual basis. But what about businesses who were mis-sold a policy? We discuss business PPI and the criteria to claim.

What is business PPI?

Just like consumer PPI, business PPI is sold alongside loans and finance to cover for unexpected circumstances. It could be an unsecured loan, an overdraft, a credit card or a mortgage.

Business PPI may come under a different title. It may be referred to as:

  • Commercial PPI
  • Business Loan Repayment Insurance
  • Commercial Overdraft Repayment Insurance

Was it mis-sold?

PPI for consumer or business purposes was mis-sold to thousands of businesses. The scale of mis-selling is unknown, but many businesses sold a loan between 1990 and 2010 could be eligible to make a claim.

The controversy surrounding the mis-selling of business PPI is less publicised than mis-sold consumer PPI. Many businesses do not realise that they either have a business PPI policy or that there is a potential claim.

What are the criteria to make a claim?

Your business may be eligible for a claim if you identify with any of the following criteria:

  • The policy was sold to your business without your knowledge
  • It was not made clear that the PPI policy was optional
  • Refund criteria was not explained
  • You felt pressured into taking out PPI
  • It was not explained that your business had to operate from the UK
  • The costs were not clearly explained

When is the deadline to make a claim?

Like individual policyholders, businesses must make claim before the deadline of 29 August 2019. If any – or some – of the above criteria, your claim may be successful.

Claiming through a Claims Management Company could leave you out of pocket. Here’s why you should go through a solicitors firm like APJ instead.

What compensation could you receive?

If you have grounds to claim for mis-sold PPI, you may receive substantial compensation. You could also be entitled to a full refund of all premiums or a full refund of any interest, or both.

You could also receive compensatory interest of 8 percent per annum of all premiums. Any losses your business suffered as a result of mis-sold PPI may also be covered.

Do you think you may have been sold a commercial or business loan with PPI? Our experienced team of solicitors can investigate your case on a no win, no fee basis.