Limited Company PPI

[fluffystuff]

Hubby was a director of a limited company. A start up loan was offered by Lloyds on the condition that he and the other director took out PPI. This was a front loaded policy, the premiums were paid monthly from the business account.
Hubby did not draw a salary for the first two years or so of trading, he retained his self employed sole trader business and, any work he did for the limited company was invoiced.

The limited company no longer exists , could he still reclaim the PPI?

I realise that as the company folded, any money due would have to be distributed to the receiver first then secured creditors etc.

The only secured creditor was Lloyds and we personally satisfied this debt. What I'm thinking is that had the PPI not been paid then, in theory, the ltd co. would not have owed Lloyds as much as they claimed sooooo, would any refund be due to hubby?

Probably a long shot but it doesn't hurt to ask does it!

[di30]

Re: Limited Company PPI

Hubby was a director of a limited company. A start up loan was offered by Lloyds on the condition that he and the other director took out PPI. This was a front loaded policy, the premiums were paid monthly from the business account.
Hubby did not draw a salary for the first two years or so of trading, he retained his self employed sole trader business and, any work he did for the limited company was invoiced.

The limited company no longer exists , could he still reclaim the PPI?

I realise that as the company folded, any money due would have to be distributed to the receiver first then secured creditors etc.

The only secured creditor was Lloyds and we personally satisfied this debt. What I'm thinking is that had the PPI not been paid then, in theory, the ltd co. would not have owed Lloyds as much as they claimed sooooo, would any refund be due to hubby?

Probably a long shot but it doesn't hurt to ask does it!

Hiya

For the PPI part of it, then it would be Lloyds TSB to make a reclaim from.
And anyone else part of the loan/ppi as well should be entitled to a refund. (But whoever's name the loan was signed in really).

With the company no longer active, I take it no other business have taken over the full liabilities of the business?

How long ago was the loan taken out?

[fluffystuff]

Re: Limited Company PPI

Hiya

[COLOR=Hi Di!

[/COLOR]
For the PPI part of it, then it would be Lloyds TSB to make a reclaim from.
And anyone else part of the loan/ppi as well should be entitled to a refund. (But whoever's name the loan was signed in really).

It was a business loan in the company's name, both directors were covered.

With the company no longer active, I take it no other business have taken over the full liabilities of the business?

Correct

How long ago was the loan taken out?

December 1999!

Thanks for your reply Di, not that hopeful that there's a claim to be made but thought it was worth the question!?

[di30]

Re: Limited Company PPI

Thanks for your reply Di, not that hopeful that there's a claim to be made but thought it was worth the question!?

Definately give it a go, I have been successful from making reclaims from the 90's via Lloyds. As long as you have the account number and it makes no difference if the business is still running or not.

Do let us know if you need any help from here, good luck hun x

[fluffystuff]

Re: Limited Company PPI

Definately give it a go, I have been successful from making reclaims from the 90's via Lloyds. As long as you have the account number and it makes no difference if the business is still running or not.

Do let us know if you need any help from here, good luck hun x

Thanks again Di, I may be back with more questions! Just waiting on a response to a SAR which should reveal the loan account number/ policy details I hope. X

[mgfboy]

Re: Limited Company PPI

If the cover was taken out in the companies name , any refund would be to the company.

If the company doesn't exist any more, you have a couple of options

1. petition the court to have it un struck off , but then you would have to start filing accounts etc.
2. Go though the agg of getting the money back and then see it go to the treasury.

[fluffystuff]

Re: Limited Company PPI

If the cover was taken out in the companies name , any refund would be to the company.

If the company doesn't exist any more, you have a couple of options

1. petition the court to have it un struck off , but then you would have to start filing accounts etc.
2. Go though the agg of getting the money back and then see it go to the treasury.

I am hoping to receive a copy of the policy details from the awaited SAR.