Bank error in my favour ... perhaps

[Bill-K]

Re: Bank error in my favour ... perhaps

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[TUTTSI]

Re: Bank error in my favour ... perhaps

If you sold your business and the new owner took full responsibility for this loan and it's repayments, could the reason be why the PPI is not showing at the bank is because the person you sold the business to has already claimed back the PPI already?

[sleeplessella]

Re: Bank error in my favour ... perhaps

Sorry for the delay in responding. No - I have all the bank statements showing that loan amount plus insurance premiums were being paid up to the time of the default. It would appear that the bank did not apply the insurance to the loan, after identifying this was the case they offered a partial ppi rebate, unfortunately they did not tell me how I can sign for it when I am not a partner of the business. They only seem to be interested in getting the money they say is owing.

I am aggrieved as I believe that if the insurance had been in place as the agreement states it was, the bank would have paid out automatically on notification of the death and I would not have been contacted. Because there was no insurance cover applied, this did not happen; the loan defaulted, default notices were sent to Experian, the loan sent to recoveries for DCA retrieval and the hassling began. Rather than offer a partial rebate which actually does not add up to the amount which was paid out in premiums, I would rather that they simply redress this error and reimburse the estate for monies overpaid. I really do not see why the bank should make a profit out of their mistake, particularly as they insisted on the business taking this insurance in the first place.