Payment Protection Cover

Payment Protection Cover

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Just wondered if its possible to class payment protection cover on a company credit card as an allowable expense?

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By George Attazder
04th Aug 2012 10:09

Help with your missold PPI claim

Why is a company paying payment protection insurance?

I've had a jolly nice email this very morn (like most morns) from a company eager to help me with my missold PPI claim. Perhaps they'd be willing to assist your client.

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By sawales
05th Aug 2012 13:56

One man band
The company is actually a sole trader....

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By George Attazder
06th Aug 2012 10:06

So...

... 1) It's not a company credit card then is it? It's a personal credit card that he uses for business.

2) Many of the missold PPI policies, are missold, because they've been sold to the self-employed who typically aren't, in fact, covered by the policies.

3) If your client is covered is the purpose of the PPI payments a business purpose? or the personal purpose of being able to keep up the payments in the event that the business stops producing income?

I'd say it wasn't an allowable business expense, because of my rhetorical question at 3 above. I'd also suggest the policy be examined carefully, because it's probably the case that it's bloody useless and has been missold, in which case the lender should give your client all that lovely lolly back (100% relief!).

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