Areas of Law / General Legal Advice

My bank insisted I took out life cover with a business loan I arranged while I was renovating a property. The loan is secured by the property, so I wrote to cancel the life cover, but the bank still took the premium out of my account. Can they do this without my permission?

Look at the terms of your loan agreement carefully: it’’s likely that life cover was one of the conditions on the basis of which the bank lent you money. If you thought it was unnecessary you should have argued your case at the time; you’’re probably stuck with it now until you pay off your loan. The bank should have had your authorisation before they could take money from your account initially: if you now wish to cancel that instruction you will probably have to offer another form of payment.

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