advise please!

welfo42

hi i have been reading posts about claiming back ppi, i have a secured loan of 10.000 from swift advances and i am nearly 4yrs into the loan and when i looked at the payments for insurance it adds upto 1500 i cant remember wether i was misled when i signed, all i remember at the time i was self employed ,and i am now employed, on my demands and needs form that i signed for the insurance it asks would your current employer provide sufficent income to repay your borrowing in the event that you are unable to work through accident or sickness , it says yes but the question i want to ask is why did it say yes when i was self employed not employed, its all confusing to me any advise would be great thanks

Andrew_Thomas

you may have been mis sold if the application has the incorrect details listed. Would the policy have paid out when you were self employed? if not you would be paying for a policy which is of no use at all to you. In this instance you can reclaim the mis sold PPI

di3004

Hi there

I would check your policy details on this first, but if you do not have these on-hand, they should supply them to you on request.
Some of these policies still protect you for self employment, but best to check on this.

For more on mis selling with a list full of reasons, the link below will give you more info, with the guidelines of reclaiming, so if you have a case, you complete the Questionnaire in stage one, these are recently new issued by the Financial ombudsman service (FOS) keep copies as well in case you need to refer to them at some point, or in case you need to complain to the FOS.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck, ask for any further help if required.

BigCraigJohn

Most policies that claim to cover self employed would require you to either wind down your business, declare this to hmrc and then go on jobseekers or require you to be made involuntarily insolvent. You cant just claim if work is slow which is what you might naturally expect.

Also on the accident cover, on my a&l plan you can not do a thing, no emails phonecalls anything. Lets be honest if you own your own business you are not ever going to completely stop working and what proof would they want that you were doing nothing?.

Basically ppi on the whole is unsuitable for self employed people as you have to give up so much to claim and therefore you are unlikely to ever claim. Not that there arnt some good ones out there but none that ive seen.

I reclaimed a while ago from a&l purely on these grounds.

Self employed is often covered as employed until you try and claim then its gonna be hard work.

Self employment is imo a fairly solid case.

BigCraigJohn

Sorry I didnt answer the question.

Just try and reclaim is what I was getting at

di3004

Hey good advice and info there BigCraigJohn :T:T:beer: