PPI mortgage

andypandy8

Hi have a mortgage with lloyds tsb just realised I have ppi on it I am self-employed working on behalf of a credit company snd earn commission only my hours of work fluctuate from week to week, lloyds have told me over the phone the policy covers self employment but the terms and conditions I have read is your business has to cease trading or you have to go bankrupt neither which applies to me so I am very confused any info would be gratefully received

dunstonh

lloyds have told me over the phone the policy covers self employment but the terms and conditions I have read is your business has to cease trading or you have to go bankrupt neither which applies to me

Why would neither apply to you?

andypandy8

I work as a self employed agent on behalf of a credit company I do not have my own company would never cease trading

dunstonh

I work as a self employed agent on behalf of a credit company I do not have my own company would never cease trading

You are self employed. You are your own company. If your contract with the credit company was terminated and you could not continue then you would be able to claim.

andypandy8

Basically the way I have read this is I would have to declare my business to hmrc as ceased trading I earn commission only not really much chance of the credit company ceasing trading or myself declaring myself bankrupt. In that case I would loose my house and all my debts would be paid off anyway. So not much good to me at all is that right

dunstonh

andypandy8 wrote: »

Basically the way I have read this is I would have to declare my business to hmrc as ceased trading I earn commission only not really much chance of the credit company ceasing trading or myself declaring myself bankrupt. In that case I would loose my house and all my debts would be paid off anyway. So not much good to me at all is that right

You may feel the unemployment side is not worth it (and I would probably agree). However, you are technically covered.

At the end of the day, you can complain and you may get lucky if its one of the banks that seems to be upholding everything or they have lost their paperwork. Lloyds TSB are not upholding everything but they are a bit random in their complaint handling at times.

andypandy8

dunstonh wrote: »

You may feel the unemployment side is not worth it (and I would probably agree). However, you are technically covered.

At the end of the day, you can complain and you may get lucky if its one of the banks that seems to be upholding everything or they have lost their paperwork. Lloyds TSB are not upholding everything but they are a bit random in their complaint handling at times.

I earn commission only and my hours of work fluctuate every week so I'm pretty sure if I tried to make a claim for unemployment they wouldn't pay out. When asked for agreements on mortgage have a few sub accounts lloyds have ticked 2 self-employed and 2 employed which is wrong