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ppi+self employed

good morning all just a query...... can anyone expand on the self employed people who never owned a company or a buisness but where just employed by that company as self employed what standing do they have as regards ppi's TY

Comments

  • dunstonh
    dunstonh Posts: 120,198 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 13 May 2012 at 12:28PM
    Some PPI do not cover the self employed. Some do. So, if yours is one that does not cover self employed and you were sold it for unemployment cover then you have grounds for complaint. If it does cover the self employed then you do not have grounds for complaint in that respect.


    edit: assumption made that you are paying class 2 NI and therefore self employed and not limited company. If different, you need to clarify what you mean
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Mr_BARGAIN wrote: »
    good morning all just a query...... can anyone expand on the self employed people who never owned a company or a buisness but where just employed by that company as self employed what standing do they have as regards ppi's TY
    You have completely contradicted yourself in that statement If you are employed by a company without running a business then you are not self employed. You are an employee. If your small business or your ltd company is contracted by a company to provide a service then the company you provide services to is your client not your employer.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • misschicken
    misschicken Posts: 316 Forumite
    Are you saying that you are registered as self-employed but do not own a small business or have a limited company and do work for companies as a self-employed individual? Nothing wrong with that at all. And even if the PPI does say it covers the self-employed it is highly unlikely you would have been able to claim on it. You probably would have had to involuntarily ceased trading in order to attempt to make a claim. The FOS considers the terms applied to the self-employed harder to meet than those for the employed. The financial business should draw attention to any conditions specifically applying to the self-employed to allow them to make an informed decision. Did they do this? Do remember it was your circumstances at the time of the sale that are taken into consideration. Also other conditions/exclusions may also apply to the self-employed e.g. working a minimum hours a week (usually 16), seasonal work etc.

    Here's an example of a self-employed scenario from the FOS website - it's Case Study No.4...........

    http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/PPI-case-studies.html
  • Mr_BARGAIN_2
    Mr_BARGAIN_2 Posts: 54 Forumite
    HappyMJ wrote: »
    You have completely contradicted yourself in that statement If you are employed by a company without running a business then you are not self employed. You are an employee. If your small business or your ltd company is contracted by a company to provide a service then the company you provide services to is your client not your employer.
    well the company that i was working for gave me a gross wage of which i had to pay my N I +TAX plus have an accountant +after 26 yrs if as you say if i was an employee i would have got redundancy ???
  • Mr_BARGAIN_2
    Mr_BARGAIN_2 Posts: 54 Forumite
    Are you saying that you are registered as self-employed but do not own a small business or have a limited company and do work for companies as a self-employed individual? Nothing wrong with that at all. And even if the PPI does say it covers the self-employed it is highly unlikely you would have been able to claim on it. You probably would have had to involuntarily ceased trading in order to attempt to make a claim. The FOS considers the terms applied to the self-employed harder to meet than those for the employed. The financial business should draw attention to any conditions specifically applying to the self-employed to allow them to make an informed decision. Did they do this? Do remember it was your circumstances at the time of the sale that are taken into consideration. Also other conditions/exclusions may also apply to the self-employed e.g. working a minimum hours a week (usually 16), seasonal work etc.

    Here's an example of a self-employed scenario from the FOS website - it's Case Study No.4...........

    http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/PPI-case-studies.html
    thankyou for that info, the problem was mainly to do with sickness they knew i was self employed and did not explain to me that i would have to be of work for 14 days before i could claim so as an example i would have lost 2 weeks pay approx £1000 just to pay 1 loan £260
  • dunstonh
    dunstonh Posts: 120,198 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    well the company that i was working for gave me a gross wage of which i had to pay my N I +TAX plus have an accountant +after 26 yrs if as you say if i was an employee i would have got redundancy ???

    Were you paying class 1 or class 2 NI?
    the problem was mainly to do with sickness they knew i was self employed and did not explain to me that i would have to be of work for 14 days before i could claim so as an example i would have lost 2 weeks pay approx £1000 just to pay 1 loan £260

    All PPI plans have a deferment period. Typically it is 30 to 60 days. If you had no sick pay at all then it actually supports the sale of PPI. Not you if you wish to complain. Especially if you couldnt afford the loss of 2 weeks pay.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Mr_BARGAIN_2
    Mr_BARGAIN_2 Posts: 54 Forumite
    dunstonh wrote: »
    Were you paying class 1 or class 2 NI?



    All PPI plans have a deferment period. Typically it is 30 to 60 days. If you had no sick pay at all then it actually supports the sale of PPI. Not you if you wish to complain. Especially if you couldnt afford the loss of 2 weeks pay.
    class 2 ni along with self assement
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