can i claim PPI from paymentshield?

dunstonh

I get full pay for 6 months and half pay for 6 months after that. After speaking to some recently I was told I should have been sold a policy the was deferred, and probably cheaper, as I the policy I have with Paymentshield only pays for 12 months but I wouldn't need any payments for 6 months and then half payments for a following 6 months.

A permanent health insurance (PHI) policy could be deferred for 12 months. However, a PPI policy cannot. Whether a PHI policy or a PPI policy is cheaper would depend on a number of factors. PPI is single priced. PHI is priced on age, term of policy, deferment period, health, occupation etc.

I've also read on here that as I bought it though a mortgage adviser from an estate agent that they are not regulated so I would not be able to claim?

In most cases no. Magpiecottage has identified the few cases where you could.

There are also further issues. If you used a tied agent, they may have only had a few products available. Not the full range. Many mortgage advisers do not have a PHI policy available. They can only advise from their range. Also, we know the FOS has been rejecting complaints on 6 months full pay, 6 months half pay when it comes to MPPI. That is a good complaint reason with loan and credit card or where the PPI would not pay out in addition to employer benefits (paymentshield would). It is not a strong reason with MPPI though.

magpiecottage

I have now identified that levi23 took out the policy through a firm of estate agents that has never been directly authorised by the FSA or FCA. Therefore FOS will have no jurisdiction.