Paymentshield

sistersuzana

Hi folks
My son took out PPI will a broker from a company called Paymentshield. It was offered as protection along with the mortgage package for him and his partner. He paid into it for eight years. He was unaware that he did not need to take out this PPI.
As he is self employed it would not have covered him at all.
He did contact a PPI claim company but no use at all.
Any suggestion how he could claim against Paymentshield as they are not a bank or building society. Is there anything you can do in this situation. He has some relevant papework.

many thanks

[Deleted User]

You can complain about the mis-selling of any insurance by whoever sold it to you. In this case you complain to the broker, but do ensure you have valid and verifiable complaint reasons.

dunstonh

My son took out PPI will a broker from a company called Paymentshield.

Good quality provider. Only do monthly premium PPI standalone from the debt. So, that eliminates many complaint reasons.

It was offered as protection along with the mortgage package for him and his partner.

So, major debt with life changing consequences if it does not get paid. A very strong reason for having it.

As he is self employed it would not have covered him at all.

What makes you think that? Paymentshield covers the self employed fine.

Any suggestion how he could claim against Paymentshield

He can't. They have no liability for the sale.

Is there anything you can do in this situation. He has some relevant papework.

He can complain to the broker that sold it. However, the broker will almost certainly not have been regulated at the time (Jan 2005 was when regulation started). So, the broker can refuse to even consider the complaint. Even if the broker chose to look at the complaint they can reject it as you have given absolutely no reasons for complaint and appear to have incorrect information about the product.

It's one thing to put spurious complaints in against the faceless banks but to put in a spurious complaint against a small local broker who has done nothing wrong is not nice. Small local firms do not have the resources to deal with try-it-on complaints and it can put them out of business potentially. I had a mortgage adviser in near tears last year because of a fraudulent complaint. Some people just don't realise that damage that is done to small firms.

roonaldo

sistersuzana wrote: »

As he is self employed it would not have covered him at all.

Paymentshield PPI covers the self-employed as most do. ?????

sistersuzana

Thanks for response. I'm sure I read on this site that selfemployed people were not covered by PPI under some circumstances.
I can't ask Martin Lewis directly due to the fact that he is on paternity leave. When my son was born nearly 40 years ago, my OH was given 1 days unpaid parternity leave.
How things have changed for the better.

Thanks

[Deleted User]

sistersuzana wrote: »

Thanks for response. I'm sure I read on this site that selfemployed people were not covered by PPI under some circumstances.

Yes, but you can only complain on this basis if the insurance didn't actually provide your son with proper cover. In this case, it did.



( With some PPI, the insurance still covers the self employed but the terms are so "onerous" that a realistic claim is impossible. )

[Deleted User]

I've read the MSE article dozens of times and it's faults and omissions are a constant bane to those of us here who "have no real knowledge" but want to help those with legitimate complaints to get back what is rightfully theirs.

Have YOU checked the terms of your Paymentshield with regard the Self Employed?
Here are other far more qualified posters telling you the same thing as I did;

dunstonh wrote: »

Paymentshield covers the self employed fine.

roonaldo wrote: »

Paymentshield PPI covers the self-employed as most do. ?????

These people know quite well about legal rights as they are or have been employed as IFA's.

I hope this post has been helpful, but if not, feel free to use the "Ignore" feature.

roonaldo

sistersuzana wrote: »

Thanks for response. I'm sure I read on this site that selfemployed people were not covered by PPI under some circumstances.
s

I cant really slate the man on his own website, but I have seen him on the TV and he is very misleading.

[Deleted User]

roonaldo wrote: »

I cant really slate the man on his own website, but I have seen him on the TV and he is very misleading.

I suspect Martin Lewis never actually wrote the MSE PPI advice article (though he'll obviously have authorised/read it's content). Regardless, 95% of it is very useful for those starting out on a PPI complaint. My main concern is the amount of importance the article places on getting the credit agreement. It neither stresses that it isn't necessary for those who already have the account numbers etc, nor explains adequately that the agreement isn't available to those with closed accounts.

dunstonh

I have corresponded with Martin in the past on some articles and he admitted that they cannot cover all things and have to be fairly generalistic in their nature. It can lead to a situation where incorrect information exists.

That said, MSE Helen has taken feedback from us on the article previously and arranged for updates to be be made (such as the S78 of the CCA not applying to closed accounts and bankrupts not entitled to refunds).

I'm sorry if the tone of my post earlier was not what some wanted to see but I think it is only fair that human aspect on the other side is pointed out when fake complaints are put in. That broker that got the fake complaint and was almost in tears got charged £500. He never even arranged any PPI yet the claims company still took it to the FOS. The consumer got charged nothing for the complaint. The claims company got charged nothing for the complaint. The mortgage adviser was hit with a £500 for defending the complaint despite the complaint being false. He was quite a new mortgage adviser, young with family and limited income because of it and being hit with £500 like that as well as the distress of receiving a complaint hit him hard.

I have had try-it-on/ fraudulent complaints in the past too. I know how it feels. You take it personally and you then begin to doubt yourself. You get sleepless nights etc. If wrongdoing has taken place then it is fine and right to complain. The banks are faceless companies where no individual staff member is made responsible. Small local firms though see the individual take the hit. So, remember that.

sistersuzana

Thanks to all who replied to my query. I have found some of the imformation helpful. All have your difffering opinions on the subject. I think its wrong to supply information on site like this if it is no actuallty true or false. I presume that all information relating to reclaiming PPI is checked by a skilled qualified advisor. I always thought it was illegal to provide information and advice if it is not true. Perhaps I should contact the FSA. The very fact that there was no cooling of period is against the law.
There is no intention of making a false claim but if you have paid thousands of pounds for nothing to someone they should be held responsible.

with thanks