PPI sold to me when Self employed

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
8 replies 9.6K views
matt987106matt987106 Forumite
390 Posts
edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
Am i right in that if i was Self Employed at the time, i would not have been able to use the PPI

Replies

  • McKneffMcKneff Forumite
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    Not necessarily, did you declare that you were self employed.

    Did yu read the terms and conditions before you signed accepting it.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • dktreeseadktreesea Forumite
    5.7K Posts
    If you borrowed from a bank they are meant to know you are self employed. presumably that was part of the application for finance?

    I think you should claim it all back. I remember the bank trying to sell me PPI way back (I'm self employed) and they backed off, after insisting I "had to have it" when I pointed out it doesn't pay out for self employed people and their attempt to sell insurance in this way, misrepresenting it, is fraud.

    Someone providing you finance can't claim to not know you are self employed. They should know. If they didn't enquire, then that is negligence on their part.
  • matt987106matt987106 Forumite
    390 Posts
    thanks

    it was all done over the phone many years ago, i was offered a credit increase ( on the credit card ) and then told i needed this insurance
  • matt987106matt987106 Forumite
    390 Posts
    oppppss

    wrong forum
  • dunstonhdunstonh Forumite
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    Most PPI does actually cover self employed. A significant minority does not. Loan PPI tends to be lower quality than say mortgage PPI (i.e. most MPPI would cover self employed but more loan PPI would have restrictions).

    Credit card PPI is mostly fine but some do not cover or have onerous restrictions.
    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.
  • Alpine_StarAlpine_Star Forumite
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    dunstonh wrote: »
    Most PPI does actually cover self employed.

    :eek:

    ''most PPI unemployment cover is limited to involuntary unemployment, so it is not usually available to those who are self-employed''

    http://www.competition-commission.org.uk/assets/competitioncommission/docs/pdf/non-inquiry/rep_pub/reports/2009/fulltext/542_2_1.pdf




  • roonaldoroonaldo Forumite
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    :eek:

    ''most PPI unemployment cover is limited to involuntary unemployment, so it is not usually available to those who are self-employed''

    http://www.competition-commission.org.uk/assets/competitioncommission/docs/pdf/non-inquiry/rep_pub/reports/2009/fulltext/542_2_1.pdf

    PPI will cover self-employed. There is no issues with claiming on the sickness part of the policy, the issue is with the unemployment as you have correctly stated. It is still possible to claim though, its just harder, if your business goes bust you can claim, if you just have a downturn you cant.

    For many self-employed particularly sole-traders eg a self-employed contractor or perhaps just a small time painter and decorator it would be nigh impossible to go bust.

    I've seen many policies still pay out for self-employment on the unemployment, so to say PPI doesnt cover self-employed is false.

  • dunstonhdunstonh Forumite
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    I've seen plans that cover self employed that only need to show the business has ceased trading due to lack of income and as long as the business has closed, class 2 NI ceased and signed on, they will pay out.

    Equally, there are some that have some really onerous rules that making claiming a near impossibility.
    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.
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