PPI sold to me when Self employed

matt987106

Am i right in that if i was Self Employed at the time, i would not have been able to use the PPI

McKneff

Not necessarily, did you declare that you were self employed.

Did yu read the terms and conditions before you signed accepting it.

dktreesea

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.

matt987106

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

matt987106

oppppss

wrong forum

dunstonh

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.

Alpine_Star

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

roonaldo

Alpine_Star wrote: »

: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.

dunstonh

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.