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Doe's Mortgage Protection Insurance cover self employed- or is this a claim for PPI?
Moppet123
Posts: 1 Newbie
Hi There,
I took out a mortgage with HSBC and have paid mortgage protection insurance for several years whilst I was self-employed and semi self-employed. I have heard that MPI does not cover people who are self-employed, is this correct and would it be classed as miss-selling PPI? Has anyone else been in the same situation? Is it worth looking into reclaiming? I am not sure where to begin and don't want to go directly to any big PPI compnaies. Any advice would be helpful.
Thanks you
I took out a mortgage with HSBC and have paid mortgage protection insurance for several years whilst I was self-employed and semi self-employed. I have heard that MPI does not cover people who are self-employed, is this correct and would it be classed as miss-selling PPI? Has anyone else been in the same situation? Is it worth looking into reclaiming? I am not sure where to begin and don't want to go directly to any big PPI compnaies. Any advice would be helpful.
Thanks you
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Comments
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Does PPI cover the self-employed? YesHi There,
I took out a mortgage with HSBC and have paid mortgage protection insurance for several years whilst I was self-employed and semi self-employed. I have heard that MPI does not cover people who are self-employed, is this correct and would it be classed as miss-selling PPI? Has anyone else been in the same situation? Is it worth looking into reclaiming? I am not sure where to begin and don't want to go directly to any big PPI compnaies. Any advice would be helpful.
Thanks you
Does yours? No idea, check your documents
If it did not cover you or it was difficult to claim you could put in a miss-selling complaint and see what happens. If it does cover you then hopefully you will never have reason to claim on it but it's a safety net that could save your home from being repossessedSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Generally, it will cover the self-employed for illness/incapacity.
Unemployment is a little more onerous because you do not have an employer to sack you. However, most would pay out if your business failed.
So the argument that being self-employed automatically makes mortgage PPI unsuitable is a myth.0 -
I have heard that MPI does not cover people who are self-employed, is this correct
The vast majority of MPPI will cover the self employed. You tend to find it is the loan and credit card PPI where there are issues with self employed. However, you would need to check with your provider to be sure.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.0
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