Payment Protection Lost my Job

binnie

I got laid off work July 11th this year and I had only worked there for 11 months or so, so I wasn't entitled to any redundancy pay.
My husband works fulltime and even though he earns a decent wage, we are my wage short which was about £850 a month.

We are trying to pay the mortgage (s), electric, gas, water, food etc with his wage and we are always overdrawn.
I get £59.15 a week and I also have bills to pay, i.e credit cards etc with no payment protection.

We aren't entitled to any housing benefit because of what he earns, but what I wondered is, would we be able to claim any money towards the mortgage from the HSBC.
We have some sort of payment protection on our highest mortgage and it is in joint names.

I still haven't got a job, and only just thought today after being on this site, if I could claim or get any help, or would they expect my husband to pay the mortgage as he is working.

I can't remember what the payment protection covers, I know it's for redundancy , but does that mean we both have to be made redundant before we can claim.
Sorry if this doesn't make sense, it's 1.46 am and I can't sleep thinking about it

brownbabygirl

i am sure you can claim something. get on the phone to your bank ASAP! Also, do you have documents for thw PPP so you can read its terms and conditions?

debtfreejames

First thing Monday morning get on to them and find out what payment protection insurance you have and what it covers you for. If you have redundancy cover in joint names then it does not mean that you both have to be out of work to get it.

I recently asked HSBC about their cover because I was curious and what they told me was this.

You will have a set amount that you are covered for, for example £500 per month.

If it is joint cover and one of you is made redundant then they calculate what % of the total income the redundant persons income made up. You can then claim that same % of the insured amount.

eg...

Cover is for £500 per month.
Husband monthly wage £1500
Wife monthly wage £1000

Husband is made redundant. His wage of £1500 is 60% of the total household wage. He can then claim 60% of the £500.

I did not know this until HSBC told me the other day. Anyway, get onto them pronto and find out if you can claim something.

dwsjarcmcd

Sorry to be insensative but why have you waited 3 months to think about this??
If you are paying for an income replacement policy, you should have phoned your bank to ask these questions on July 12th! (or 11th)

riad_2

I've noticed in many companies these days when people are let go, it's sometimes done in such as way that they are "asked to leave" or told "it would be best for you and the company to resign".

At first glance it would seem that this is done in order to protect the employee's integrity/pride, but on second thought, if someone was let go in this manner, surely it would invalidate any PPI claim because most clearly state that the unemployment cannot be the result of voluntarily resigning?


Any thoughts?

regularsaver1

Most payment protection policies stress that you must let the insurers know as soon as something happens - just hope they are ok with the fact you have been trying to get a job in the mean time

binnie

To be honest I forgot all about it as we don't normally take out insurances for things.
But seeing as though I have been on here, it jogged my memory.
I will ring them today and see if anything can be done.
It's not like me to forget I have cover, but then my mind is confused nowadays.

I'm sure I read somewhere though that if your husband or partner works more than 16 hours per week, then you aren't entitled to anything.