PPI miss-sell and reclaiming

jodalry

Hi everyone,

First post so please be gentle if I get this wrong.

I am currently awaiting a reply from MBNA regarding my credit card charges and will update the forum on how I get on.

Meantime I have a question on another matter. This regards PPI and I would rather get some independent info on this before speaking to MBNA.

My question is this: I currently get charged PPI on my card and I am aware that this may not be paid out in the event of a claim if I am self-employed. However, I am not sure quite what MBNA would class as self-employed. You see my wife and I are both directors in a small limited company so would we classify as self-employed or employees of the company? Does anyone out there know what the situation would be regarding this?

Thanks in advance

Greenhill_2

Sorry I don't have an answer for you - just another question.

I'm currently looking at reclaiming PPI and I have been both employed and self employed when the loan was originally granted and also for as long as the loan has run. Any one have experience/thoughts on how to best tackle this?

beaujolais-nouveau

jodalry wrote: »

Hi everyone,
My question is this: I currently get charged PPI on my card and I am aware that this may not be paid out in the event of a claim if I am self-employed. However, I am not sure quite what MBNA would class as self-employed. You see my wife and I are both directors in a small limited company so would we classify as self-employed or employees of the company? Does anyone out there know what the situation would be regarding this?

My experience may help. I am sole director of two small limited companies (since 1994 and 1996, respectively) but from 1999 to 2004 I also had a half-time, salaried job to ensure the mortgage got paid off (last payment made at the end of 2003).

In 2001 and again in 2004 I lost the part-time jobs due to redundancy (posts not refunded). In the summer of 2004 I tried to claim on my PPI and only then was told that, before I could do so, I would have to (a) resign my directorships and (b) sign on the dole. Ie cease trading. Ie make myself "deliberately" unemployed (which would mean I received no unemployment benefit for the first six months, I seem to remember).

I am preparing to claim back all the PPI I paid on bank loans and one credit card because I certainly was not told that I would have to resign my directorships before I could claim on the insurance. The bank knew that I was/am a company director because, at the time, both my companies' bank accounts were at the same bank/branch.

I am mad as hell about this!! By the time I consolidated all my unsecured debt into a smallish remortgage last summer, I was paying an absolute fortune in PPI, and life was very very difficult.

Am interested in other directors' experiences and views.